LIC Jeevan Akshay VI Plan 810 (Plan 189)

          LIC Jeevan Akshay VI (Plan 810) is a Single Premium, Immediate Annuity plan. This immediate retirement plan which provides monthly pension throughout the life on one-time premium payment. Jeevan Akshay VI Pension Plan offered by LIC helps the individuals adequately for their retirement. With the high-speed rise in the cost of basic needs, your savings today might not reach the cost of necessities throughout the retired life. Jeevan Akshay VI (LIC Plan 189) Pension Plan ensure a financially secure retirement and guarantees your peace of mind. By choosing LIC Jeevan Akshay VI Pension Plan, you can make your dreams a reality, anytime, anywhere. Jeevan Akshay immediate annuity plan is perfect for somebody having a lump sum of cash who will be interested in instantly converting that sum of money into an assured revenue stream. 

Note: The Plan Number for LIC Jeevan Akshay VI (Plan 189) with effect from May 2012 shall be Plan No. 810. 

Features
          
          LIC Jeevan Akshay VI Pension plan provides for annuity payments of a stated amount throughout the lifetime of the Life assured. Various options are available for the type and mode of payment of pensions. Let’s check the key features of Jeevan Akshay VI Annuity Plan here.

• Single Premium: Policy Premium is to be paid in a lump sum.

• Minimum Purchase Price: For all distribution channels except online: Rs. 100,000/-.

• No medical examination: No need of Medical examination under Jeevan Akshay VI plan.

• No maximum limits for the annuity purchase price:  Under LIC Pension Plan- Jeevan Akshay VI there is no Maximum limit for policy buying and the Annuity, etc.

• The Minimum & Maximum allowed age at entry is 30 years (completed) and 85 years (completed) respectively.

• Age proof of the Life assured is necessary.

Under Jeevan Akshay VI pension plan seven different types of annuities are available. Check the different Annuities under this plan in the following Section.

1. Annuity for Life.
2. An annuity is guaranteed for 5, 10, 15 or 20 years and life after that.
3. Annuity for Life with the return of purchase price on death.
4. Annuity for life is increasing at a simple rate of 3% per annum.
5. Pension for life with a provision for 50% of the pension to the spouse of the annuitant for life on death of the annuitant.
6. Annuity for life with a provision for 100% of the annuity to the spouse of the life assured for life on death of the Life Assured.
7. Pension for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on the passing of annuitant with the return of purchase price on the passing of the last survivor.

Eligibility Conditions

          Jeevan Akshay VI Pension Plan is an Immediate Annuity Plan, which provides annuity payouts immediately after the premium payment for a financially secured life after the retirement of the life assured. Let’s check the eligibility conditions for the LIC Jeevan Akshay VI Annuity Plan here.

S.no	Conditions	Details
1	Entry Age Allowed	Minimum 30 years (Completed).
		Maximum 85 years (Completed).
2	Premium Paying Mode	Single Premium
3	Policy Purchase Price	Minimum Purchase Price
		For offline mode Rs.1,00,000/-
		For Online mode Rs. 1,50,000/-.
		Maximum Purchase Price
		No Limit
4	Pension Payout frequency	Monthly.
		Quarterly.
		Half Yearly.
		Yearly.
5	Annuity guaranteed Period	5,10,15 and 20 years and as long as life assured is alive.

Benefits

Death Benefit: If in the case of death of the Life Assured, then the Annuity completely depends on the pension option which is chosen by the Annuitant.

Tax Benefit: Under Section 80CCC of the Income Tax Act, the Premiums paid under the Jeevan Akshay VI policy are exempted from Income tax. The Pension, which is received, is taxable.

Maturity Benefit: There is no maturity benefit under Jeevan Akshay VI retirement plan since this plan is to protect the risk of living too long and provided the pension immediately according to the selected option.

Free Look Period: If the Life Insured is not satisfied with the “Terms & Conditions” of the Jeevan Akshay VI Retirement plan, she/he may return the Insurance policy to the Company within 15 days from the date of receipt of the Plan.

Annuity Rate: Different Annuity rates are available for different types of annuities under Jeevan Akshay VI Plan. The policy can be purchased by one-time payment (Single Premium) which can be worked out by applying annuity rates for the type and mode of annuity opted by the Life Assured.

