jeevan-akshay-vi

LIC’s Jeevan Akshay VI Pension Plan 189

LIC’s Jeevan Akshay VI is a Pension /Annuity Plan under Table No 189. It is a plan with a Single premium, with Annuity Option, non-linked Endowment Plan

Sum Assured: Minimum limit for the sum assured is Rs. 1, 50,000/- for online and Rs. 1, 00,000/- for other Channel, there is no maximum limit.

Premium Paying Term: Single Premium Policy.

Entry Age: 30 Year to Age 85 Year, for Option F 100 Year (LBD)

Premium Payment Mode: Single Premium.

Maturity Benefits: As per Option Selected.

Income Tax Benefit: Premium paid under this policy is tax exempted under section 80C.

Liquidity Benefit: No Loan facility available under this plan.

Surrender: Surrender of policy allowed only under Option F Under some circumstances.

For simplicity study following table

PlanJeeven
Akshay VI
Table189
Min Entry Age30
Max Entry Age100 LBD for Option F
85 Year For Remaining Option
Policy TermLife long
Premium Paying TermSingle
Min Sum AssuredRs. 1,50,000/- Online and
Rs. 1,00,000/- Other Channle
Max Sum AssuredAny
Payment ModeSingle Premium
LoanNo
SurrenderAfter 1 Year For Option "F" Only.
In other option Surrender Value is not available

Annuity Options Available in this Plan

Options Types of AnnuityAnnuity Benefits
Option AAnnuity for lifeUnder this option, the annuity payments will be made in arrears for as long as the Annuitant is alive. The annuity payments will cease on the death of the Annuitant
Option BAnnuity guaranteed for 5 years and for life thereafterUnder this option, the annuity payments will be made in arrears for as long as the Annuitant is alive or until the end of the Guaranteed Period of 5 years, whichever is later
Option CAnnuity guaranteed for 10 years and for life thereafterUnder this option, the annuity payments will be made in arrears for as long as the Annuitant is alive or until the end of the Guaranteed Period of 10 years, whichever is later
Option DAnnuity guaranteed for 15 years and for life thereafterUnder this option, the annuity payments will be made in arrears for as long as the Annuitant is alive or until the end of the Guaranteed Period of 15 years, whichever is later
Option EAnnuity guaranteed for 20 years and for life thereafterUnder this option, the annuity payments will be made in arrears for as long as the Annuitant is alive or until the end of the Guaranteed Period of 15 years, whichever is later
Under the Annuity Options B, C, D and E, on death of Annuitant during the Guaranteed Period, the annuity shall become payable to the nominee till the expiry of Guaranteed Period
Option FAnnuity for life with return of purchase
price
Under this option, the annuity payments will be made in arrears for as long as the Annuitant is alive. The annuity payments will cease on the death of the Annuitant and the Purchase Price will be payable to the Nominee
Option GAnnuity for life increasing at a simple rate of 3% p.aUnder this option, the annuity payments will be made in arrears for as long as the Annuitant is alive. The annuity payment will be increased by a simple rate of 3% per annum for each completed policy year. The annuity payments will cease on the death of the Annuitant.
Option HAnnuity for life with a provision for 50% of the annuity to the spouse on death of the annuitant.Under this option, the annuity payments will be made in arrears for as long as the Annuitant is alive. On death of the Annuitant, 50% of the annuity amount will be payable to the surviving named spouse as long as the spouse is alive. The annuity payments will cease on the subsequent death of the Spouse. If the Spouse predeceases the Annuitant, the annuity payments will cease upon the death of the Annuitant
Option IAnnuity for life with a provision for 100% of the annuity to the spouse on death of the AnuitantUnder this option, the annuity payments will be made in arrears for as long as the Annuitant is alive. On death of the Annuitant, 100% of the annuity amount will be payable to the surviving named spouse as long as the spouse is alive. The annuity payments will cease on the subsequent death of the Spouse. If the Spouse predeceases the Annuitant, the annuity payments will cease upon the death of the Annuitant
Option JAnnuity for life with a provision for 100% of the annuity to the spouse on death of the annuitant with return of purchase price on the death of last survivorUnder this option, the annuity payments will be made in arrears for as long as the Annuitant is alive. On death of the Annuitant, 100% of the annuity amount will be payable to the surviving named spouse as long as the spouse is alive. The annuity payments will cease on the subsequent death of the Spouse and the Purchase Price will be payable to the Nominee. If the
Spouse predeceases the Annuitant, the annuity payments will cease upon the death of the Annuitant and the Purchase Price will be payable to the Nominee

