Jeevan Akshay-VI Plan :

It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The LIC Jeevan Akshay-VI 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. 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.

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.50,000/= or such amount which may secure a minimum annuity as under:

Mode	Minimum Annuity
Monthly	Rs. 500 per month
Quarterly	Rs. 1000 per quarter
Half-yearly	Rs. 2000 per half year
Yearly	Rs. 3000 per year

• No medical examination is required under the plan.
• No maximum limits for purchase price, annuity etc.
• Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
• Age proof necessary.

• Annuity Rate: Amount of annuity payable at yearly intervals which can be purchased for RS. 1 lakhs under different options is as under. Incentives for high purchase price:
  If your purchase price is RS. 1.50 lakh or more, you will receive higher amount of annuity due to available incentives. If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty. The LIC Policy does not acquire any paid-up value. No surrender value will be available under the policy. No loan will be available under the policy.

Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees. The amount of annuity is assured throughout life of the annuitant.
If the annuitant dies:

1. Under option (i) annuity ceases.
2. Under option (ii)
3. On death during the guaranteed period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
4. On death after the guaranteed period - annuity ceases.
5. Under option (iii) annuity ceases and the purchase price is paid to the nominee.
6. Under option (IV) annuity ceases.
7. 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.
8. 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.

When first instalment of annuity payable: First instalment 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. For More Information Visit us:  LIC Agents