LIC India : Jeevan Akshay Immediate Annuity Plan

Name of the Organisation : Life Insurance Corporation of India (licindia.in)
Type of Facility : Immediate Annuity Plan Jeevan Akshay VI

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Features of Jeevan Akshay VI
Immediate Annuity Plan – Annuity starts as early as the next month.
Single premium plan : “Pay – Once – Enjoy – Forever”
Seven Options of Annuities to choose from.
Minimum age at entry : 30 years; Maximum age at entry : 85 years
INCENTIVE FOR ONLINE – A REBATE OF 1% BY WAY OF INCREASE IN THE BASIC ANNUITY RATE WILL BE AVAILABLE.

Introduction :
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.

Options Available :
The following options are available under the plan

Type of Annuity :
Annuity payable for life at a uniform rate.
Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
Annuity for life with return of purchase price on death of the annuitant.
Annuity payable for life increasing at a simple rate of 3% p.a.
Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
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.

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

Mode :
Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity..

Salient features :
Premium is to be paid in a lump sum.
Minimum purchase price :
Rs.100,000/- for all distribution channels except online.
Rs.150,000/- for on line sale.
No medical examination is required under the plan.
No maximum limits for purchase price, annuity etc.
Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).
Age proof necessary.

The amount of annuity is assured throughout life of the annuitant.

What happens if the annuitant dies?
If the annuitant dies :
Under option (i) annuity ceases.
Under option (ii)
On death during the guaranteed period – annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
On death after the guaranteed period – annuity ceases.
Under option (iii) annuity ceases and the purchase price is paid to the nominee.
Under option (iv) annuity ceases.
Under option (v) annuity ceases and 50% of the annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
Under option (vi) annuity ceases and full annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
Under option (vii) annuity ceases. Full annuity is payable to the surviving named spouse during his/ her life time and purchase price is paid to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price will be paid to the nominee.

When first installment of annuity payable :
First installment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.