LIC Jeevan Akshay-VI: Pensions, Premium, Benefits And Other Details Here

Life Insurance Corporation of India (LIC), the country's largest life insurance company, offers pension plans besides providing term insurance and endowment insurance plans. LIC's Jeevan Akshay-VI is one of the pension plans among others like LIC Jeevan Shanti plan. LIC's Jeevan Akshay-VI is an immediate annuity plan (pension plan), which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant, according to LIC's website - licindia.in.

Also Read: All You Need To Know About LIC Pradhan Mantri Vaya Vandana Yojana

Here is all you need to know about LIC Jeevan Akshay-VI plan:

LIC Jeevan Akshay-VI pension plan can be purchased by any individual between the minimum age of 30 years and up to maximum age of 85 years by paying a single lump sum premium of Rs 1 lakh for all distribution channels except online or by paying Rs 1.5 lakh or above via online sale, LIC noted on its website.

Also Read: LIC Jeevan Pragati Policy: Sum Assured, Premium, Other Details Here

The subscribers of the LIC Jeevan Akshay-VI are entitled to earn pension or annuity either at monthly, quarterly, half-yearly or yearly intervals as the subscriber chooses.

Also Read: LIC Jeevan Shanti Versus LIC Jeevan Akshay-VI: Which One To Choose

Given below are the amount of annuity payable at yearly intervals which can be purchased for Rs 1 lakh under different options:

Source: LIC

LIC also gives various options of pensions to its subscribers which range from pension payable for life at a uniform rate to a provision of 100 per cent of the pension payable to spouse during his/ her life time on death of annuitant, LIC said on its website.

Also Read: LIC Jeevan Labh Policy: Premium, Benefits, Sum Assured And Other Details Here

These are the following pension options available under the LIC Jeevan Akshay-VI:

• Annuity payable for life at a uniform rate.
• Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
• Annuity for life with return of purchase price on death of the annuitant.
• Annuity payable for life increasing at a simple rate of 3 per cent per annum
• Annuity for life with a provision of 50 per cent of the annuity payable to spouse during his/her lifetime on death of the annuitant.
• Annuity for life with a provision of 100 per cent of the annuity payable to spouse during his/her lifetime on death of the annuitant.
• Annuity for life with a provision of 100 per cent of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.