LIC Online Purchase Option - JEEVAN AKSHAY VI, Its Pension Policy

Pension Plans

Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life.

You ‘ve waited long enough to enjoy this moment – LIChas introduced new pension policy JEEVAN AKSHAY – VI. This policy is now available online at www.licindia.in. Now we shall be discussing its features and benefites :-

Features

Introduction:

It is an Immediate 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. Various options are available for the type and mode of payment of annuities.

Options Available:

The following options are available under the plan

1.     Type of Annuity:

1.     Annuity payable for life at a uniform rate.

2.     Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.

3.     Annuity for life with return of purchase price on death of the annuitant.

4.     Annuity payable for life increasing at a simple rate of 3% p.a.

5.     Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

6.     Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

7.     Annuity for life with a provision of 100% 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.

2.     You may choose any one. Once chosen, the option cannot be altered.

Mode:

• Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity..

Annuity Rate

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 )	(vii)
30	7190	7160	6890	5250	7080	6970	6860
40	7510	7440	6930	5610	7310	7120	6890
50	8140	7950	7000	6280	7760	7420	6930
60	9350	8790	7110	7530	8640	8030	7010
70	12080	9830	7260	10220	10560	9370	7130
80	17880	10440	7480	15890	14600	12340	7290

Incentives for high purchase price

If your purchase price is Rs. 2.50 lakh or more, you will receive higher amount of annuity due to available incentives. In addition of this, for policies sold online, a rebate of 1% by way of increase in the annuity rate shall also be available.

Benefits:

The amount of annuity is assured throughout life of the annuitant.

What happens if the annuitant dies?

If the annuitant dies :

1.     Under option (i) annuity ceases.

2.     Under option (ii)

3.     On death during the guaranteed period - annuity is paid to the nominee till the end  of the guaranteed period after which the same ceases.

4.     On death after the guaranteed period - annuity ceases.

5.     Under option (iii) annuity ceases and the purchase price is paid to the nominee.

6.     Under option (iv) annuity ceases.

7.     Under option (v) annuity ceases and 50% of the annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.

8.     Under option (vi) annuity ceases and full annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.

9.       Under option (vii) annuity ceases. Full annuity is payable to the surviving named spouse during his/ her life time and purchase price is paid to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price will be paid to the nominee.

When first instalment of annuity payable:

First instalment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.