Modification of LIC’s Jeevan Akshay- VI (Plan No. 810)
Introduction of LIC’s Jeevan Akshay- VI (Plan No. 810):- The plan shall also be sold online in addition to other existing distribution channels.
- Annuity option- “Joint-life and 100% of annuity to spouse on death of the annuitant with return of purchase price on death of last survivor” shall also be available in addition to the existing six options.
- Reduction in the minimum age at entry and increase in maximum age at entry.
- Minimum premium amount for online sale shall be Rs. 1.5 lacs and for other distribution channels it shall be Rs. 1 lac.
- Slabs of incentive for higher purchase price have been modified.
- Service tax to be collected from the policyholder along with the purchase price.
In view of the demand from various offices it has been decided to modify LIC’s Jeevan Akshay – VI plan.
Type of annuities available: Various annuity options available under the Plan are as under:
i) Annuity for life
ii) Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
iii) Annuity for life with return of purchase price on death
iv) Annuity for life increasing at a simple rate of 3% p.a.
v) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant.
vi) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant.
vii) Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant with return of purchase price on the death of last survivor.
Benefits of LIC’s Jeevan Akshay- VI (Plan No. 810): The first installment of annuity shall be paid one year, six months, three months or one month after the date of purchase of the annuity depending on whether the mode of annuity payment is yearly, half-yearly, quarterly or monthly respectively. Further, annuity shall be paid during the life time of the annuitant with following provisions on death of the annuitant for different options:
(a) Under option (i) – payment of annuity ceases.
(b) Under option (ii)
i. On death during the guarantee period – annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
ii. On death after the guarantee period – payment of annuity ceases.
(c) Under option (iii) – payment of annuity ceases and the purchase price is returned to the nominee.
(d) Under option (iv) – payment of annuity ceases.
(e) Under option (v) – payment of annuity ceases and 50% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.
(f) Under option (vi) – payment of annuity ceases and 100% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.
(g) Under option (vii) – payment of annuity ceases. 100% of the annuity is paid to the surviving named spouse during his/her life time and purchase price is returned to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price is paid to the nominee.
The amount of annuity shall be assured throughout the period for which it is payable.
Eligibility Conditions and Features of LIC’s Jeevan Akshay- VI (Plan No. 810):
(a) Minimum Age at entry: 30 years last Birthday
(b) Maximum Age at entry: 85 years last Birthday
(c) Minimum Purchase Price: Rs.1,00,000/- for all distribution channel except online sale. Rs. 1,50,000/- for online sale.
Surrender value: No surrender value shall be available under this plan.
Loan: No loan shall be given by the Corporation to the policyholders under this plan.
Assignment / Nominations:
No assignment is allowed under this policy.
Notice of change of nomination should be submitted for registration to the office of the corporation, where this policy is serviced if the type of annuity opted is either for a guaranteed period and for life thereafter or with return of purchase price. In registering a nomination the Corporation does not accept any responsibility or express any opinion as to its validity or legal effect.
Normal requirements for claim:
On death of the annuitant: The normal documents which the claimant shall submit while lodging the claim in case of death of the Annuitant shall be the claim form, as prescribed by the Corporation, accompanied with original policy document, proof of title, proof of death, whichever is
applicable, to the satisfaction of the Corporation.
It will apply in case the option exercised is for:
a) Annuity option ii) and death of the annuitant takes place before expiry of the guarantee period
b) option iii) i.e. Annuity for life with return of purchase price on death of annuitant
c) option v) or vi) i.e. Annuity for life with a provision of 50% / 100% of the annuity to spouse for life on death of the annuitant
d) option vii) i.e. Annuity for life with a provision of 100% of the annuity to spouse for life on death of the annuitant with return of purchase price on death of last survivor.