LIC Jeevan Akshay VI is an immediate annuity plan that provides guaranteed lifetime income in exchange for a lump sum payment. Key features include no medical exam required, annuity options like lifetime only or lifetime with return of principal, and minimum purchase amount of Rs. 100,000. Factors to consider before purchasing include inflation, tax bracket, dependents, age, and other investment options. The plan is best suited for older, lower tax bracket individuals seeking hassle-free retirement income. Overall the plan received a rating of 2 out of 5.

1. Review on
LIC Jeevan Akshay VI
Immediate Annuity Plan
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2. What is LIC 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.
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3. What is Annuity?
• Annuity is one of the options available to regular
income seekers. With a mandate of providing a
fixed income to members for life or the terms
selected, life insurance companies offer annuity
products to meet the desired need.
• 1 Time Payment = Fixed income for lifetime
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4. What is Immediate Annuity?
• In immediate annuity, by paying a lump sum
amount you purchase a stated income stream
for life or a specified term from an insurance
company as per the option you select. The
income payment starts from the next periodic
interval from the month you purchase it.
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5. Salient Features
1. Premium is to be paid in a lump sum
2. Minimum purchase price:
i. Rs.100,000/- for all distribution
channels except online
ii. Rs.150,000/- for online sale
3. No medical examination required
4. No maximum limits for purchase price,
annuity etc.
5. Minimum entry age 30 years & Maximum
entry age 85 years
6. Age proof necessary
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6. Options Available
• The following options are available under the
plan
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.
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7. Options Available
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
7. Annuity for life with a provision of 100% of
the annuity payable to spouse during his/
her life time on death of annuitant. The
purchase price will be returned on the death
of last survivor
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8. Annuity Payable
• Amount of annuity payable at yearly intervals
which can be purchased for Rs. 1 lakh under
different options is as under:
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9. Modes Available
• Annuity paid either
1. Monthly,
2. Quarterly,
3. Half yearly and
4. Yearly intervals
• You may opt any mode of payment of Annuity.
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10. Incentives for high purchase price
• If your purchase price is Rs. 2.50 lakh or
more, you will receive higher amount of
annuity due to available incentives
• In addition of this, for policies sold online,
a rebate of 1% by way of increase in the
annuity rate shall also be available
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11. Surrender Value & Loan
• No surrender value will be available under the
policy
• No loan will be available under the policy
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12. Which factors you should consider
before buying?
• Inflation Rate
• Tax bracket in which you are lying
• Number of dependents in family
• Your Age
• Other annuity based product by other insurance
companies
• Options in Income oriented Mutual funds
• Online purchase
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13. Who shouldn’t buy?
• People coming in 20% or 30% tax bracket
• Youngsters
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14. Who should buy?
• People not having access to other insurance
companies & other financial products
• Old people in 10% tax bracket looking for hassle
free investment
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15. Rating on scale of 5
• Reliability on LIC – 4/5 (High Reliability)
• Returns – 2/5 (Below Average)
• Risk – 1/5 (Very Low)
• Overall – 2/5
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16. Thank You
For Queries & Feedback
Contact
mayankjindal008@yahoo.com
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