LIC Jeevan Akshay VI

LIC Pension Plan generally known as Jeevan Akshay VI is actually single premium an immediate annuity plan. Get fixed income for life with an immediate annuity plan from LIC. Generate income Stream and protect your savings.

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LIC Jeevan Akshay VI - One time premium plan

LIC’s Jeevan Akshay-VI is a single premium immediate annuity plan where LIC will pay the annuitant a fixed amount at regular intervals starting up right after the policyholder pays a lump sum amount as single premium towards the purchase price of the annuity.

LIC Jeevan Akshay VI – Tax Benefits

The premiums paid are exempt from Income tax under Section 80 C.
The normal pension received by you from LIC is on the other hand taxable.

Key Features

  • Premium is to be given in onetime payment.
  • Minimum purchase price amount: Rs.1,00,000/- for all those distribution alternatives except on the internet and Rs.1,50,000/- for on the internet selling.
  • No health checkup is needed under the plan.
  • No highest investment limit for purchase price, annuity and so on.
  • Loan: No loan option is offered under the scheme
  • Service Tax : Service tax, if there are any, will be depending on the Service Tax Laws and regulations from time to time. The total amount of service tax based on the existing rates will be payable by the insurance policy holder together with the purchase price.
  • Paid-up value: The insurance policy will not get any paid-up value.
  • Surrender Value: No surrender value is going to be offered under Jeevan Akshay VI policy.

Eligibility Conditions

Particulars Min Max
Entry Age (Yrs) 30 85
Annuity Purchase Price Rs 100000 No Limit
Annuity Payment Mode Yly, Hly, Qly, Mly

 

lic jeevan akshay vi - single premium pension plan
single premium pension plans in india

LIC Jeevan Akshay VI – Benefit illustration

Purchase Price = Rs. 10,00,000 + 3.625% Service Tax = Rs. 10,36,250
Age at which Pension starts = 36 years
Depending on the Mode of Annuity, you will receive pension as follows:

  1. Annuity Option = Annuity for Life
    Yearly – Rs. 77,850
    Half Yearly – Rs. 38,080
    Quarterly – Rs. 18,840
    Monthly – Rs. 6,230
    This will be paid to you for the rest of your life.
  2. Annuity Option = Annuity Guaranteed for 5 years
    Yearly – Rs. 77,850
    Half Yearly – Rs. 38,030
    Quarterly – Rs. 18,840
    Monthly – Rs. 6,230
    This will be paid to you or your nominee for 5 years, irrespective of your survival. In case your survive for 5 years, you will continue to receive the amount for the rest of your life.
  3. Annuity Option = Annuity Guaranteed for 10 years
    Yearly – Rs. 77,650
    Half Yearly – Rs. 37,980
    Quarterly – Rs. 18,790
    Monthly – Rs. 6,230
    This will be paid to you or your nominee for 10 years, irrespective of your survival. In case your survive for 10 years, you will continue to receive the amount for the rest of your life.
  4. Annuity Option = Annuity with Return of Purchase Price on Death
    Yearly – Rs. 73,450
    Half Yearly – Rs. 35,930
    Quarterly – Rs. 17,760
    Monthly – Rs. 5,880
    This will be paid to you for the rest of your life. On your death, the Purchase price of Rs. 10,00,000 will be returned to your nominee.
  5. Annuity Option = Increasing Annuity
    Yearly – Rs. 58,750
    Half Yearly – Rs. 28,830
    Quarterly – Rs. 14,290
    Monthly – Rs. 4,730
    You will receive pension for the rest of your life. Every year, your pension amount will increase by 3% of the base amount.

Cooling-off time

For anyone who is not satisfied with the fine print of the LIC Jeevan Akshay VI plan, the chances are you can give back the insurance policy to LIC within 15 days from the date of receipt of the Insurance policy Bond. On receipt of the policy LIC shall terminate the same and the amount of premium paid by you will be returned to you after subtracting the expenses for stamp duty.

immediate fixed income annuities

Following is the list of options available to choose from at the time of taking policy. The annuitant can choose any of the options as per his requirement.

Related: LIC jeevan nidhi (plan no. 812) details

lic jeevan akshay vi- Pension options
Pension options available under Jeevan Akshay VI plan.
lic jeevan akshay vi is an immediate annuity plan
single premium immediate pension plan

The immediate annuity plans offer annuity payments of a mentioned guaranteed sum all over the lifetime of the insurance policy holder. There are actually number of alternatives that are offered for the kind and mode of payment of annuities. The net payable pension for lifetime is at a consistent rate.

Enjoy Guaranteed Income Even After Your Retirement. Flexible Payout Options to Receive Your Annuity Amount

Who should buy LIC Jeevan Akshay VI ?

If you have accrued money for your post-retirement time and would like to guarantee a regular assured earnings for rest of your life then you need to think about making an investment in this kind of pension solution.

To find out more about this plan, please contact our nearest LIC Branch Office or agent.

Get Guaranteed Lifetime Income and Reduced Risks

With a life long pension payment, you’ll get a guaranteed and secured flow of income for as long as you live.

