Jeevan Akshay VI Table No. 189 Summary:
Jeevan Akshay VI plan no.189 is an Immediate Pension (Annuity) 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 (Policy holder). Various options are available for the type and mode of payment of annuities.
The following options are available under this pension plan.
Type of Annuity:
- Pension (Annuity) payable for life at a uniform rate.
- Pension (Annuity) payable for 5, 10, 15 or 20 years certain and thereafter as long as you are alive.
- Pension (Annuity) for life with return of purchase price on death of the annuitant (Policyholder).
- Pension (Annuity) payable for life increasing at a simple rate of 3% p.a.
- Pension (Annuity) for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
- Pension (Annuity) for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
You may choose any one option from above list. However once chosen, the option cannot be altered.
Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.
- Premium is to be paid in a lump sum.
- Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity as under:
Mode Minimum Annuity Monthly Rs. 500 per month Quarterly Rs. 1000 per quarter Half-yearly Rs. 2000 per half year Yearly Rs. 3000 per year
- No medical examination is required under the plan.
- No maximum limits for purchase price, annuity etc.
- Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
- Age proof necessary.
Incentives for high purchase price:
If your purchase price is Rs. 1.50 lakh or more, you will receive higher amount of annuity due to available incentives.
Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:
|Age last birthday||Yearly annuity amount under option|
|( i )||( ii ) (15 years certain)||( iii )||( iv )||( v )||( vi )|
This is a best plan of LIC of India