Life Insurance Corporation of India (LIC) has reintroduced its immediate annuity plan Jeevan Akshay VI with certain modification. Though LIC have not changed the name and plan number of this modified version and will be available with same name and plan number i.e. Jeevan Akshay VI, Plan number 189. IRDA UIN for this modified version is 512N234V05. This modified version of Jeevan Akshay VI is available for sale from 24/10/2016.
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Jeevan Akshay is an immediate annuity plan, proposer gets annuity immediately after the deposit of lump sum amount in this plan according to opted mode of annuity payment. Monthly, Quarterly, Half-yearly, and yearly mode are available for annuity payment.
After the purchase of annuity in Jeevan Akshay VI, the first installment of the annuity will be paid after one year, six months, three months or one month depending upon the mode of annuity payment option yearly, half-yearly, quarterly or monthly respectively chosen by the annuitant at the time of the proposal. Annuity amount is assured throughout the period of which it’s payable. The annuity will be paid during the lifetime of the annuitant with following provisions on the death of the annuitant according to the option of the annuity chosen.
Changes in surrender condition are one of the major modifications of Jeevan Akshay VI. In the earlier version of this plan, surrender was not allowed. Now surrender of modified Jeevan Akshay VI is allowed after completion of at least on policy year. Surrender is only allowed only if Option F is chosen by the annuitant. In other options, surrender is not allowed. Surrender is only allowed under the following circumstances.
Above mentioned surrender options are also allowed for annuitant under LIC’s Jeevan Akshay VI (UIN: 512N234V04) in respect of policy issued on or after 16/05/2012.
Below is the chart showing the annuity payable for the purchase price of Rs. 100000 in Option-F ie. annuity for life with return of purchase price
Below is the chart showing the annuity payable for the purchase price of Rs. 100000 in option F ie. annuity for life with return of purchase price
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What is Special claim concession ? Pls elaborate
what if i am already NRI and i buy jeevan akshay 6 and after one year i want to surrender ?
Thanks for the information, it’s really helpful. I learnt many things from this blog. I would like to add few words what I think about life Insurance is Life Insurance is the most beautiful thing you will ever buy for the ones who truly depend on you. It’s your way of letting them know that no matter what happens in life they can always count on you. I got this information from Tata AIA. Thanks for your blog. And I am waiting to read more such blog from your site.
Lic is good for life but when we get its facility
thanks a lot for giving information it would help me & my contactors in to secure life.