LIC Jeevan Akshay VI (189) Pension Plan
LIC’s Jeevan Akshay VI (Plan No: 189) is a pension plan, which provides monthly pension throughout the life on payment of single lump sum amount. This is an immediate Pension plan that enables starting of immediately pension on purchase of this policy. There are 10 different options which are available in which pension can be received. Maturity of Endowment plans e.g. Jeevan Anand or New Endowment plan can be used to buy this plan at maturity. A person can plan such that, at the age of 55 or 60 he buys this plan and enjoy his retirement with regular pension for life time. You may calculate pension using Pension Calculator as per your one time single amount and pension starting.
Key Features
- Single premium and immediate pension.
- Retirement Planning.
- 10 different methods for getting pension.
- Option to secure pension for spouse.
- Option for guaranteed pension for fixed period.
Plan Parameters
| Minimum Age at entry | 30 Years (completed) |
|---|---|
| Maximum Age at Entry | 85 years (completed) |
| Minimum Single Premium | 1,00,000 (No Maximum Limit) |
| Medical requirement | Not required |
| Mode of Pension | Yearly, Half yearly, Quarterly, Monthly |
| Surrender | Not Applicable |
Pension Options
One of following options may be selected at the time of buying plan and the same cannot be changed in the future.
| Option | How Pension will be Received | What will happen in case of death |
|---|---|---|
| 1 | Pension payable for life at a uniform rate. | Pension Stops. |
| 2 | Pension payable for 5 years guaranteed and thereafter as long as the Policy holder is alive. | 1. Death during guaranteed period, pension is paid to nominee till end of the guaranteed period. 2. On death after guaranteed period, pension stops. |
| 3 | Pension payable for 10 years guaranteed and thereafter as long as the Policy holder is alive. | |
| 4 | Pension payable for 15 years guaranteed and thereafter as long as the Policy holder is alive. | |
| 5 | Pension payable for 20 years guaranteed and thereafter as long as the Policy holder is alive. | |
| 6 | Pension for life with return of purchase price on death of the Policy holder. | Pension stops and paid amount returned to nominee. |
| 7 | Pension payable for life increasing at a simple rate of 3% p.a. | Pension stops. |
| 8 | Pension for life with a provision of 50% of the Pension payable to spouse during his/her lifetime on death of the Policy holder. | 50% of pension amount to spouse (wife or husband) for life time. |
| 9 | Pension for life with a provision of 100% of the Pension payable to spouse during his/her lifetime on death of the Policy holder. | 100% of pension amount to spouse (wife or husband) for life time. |
| 10 | Pension for life with a provision of 100% of the Pension payable to spouse during his/ her life time on death of Policy holder. The purchase price will be returned on the death of last survivor. | 100% of pension amount to spouse (wife or husband) for life time and on death of spouse (wife or husband) purchased amount is returned to nominee. |
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