Yearly annuity amount under Option (1,00,000/- Sum Assured)
Age Last Birthday	( i )	( ii ) (15 years certain)	( iii )	( iv )	( v )	( vi )	(vii)
30 years	Rs.7,190/-	Rs.7,160/-	Rs.6,890/-	Rs.5,250/-	Rs.7,080/-	Rs.6,970/-	Rs.6,860/-
40 years	Rs.7,510/-	Rs.7,440/-	Rs.6,930/-	Rs.5,610/-	Rs.7,310/-	Rs.7,120/-	Rs.6,890/-
50 years	Rs.8,140/-	Rs.7,950/-	Rs.7,000/-	Rs.6,280/-	Rs.7,760/-	Rs.7,420/-	Rs.6,930/-
60 years	Rs.9,350/-	Rs.8,790/-	Rs.7,110/-	Rs.7,530/-	Rs.8,640/-	Rs.8,030/-	Rs.7,010/-
70 years	Rs.12,080/-	Rs.9,830/-	Rs.7,260/-	Rs.10,220/-	Rs.10,560/-	Rs.9,370/-	Rs.7,130/-
80 years	Rs.17,880/-	Rs.10,440/-	Rs.7,480/-	Rs.15,890/-	Rs.14,600/-	Rs.12,340/-	Rs.7,290/-

          The first installment of the annuity shall be paid 1 year, 6 months, 3 months or 1 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 life assured with following provisions on death of the annuitant for different options are listed below.

Under option (1): Payment of the annuity terminates.

Under option (2):

On the death of the life assured during the guarantee period – the annuity is paid to the nominee till the end of the guaranteed period after which the same terminates.

On death after the guarantee period – payment of annuity ceases.

Guarantee Period option will be – 5, 10, 15 and 20 Years.

Under option(3): Payment of annuity terminates and the purchase price is returned to the nominee.

Under option (4): Payment of annuity terminates.

Under option (5): Payment of annuity terminates and 50% of the annuity is paid to the surviving named spouse during his/her the life time. If the spouse predeceases the life assured, nothing is payable after the death of the annuitant.

Under option (6): Payment of annuity terminates and 100% of the annuity is paid to the surviving named spouse during his/her the lifetime. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.

Under option (7): The Payment of annuity terminates. 100% of the annuity is paid to the surviving named spouse during his/her lifetime and purchase price is returned to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and the purchase price is paid to the nominee. The amount of annuity shall be assured throughout the period for which it is payable.

Claim Procedure

          The Life assured can claim the LIC Pension Plan after the completion of the policy period. In a case of eventual death of the annuitant, the nominee can claim instead of the insured. Check the documents required for Claim the Jeevan Akshay VI Pension Plan here.

• NEFT Form
• Discharge form
• Cancel check or Bank Pass book xerox
• Policy bond / Document
• Death certificate ( If in the case of the eventual death of the life assured)

Additional Information 

Service Tax:

           Service tax, if any, shall be as per the Service Tax Act, India and at the rate of service tax as applicable from time to time.

          The amount of service tax as per the prevailing rates shall be payable by the life assured along with the purchase price.

Paid-up value:

           LIC Jeevan Akshay VI  policy does not acquire any paid-up value.

Surrender Value:

          No surrender value will be available under the LIC New Pension policy-Jeevan Akshay VI.

Loan:

           No loan will be available under the Jeevan Akshay VI policy.

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LIC Amulya Jeevan II Plan 823

          LIC Amulya Jeevan II is a special life cover plan that was chosen mainly for protection. Jeevan Amulya provides financial protection to the policy holder’s family. Plan no. 823 is a pure term insurance plan that was introduced by the Life Insurance Corporation on 3rd February 2014 as per the new IRDA guidelines. LIC Amulya Jeevan provides high life cover in the case of insured’s inappropriate death during the policy term. The Minimum benefit value of Lic Jeevan Amulya is INR 25,00,000. There are no maturity benefits or survival benefits for this LIC Plan 823.

          LIC Amulya Jeevan is a policy providing financial cover to the policy holder’s family in case of sudden death. The main benefits are the Death Benefit and Maturity Benefit. If the policy-holder dies during the policy term then the Sum Assured is paid. In case the policy-holder survives till the end of the term, then no amount will be paid.Loan facility and Riders are not available in this policy. Paid up value and Surrender benefits are not provided. If the policy-holder commits suicide due to any reason before 12 months of date of commencement of risk, 80% of premium for whatever amount paid will be returned to the nominee. Revival of lapsed policy is available within 2 years from date of first unpaid premium.

