LIC Jeevan Akshay 6 is the most suitable plan for retired employees who would like to make one time investment. Also suitable for people who need regular and periodical amount without interrupts (businessmen or professionals). Immediate Annuity Plan w.e.f 10-09-2007
Highlights Of This Policy
1. Investment (Single premium) in the beginning made only once.
2. The annuity rates are applicable for new business under the plan as well as under deferred annuity policies which vest on or after 10.09.2007
3. The annuity is payable yearly/Hly/Qly (However in this Pension Ready Reckoner most popular modes of Yly & Mly only have been given).
4. The annuity is assured throughout the period for which it is payable and the first installment in accordance with the desired mode of annuity will be paid 1 year/6 months / 3 months or 1 month after the date of purchase of the annuity.
5. Cooling off Period: If “Term & Conditions” of this policy does not satisfy Policyholder then he/she may return the policy within 15 days from the date of receipt of the policy. For complete information.
General Policy Conditions
|Min. Age at entry||40 years (lbd)|
|Max. Age at entry||79 years (lbd)|
|Min. Purchase Policy 50,00/- or such amount which may secure a min.of Annuity as per mode chosen Underwriting/Policy Servicing i.e. Mly(500) Qty(1000) Hly(2000) Yly(3000).|
|Age Prool||Standard *|
|Medical Exam.||Not required|
|Form No.||440 (A)|
|Mode||Min. Annuity P.A.|
|* Std. Age Proof hasn’t insisted where Annuity opted is with Return of Purchase Price.|
|1||Annuity for life||Annuity Cease|
|2||Annuity guaranteed for 5,10,15 or 20 years and for life thereafter||On death during the guarantee period Annuity is paid to the nominee till the end of gtd. The period after which the same ceases.|
|3||Annuity for life with return of purchase price||Annuity Cease & purchase price is returned to the nominee.|
|4||An annuity for life increasing at 3% p.a. (Simple)||Annuity Ceases|
|5||Annuity for life with a provision for 50% of the Annuity to the Spouse of the Annuitant for life on Death of Annuitant||Annuity Ceases & 50% of the annuity is paid to the surviving named Spouse during his/her lifetime. If the Spouse dies earlier to the Annuitant, nothing is payable after the death of the Annuitant.|
|6||Annuity for life with a provision for 100% of the Annuity to the Spouse of the Annuitant for life on Death of Annuitant||Annuity Ceases & 100% of the annuity is paid to the surviving named Spouse during his/her lifetime. If the Spouse dies earlier to the Annuitant, nothing is payable after the death of the Annuitant.|
|Incentives for high purchase price of Rs.1000/-p.a.|
|Purchase Price||Yearly||Half Yearly||Quarterly||Monthly|
|5,00,000 & above||4.00||3.75||3.75||3.50|
Special Note: In our opinion, Pension payable with return of purchase price (Option 3) is the best option. Hence, ready pension is given for this option only.