Death Benefits under this Plan

Options Types of AnnuityDeath Benefits
Option AAnnuity for lifeOn the death of the Annuitant, nothing shall be payable. The annuity payments will cease immediately and the policy will terminate
Option BAnnuity guaranteed for 5 years and for life thereafterIf the death of the Annuitant occurs during the Guaranteed Period of 5 years, then the annuity shall become payable to the nominee till the expiry of Guaranteed Period. Upon the expiry of this Guaranteed Period, the annuity payments will cease immediately and the policy will terminate. On the death of the Annuitant after the Guaranteed Period of 5 years, the annuity payments will cease immediately and the policy will terminate.
Option CAnnuity guaranteed for 10 years and for life thereafterIf the death of the Annuitant occurs during the Guaranteed Period of 10 years, then the annuity shall become payable to the nominee till the expiry of Guaranteed Period. Upon the expiry of this Guaranteed Period, the annuity payments will cease immediately and the policy will terminate. On the death of the Annuitant after the Guaranteed Period of 10 years, the annuity payments will cease immediately and the policy will terminate.
Option DAnnuity guaranteed for 15 years and for life thereafterIf the death of the Annuitant occurs during the Guaranteed Period of 15 years, then the annuity shall become payable to the nominee till the expiry of Guaranteed Period. Upon the expiry of this Guaranteed Period, the annuity payments will cease immediately and the policy will terminate. On the death of the Annuitant after the Guaranteed Period of 15 years, the annuity payments will cease immediately and the policy will terminate.
Option EAnnuity guaranteed for 20 years and for life thereafterIf the death of the Annuitant occurs during the Guaranteed Period of 20 years, then the annuity shall become payable to the nominee till the expiry of Guaranteed Period. Upon the expiry of this Guaranteed Period, the annuity payments will cease immediately and the policy will terminate. On the death of the Annuitant after the Guaranteed Period of 20 years, the annuity payments will cease immediately and the policy will terminate.
Option FAnnuity for life with return of purchase
price
On the death of the Annuitant, the annuity payments will cease immediately. Purchase Price will be payable to the Nominee and the policy will terminate
Option GAnnuity for life increasing at a simple rate of 3% p.aOn the death of the Annuitant, the annuity payments will cease immediately and the policy will terminate
Option HAnnuity for life with a provision for 50% of the annuity to the spouse on death of the annuitant.On death of the Annuitant, 50% of the annuity amount will be payable to the surviving named spouse as long as the spouse is alive. The annuity payments will cease immediately on the subsequent death of the Spouse and the policy will terminate.
If the Spouse predeceases the Annuitant, the annuity payments will cease immediately upon the death of the Annuitant and the policy will terminate
Option IAnnuity for life with a provision for 100% of the annuity to the spouse on death of the AnuitantOn death of the Annuitant, 100% of the annuity amount will be payable to the surviving named spouse as long as the spouse is alive. The annuity payments will cease immediately on the subsequent death of the Spouse and the policy will terminate. If the Spouse predeceases the Annuitant, the annuity payments will cease immediately upon the death of the Annuitant and the policy will terminate
Option JAnnuity for life with a provision for 100% of the annuity to the spouse on death of the annuitant with return of purchase price on the death of last survivorOn death of the Annuitant, 100% of the annuity amount will be payable to the surviving named spouse as long as the spouse is alive. The annuity payments will cease immediately on the subsequent death of the Spouse. The Purchase Price will be payable to the Nominee and the policy will terminate. If the Spouse predeceases the Annuitant, the annuity payments will cease immediately upon the death of the Annuitant. The Purchase Price will be payable to the Nominee and the policy will terminate

An example of LIC’s Jeevan Akshay VI Table No. 189

Following is the example for Rs. 10, 00, 000/ Basic Sum Assured for 30 years age of Insured Person at the time of application with all the options. 

Basic Sum Assured: Rs. 10,00,000/-

PlanJeeven
Akshay VI
Jeeven
Akshay VI
Jeeven
Akshay VI
Jeeven
Akshay VI
Jeeven
Akshay VI
Jeeven
Akshay VI
Jeeven
Akshay VI
Jeeven
Akshay VI
Jeeven
Akshay VI
Jeeven
Akshay VI
Table189189189189189189189189188189
OptionABCDEFGHIJ
Age30303030303030303030
Premium Paying TermSinlgeSinlgeSinlgeSinlgeSinlgeSinlgeSinlgeSinlgeSinlgeSinlge
Basic Sum AssuredRs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-
PremiumRs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-
Total Premium PaidRs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-Rs. 10,18,000/-
Annuity YearlyRs. 71,850/-Rs. 71,850/-Rs. 71,750/-Rs. 71,650/-Rs. 71,450/-Rs. 68,650/-Rs. 53,050/-Rs. 70,750/-Rs. 69,650/-Rs. 68,450/-
Annuity Half YearlyRs. 35,175/-Rs. 35,175/-Rs. 35,125/-Rs. 35,075/-Rs. 34,975/-Rs. 33,625/-Rs. 26,075/-Rs. 34,638/-Rs. 34,125/-Rs. 33,525/-
Annuity QuarterlyRs. 17,413/-Rs. 17,413/-Rs. 17,388/-Rs. 17,363/-Rs. 17,338/-Rs. 16,638/-Rs. 12,938/-Rs. 17,168/-Rs. 16,888/-Rs. 16,588/-
Annuity MonthlyRs. 5,767/-Rs. 5,767/-Rs. 5,758/-Rs. 5,750/-Rs. 5,742/-Rs. 5,508/-Rs. 4,292/-Rs. 5,683/-Rs. 5,600/-Rs. 5,500/-

Above Calculations are approximate.

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