LIC Jeevan Akshay VI (Table 189) is an immediate annuity plan that can be bought by paying a lump-sum as Single Premium. Pension will start immediately after buying the policy. There are 6 pension options available to choose. But once chosen, it can’t be changed.

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The below 6 pension options are available:

• Annuity for Life- where pension is paid till the life assured is alive and nothing is payable on death
• Annuity Guaranteed for Certain Periods- where pension is definitely paid for 5/10/15 or 20 years as chosen whether the life assured is alive or not and is paid as long as annuitant is alive.
• Annuity with Return of Purchase Price on Death- pension is paid till the life assured is alive and the remaining amount of the corpus is paid to the nominee as death benefit.
• Increasing Annuity- pension is paid till the life assured is alive at an increasing rate of 3% p.a.
• Joint Life Last Survivor Annuity 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant- pension is paid till the life assured is alive. On the death of the life insured, 50% of the pension is payable to spouse as long as the spouse if alive
• Joint Life Last Survivor Annuity 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant- pension is paid till the life assured is alive. On the death of the life insured, 100% of the pension continues to be payable to spouse as long as the spouse if alive.

Features of LIC Jeevan Akshay :

• This is an immediate Pension plan bought with Single premium
• Pension can be opted for Monthly, Quarterly, Half yearly of Yearly Intervals
• There is an incentive for purchase of Rs 2.5 lakhs of annuity or more

Benefits of LIC Jeevan Akshay:

LIC New Jeevan Nidhi (Table 818) is a with profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond term of the policy the accumulated amount (i.e. Sum Assured + Guaranteed Additions + Bonuses) is used to generate a pension (annuity) for the policyholder. The insurance plan also provides a risk cover during the deferment period.

There are 2 phases in this plan- the Accumulation Phase and the Vesting Phase. In this plan, premium needs to be paid till the end of the Accumulation Phase under Regular Premium Payment Option or in a lumpsum under Single Premium Payment Option. This plan offers Guaranteed Additions of Rs.50 per thousand Sum Assured for each completed year, for the first five years. Bonus starts to accrue only after completion of 5 policy years.

Features of LIC New Jeevan Nidhi :

• This plan offers Guaranteed Additions of Rs.50 per thousand Sum Assured for each completed year, for the first five years
• Upon Vesting, there are 2 Vesting Options available to the life insured :
• He may choose to withdraw 1/3rd of the corpus tax free and avail annuity from the remaining 2/3rd of the corpus or take annuity from the entire corpus
• He may choose to purchase a single premium Deferred Annuity Plan
• Maturity Benefit is Maturity Sum Assured + Guaranteed additions + Accrued Bonus + Final Additions, if any.

Returns of LIC New Jeevan Nidhi :