ChatGPT
Claude
Perplexity
Overview
LIC Jeevan Akshay VI Plan is an immediate annuity pure pension plan for senior citizens, provided by one of the top-ranked insurance companies in India, Life Insurance Corporation of India (LIC).
It is a smart retirement investment plan where a lump sum amount is paid to purchase the policy. Under this annuity plan, the insured receives a pension at regular intervals immediately after the premium payment. The policyholder can select the type and mode of payment from multiple available options.
The plan is ideal for retired individuals to remain independent and financially stable after retirement.
Key Benefits of LIC Jeevan Akshay Plan
- Death Benefits
- Maturity Benefits
- Loyalty Additions
- Policy Revival
- Multiple Rider Options
How to Buy LIC Jeevan Akshay Plan
How to Buy on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the ‘Investment’ tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
How to Buy on LIC's Website
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on 'LIC Jeevan Akshay'.
- Click on ‘Buy Online’ and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you to discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Benefits of LIC Jeevan Akshay Plan
There are various benefits to buying the LIC Jeevan Akshay Plan. Let’s understand each of them in detail:
Death Benefit
On death during the first five policy years, a benefit is payable in case of the death of an insured person before the maturity time. Before the date of commencement of risk, a refund of premium(s) paid without interest will be payable.
Maturity Benefits
If the insured survives till the end of the policy period, and all due premiums have been paid, the Sum Assured on Maturity along with Loyalty Addition will be payable.
Loyalty Additions
On completion of policy years, if premiums have been paid for at least 5 years, Loyalty Addition will be covered by a paid-up policy if the policy is in force. Loyalty addition is also considered during the Special Surrender Value Calculation on the surrender of the policy during the term, only if the full premium has been paid for at least five years.
Policy Revival
A revival period of 2 years is given to the assured from the date of the first unpaid premium but before the date of maturity. This applies if the policy lapses due to non-payment of premium by the end of the grace period.
Cooling Period
The plan offers a cooling-off period of 15 days from the initiation of the policy.
One-time Payment
LIC offers a beneficial feature under this plan where the premium amount is to be paid in a lump sum.
Free Look Period
This plan offers a 30-day free look period to cancel the policy if you are not satisfied.
Tax Benefits
LIC Jeevan Akshay Plan offers tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 lakhs of the total premium paid in the same financial year.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Instead, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy LIC Jeevan Akshay Plan
Here is the list of documents required to buy the LIC Jeevan Akshay Plan:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license (any one).
- Age Proof: Passport, Aadhaar card, PAN card, Driving license (any one).
- Address Proof: Utility bill, passport, voter ID, ration card (any one).
- Medical Records: Medical Records of the policyholder, if requested.
- Income Proof: Bank statement, last three months' salary slips (if salaried) (any one).
Plan At a Glance
| What’s Good Here | What’s Missing |
|---|---|
| Death Benefits | Premium Offset |
| Maturity Benefits | High Sum Assured Rebate |
| Loyalty Additions | Auto Cover Continuance |
| Additional Riders | Top-up Premium |
In a Nutshell
If you are looking for an immediate annuity plan that provides regular pension payments for your financial independence, along with death benefits for your family, consider the LIC Jeevan Akshay Plan.
For more information related to this plan, you can visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