          The minimum age of the policy holder is 18 years while the maximum age is 60 years. The policy term is 5-35 years. The minimum Sum Assured is 25, 00,000 Rupees. The maximum age at maturity is 70 years. The grace period is 30 days for the delayed payment of premium. The tax benefit is applicable for 12% service tax.

Features 

• No maturity or survival benefit
• High Life cover on Low Premium
• Sum assured of 25 Lakhs, or more can be opted
• Tax benefit under Section 80 C
• Non-Participating Traditional Plan

Eligibility Conditions

S.No	Eligibility Conditions & Restrictions	Details
1	Minimum Age of Entry for Life Assured	18 years (Completed)
2	Maximum Age of Entry for Life Assured	60 years (Nearest Birthday)
3	Minimum Policy Term	5 years
4	Maximum Policy Term	35 years
5	Minimum value of Sum Assured	Rs. 25,00,000
6	Maximum value of Sum Assured	No limit
7	Maximum age at Maturity	70 years (Nearest Birthday)
8	Mode of Premium Payment	Yearly and Half Yearly
9	Revival	Within two years
10	Grace Period	Within 30 days

Benefits

Death Benefit: LIC Plan 823 provides the facility of a one-time death benefit to the nominee of the life assured. It comprises of one huge amount based on the opted premium value. This Death Benefit is valid only during the tenure of the plan and fails once the plan reaches its maturity. So there will be no compensation for death of the insured after completion of the policy term. The Death benefit of Jeevan Amulya II is tax-free.

Maturity Benefit: As Amulya Jeevan II is a complete life term policy, there are no Maturity benefits.

Tax Benefit: Under Section 80C of Income Tax Act, 1961 India, every year Rs. 1,00,000 was allowed as a deduction from the taxable income.

Grace Period: A Grace Period of not less than 30 days will be allowed for the payment of premium. If the death of the Life Assured occurs within the grace period, the policy will still be valid and benefits are paid after the deduction of the said unpaid premium. If the premium is not paid before the expiry of the grace period, the policy terminates.

Cooling-off period: The Policyholder may return the policy to the corporation within 15 days if he/she was not satisfied with the Terms and Conditions. The count should be from the date of receipt of the policy.

Claim Procedure

The Documents required for claim procedure under LIC Amulya Jeevan II plan are

•  Duly filled claim form.
• Original Policy Document.
• Identification Proof.
• Death Proof.
• Medical treatment document before death.
• Age proof.

Additional Information 

Paid up Value: The LIC New Amulya Jeevan plan doesn’t acquire any paid-up values.

Surrender Value: No surrender value will be available under this plan.

Loan Facility: No Loan will be granted.

Back-Dating Interest: No dating back interest shall be charged but the policies can be dated back within the same financial year.

Policy Stamping: The Charges for policy stamping will be 20 paise per thousand of Sum assured under this plan.

Policy Renewal: If the premium was not paid within the grace period, then the policy will lapse. The Lapsed policy may be revived within a period of two years but during the life time of the Life Assured.

Service Tax: 12% Service tax is applicable.

Assignments/ Nominations: Assignments or Nominations are possible under this Plan 823 but should be made at the proposal stage as per Section 39 of Insurance Act, 1938.

Proposal Forms: Proposal Form no. 300 and 340 should be used for this LIC Amulya Jeevan II plan.

Riders: No riders are available in this Term Plan no 823.

Suicide Clause: If the life assured commits suicide within 12 months from the date of commencement of risk, 80% of the premiums paid till the date of death will be paid.

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LIC Anmol Jeevan II Plan 822

          LIC Anmol Jeevan II (Plan no. 822) was introduced by the Life Insurance Corporation on 3rd February 2014 as per the new IRDA guidelines. LIC Jeevan Anmol 2 is a pure term plan with no bonus facility available. In this LIC Anmol Jeevan plan, if the life insured dies within the policy term, the death benefit is payable to the nominee. So if nothing happens to you till the maturity period of the plan, nothing will be returned. The unique identification number (UIN) for this plan is 512N285V01. This UIN should be used in all relevant documents provided to the policyholders.

