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LIC JEEVAN AKSHAY VI- Pension Plan (Table No. 189)
Retirement planning is crucial aspect of planning your savings and retirement expenses especially when you are working in private sector. A smart retirement planning can help you live an independent and tension free life. LIC Jeevan Akshay- VI is best Pension Plan from Lic of India with instant annuity feature. This plan has six pension options to choose from but once chosen, the option cannot be altered since pension starts immediately without delay. Annuity may be paid monthly, quarterly, half yearly or yearly intervals. It starts from the next possible interval as chosen
Key Features of LIC Jeevan Akshay VI Plan
This is an immediate pension plan which have six options to choose getting pension those are mentioned below:
  • 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. and

  • 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 1000% 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, 1000% of the pension continues to be payable to spouse as long as the spouse if alive.
Annuity may be paid monthly, quarterly, half yearly or yearly intervals.
Benefits you get from LIC Jeevan Akshay VI Plan
  • Death Benefit – In case of death of the Life Insured it entirely depends upon pension option chosen

  • Annuity for Life- Pension stops when Annuitant dies and nothing further would be payable to nominee.

  • Annuity Guaranteed for Certain Periods-
    • During the Guaranteed Period - Pension is paid to the nominee till the end of the guaranteed period after which it stops.
    • After the Guaranteed Period- Pension stops when Annuitant dies and nothing further would be payable to nominee.
  • Annuity with Return of Purchase Price on Death- Pension stops when Annuitant dies and the remaining amount is paid to nominee.

  • Increasing Annuity- Pension stops when Annuitant dies. Nothing further would be payable to nominee.

  • Joint Life Last Survivor Annuity with 50% pension for spouse- When Annuitant dies and Spouse survives, 50% of the Pension continues as long as spouse is alive and stops thereafter. Nothing further would be payable to nominee.

  • Joint Life Last Survivor Annuity with 100% pension for spouse- When Annuitant dies and Spouse survives, 100% of the Pension continues as long as spouse is alive and stops thereafter. Nothing further would be payable to nominee.
Maturity Benefit – There is no maturity benefit since this is a plan to protect the risk of living too long. Pension is provided immediately according to the option selected.
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C. Pension that is received is taxable.

Eligibility conditions and other restrictions in LIC Jeevan Akshay VI Plan


  Minimum Maximum
Purchase Price of Annuity (in Rs.) 50,000 No Limit
Annuity Payout (in Rs.) 3000 Annually, 2000 Half yearly,
1000 Quarterly and 500 Monthly
No Limit
Premium Payment Term (in years) Single
Entry Age of Policyholder (in years) 40 79
Payment modes for Annuity Yearly, Half-yearly, Quarterly or Monthly


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