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Jeevan Akshay - VI

      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.

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

    Salient features:
1) Premium is to be paid in a lump sum.
2) Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity as under:

ModeMinimum Annuity
MonthlyRs. 500 per month
QuarterlyRs.1000 per quarter
Half-yearlyRs. 2000 per half year
YearlyRs. 3000 per year

3) No medical examination is required under the plan.
4) No maximum limits for purchase price, annuity etc.
5) Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
6) Age proof necessary.

    On Reaching Vesting Age:Once you reach the vesting age, you can withdraw up to one-third of the fund value as a tax-free amount, and with the rest of the amount, you can buy an annuity from the same insurance firm. Most plans keep vesting age 45 or above.

    For whom?If your risk profile does not allow you to take risk by saving for retirement through equity exposure, such bonus-based plans are your best bet. Traditional pension plans might work for extremely risk-averse people with low income. They may even work for those who want to use them to create a base retirement income, supplemented by income from other sources.

    Unit-Linked Pension Plans:A popular version of the pension plans are the unit-linked pension plans as they not only have the potential to deliver higher returns over the long term, but also provide flexibility. You can decide your retirement or vesting age. Most plans give you the option to extend it further. Minimum guarantee of 4.5 per cent per annum is now offered with all pension plans. Partial withdrawals are not allowed.

    LIC’s Insurance Plans are designed to meet all individuals requirements when taken in combination of plans.

Premium paid in that financial year towards all life insurance come  with Tax rebate under Sec 80C and in case of Health insurance under sec 80D.


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For more infomation contact LIC Bangalore on 9945689986.