          LIC Anmol Jeevan is a policy providing financial cover to the policy holder’s family in case of sudden death. The main benefits are the Death Benefit and Maturity Benefit. If the policy-holder dies during the policy term then the Sum Assured is paid. In case the policy-holder survives till the end of the term, then no amount will be paid. Loan facility and Riders are not available in this policy. Paid up value and Surrender benefits are not provided. If the policy-holder commits suicide due to any reason before 12 months of date of commencement of risk, 80% of premium for whatever amount paid will be returned to the nominee. Revival of lapsed policy is available within 2 years from date of first unpaid premium.

          The minimum age of the policy holder is 18 years while the maximum age is 55 years. The policy term is 5-25 years. The sum assured ranges between 6, 00,000 Rupees to 24, 00,000 Rupees. The maximum cover ceasing age is 65 years. The premium rebate for Half-Yearly mode is 2% more than original premium. The grace period is 30 days for the delayed payment of premium. The tax benefit is applicable for 12.36% service tax..

Features 

• Only Death Benefit and No maturity benefit.
• High-Risk coverage can be utilized at low cost.
• Non-Participating Traditional Plan.
• Sum Assured of Rs. 6 Lakhs to Rs. 24 Lakhs can be opted.
• Tax benefits are applicable under Section 80C.

Eligibility Conditions

S.No	Eligibility Conditions & Restrictions	Details
1	Minimum Age of Entry for Life Assured	18 years (Completed)
2	Maximum Age of Entry for Life Assured	55 years (Nearest Birthday)
3	Minimum Policy Term	5 years
4	Maximum Policy Term	25 years
5	Minimum value of Sum Assured	Rs. 6,00,000
6	Maximum value of Sum Assured	Rs. 24,00,000
7	Maximum Cover Ceasing age	65 years (Nearest Birthday)
8	Mode of Premium Payment	Yearly and Half Yearly
9	Revival	Within two years
10	Grace Period	Within 30 days

Benefits 

Death Benefit: LIC Plan 822 provides the facility of a one-time death benefit of up to INR 24 Lakh to the nominee of the life assured. It comprises of one huge amount based on the opted premium value. This Death Benefit is valid only during the tenure of the plan and fails once the plan reaches its maturity. So there will be no compensation for death of the insured after completion of the policy term. The Death benefit of Jeevan Anmol II is tax-free.

Maturity Benefit: As LIC Anmol Jeevan II is a term plan nothing will be paid to the insured if he/she survives the term of the policy.

Tax Benefit: Under Section 80C of Income Tax Act, 1961 India, every year Rs. 1,00,000 INR was allowed as a deduction from the taxable income.

Grace Period: A Grace Period of not less than 30 days will be allowed for the payment of premium. If the death of the Policyholder occurs within the grace period, the policy will still be valid and benefits are paid after the deduction of the said unpaid premium. If the premium is not paid before the cessation of the grace period, the policy lapses.

Cooling-off period: If the Policyholder was not satisfied with the Terms and Conditions he/she might return the policy to the corporation within 15 days. The count should be from the date of receipt of the policy.

Claiming LIC New Anmol Jeevan Plan

           The Claimant should submit the following documents while lodging the claim in case of death of the Life Assured.

• Duly filled claim form.
• Original Policy Document.
• Identification Proof.
• Death Proof.
• Medical treatment documents before death.
• Age proof.
• Employer’s Certificate.

Additional Information 

Loan Facility: No Loan will be granted for this Lic New Anmol Jeevan Plan.

Surrender Value: The LIC Term plan 822 doesn’t acquire any Surrender values.

Paid up Value: No Paid up value will be available under this plan.

Service Tax: 14% Service tax is applicable for the premium paid every year.

Back-Dating Interest: The policies can be dated back to the same financial year. No dating back interest shall be charged.

Policy Revival: If the premium was not paid within the grace period, then the policy will lapse. The Lapsed policy may be revived within a period of two years but during the life time of the Life Assured.

Proposal Forms: Proposal Form no. 300 and 340 as applicable should be used for this LIC Anmol Jeevan II plan.

Riders: No riders are available for this Term Plan no 822.

Policy Stamping: 20 paise per thousand of Sum assured will be the Charges for policy stamping under this plan.

Assignments/ Nominations: Assignments or Nominations for Plan 822 should be made at the proposal stage as per Section 39 of Insurance Act, 1938.

Suicide Clause: The Policy will become void if the life assured commits suicide within one year from the date of commencement of risk or from the date of revival. An amount equal to 80% of the premiums paid till the date of death shall be paid.

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