Jeevan Akshay-VI - 189 Agency Code is LIC02621250

Jeevan Akshay-VI - 189

This is an immediate annuity plan, which can be purchased by paying a lump sum amount. This 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.
Premium in this plan is to be paid in a lump sum. Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. Annuitant may choose any mode of payment of annuity.

Types of annuities

i. Annuity for life
ii. Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
iii. Annuity for life with return of purchase price on death
iv. Annuity for life increasing at simple rate of 3% p.a.
v. Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant
vi. Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant
vii. Annuity for life with a provision for 100% of the annuity payable to the spouse of the annuitant for life on death of the annuitant, with return of purchase price on the death of last survivor In all above options annuity shall be paid during the life time of the annuitant with following provisions on death of the annuitant for different options as given below:
a) Under option (i) – payment of annuity ceases
b) Under option (ii)
1. On death during the guarantee period – annuity is paid to the nominee till the end of the guaranteed period after which the same ceases
2. On death after the guarantee period – payment of annuity ceases
c) Under option (iii) – payment of annuity ceases and the purchase price is returned to the nominee.
d) Under option (iv) – payment of annuity ceases
e) Under option (v) – payment of annuity ceases and 50% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, payment of annuity will cease after the death of the annuitant
f) Under option (vi) – payment of annuity ceases and 100% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, payment of annuity will cease after the death of the annuitant
g) Under option (vii) – payment of annuity ceases and 100% of the annuity is paid to the surviving named spouse during his/her life time and purchase price is returned to the nominee after the death of the spouse. If the spouse predeceases the annuitant, payment of annuity will cease after the death of the annuitant and purchase price is paid to the nominee

Salient Features
• Premium is to be paid in lump sum
• No Medical Examination is required
• No maximum limits for purchase or annuity
• Age proof is necessary
• If purchase price is Rs.2,50,000 or more, incentive by way of higher amount of annuity will be available
• No surrender value shall be payable under this plan
• No loan will be available under this plan


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