Advantages of Lic Jeevan Akshay VI

  1. Convert your money earned in to regular income
  2. Get regular pension income (Annuity) for your whole life
  3. Leave behind a legacy for your family members
  4. Live life to the best, even during retirement living
  5. Get tax benefits
lic jeevan akshay vi
best single premium pension plan in india

Important Note:

  • For more information on risk factors, terms and conditions you should read sales leaflet carefully before concluding a sale.
LIC Jeevan Akshay VI
4.7 (94.77%) 195 votes

59 COMMENTS

  1. This seem to be the best pension plan in India as if I invest lump sum amount now , I will get fixed pension for life time. I appreciate your efforts to post detailed information about plan. Can you email me the chart showing comparison between jeevan akshay vi and new jeevan nidhi? Look forward to your reply.

    • which pension plan will be the best selection at my age -52 years. I want to earn pension monthly Rs.20000 after my age 65 years. I like to invest one time payment option.

  2. I call one of the agent from LIC to know details about pension plans available in LIC. He gave me plan combination called Retire & Enjoy? He said it is combination of some endowment plans. I have to take multiple policies. What Retire & Enjoy exactly is? Is that LIC’s pension plan or something else.

    • Hi.. Its not a pension plan. It is based on combination of regular plans like Endowment / Jeevan Anand plans… If your agent is clever enough, he can get you the best results of this wonderful option. Retire and Enjoy is a really good option, for Regular Savings people (mostly salaried) who cannot afford to pay bulk initial investments. Save small from the early ages and get big returns when it is needed the most.

  3. What is new pension scheme for central govt employees? I am working with govt of India. Want to know is there any specific pension scheme in LIC for government employees.

  4. I am interested in a single premium deferred annuity plan. Jeevan Akshay gives immediate annuity payments and Jeevan Nidhi requires regular periodical premium payments. Does LIC have a policy, where I deposit a lumpsum now and get monthly annuity payments after 20 years?

      • Hi Nagesh, My age is 27 and I would like to plan for my future and would like to take pension plan if possible.
        Please suggest what could be the best possible plan.

  5. under this plan if I choose lifelong pension plan, after my death my wife will get pension throughout her life time and my nominee will get back my lump sum amount which I have invested ?

    • Yes, that is right! But this is applicable only if you choose Option J – Joint Life Last Survivor with Return of Purchase Price.

    • Dear Dev,

      Option F : Incase if the policy holder dies, the annuity payment is stopped and the policy purchase value amount is paid to the nominee. (Assume, the death happens at the age of 60, and If the nominee is your son, it is paid to him, your wife may not b able to enjoy that money, if your kids are not taking care of your wife)

      Option J : The annuity payment is made even after the death of the policy holder, the payment from LIC continues till the spouse of the policy holder is alive. When the last survivor (spouse) dies, the annuity payment is stopped and the policy purchase value amount is paid to the nominee.

      Hope this answers your question.

  6. Hi Everyone,
    Though I am regular visitor to this site but never quoted till date. I am an Ex-Serviceman from Indian Army and enjoying double pension (from Central Govt & LIC’s Jeevan Akshay – VI). Friends, if You have earned hard money and willing for Tension Free life with Pension then LIC’s Jeevan Akshay is the BEST in India. For friendly talk OR guideline on the subject you can contact me at

  7. None of the pension plans of any insurance company is attractive now a days. Returns are not even equivalent to SB interest of 7% paid by few banks. Further returns are fully taxable. Any pension plan not protecting inflation rate of 6-7% p.a. is of no use. Hence a minimum of 9% tax free rate alone will be useful and no company has such plans. some co operative banks pay @13% and people throng such institutions knowingly that such investments involve high risk.

  8. I have taken Jeevan Akshay Policy for Rupees 1,20,000/- in the month of March 2016. What is the IT benefit i get. I am told by auditor that I am eligible for 10% of Rs 1,20,000/ towards deduction,whereas the LIC agent told that I get full amount as deduction. What is correct and give relevant circulars etc., as I have to file my IT return for AY 2016-17, before 31st July 2016.

  9. Please clarify option J. Jeevan akshay vi. Annuity for life – for myself.(understood) 100% of annuity continue to be given to my wife -(understood)
    Return of purchase price on death of the last survivor ?? what is that… it looks to me that they will return the purchase price only when my youngest child dies….????

    • Son is just nominee only, as per my understanding survivor only applicable for husband and wife, its like joint account holder.so both of dies then return to nominee mentioned in that policy

  10. I am looking for a good plan for pension plans I plan to invest as Lumpsum and also like Monthly SIP likewise 10,000 Per Month. So this will help my pension plan to get more energized. I want to continue my spouse as my Nominee and also after my death benefits she need to continue the Pension. how it will cost for me with the proper options to choose. kindly advise

    • I am looking for a good plan for pension. I plan to invest as Lump Sum and also like Monthly SIP likewise 40,000 Per Month. So this will help my pension plan to get more energized. I want to continue my spouse as my Nominee and also after my death benefits she need to continue the Pension. how it will cost for me with the proper options to choose. kindly advise

  11. I want an income of IRS 40,000 per month. How much i should invest? In the next 2 year i will be retiring from service? my children’s are still studying, so i need study monthly income.

  12. Sir, I’m 34 year old and would like to invest 10lakh plan J. What would be the premium amount paid from the age of 36? Will it be taxable? Also will my son receive the premium amount after his parents lifespan?

  13. In this plan repayment will start immidiately right? If I opt for annual payment now and later say after 10 years i want it to change to monthly, will that change option be available to me???? Please clearify….

  14. My father took Jeevan Akshay VI on 7.1.16 – option F Annuity for life ret of P.Price on death . Annuity payment annual. He expired on 2.8.16. P .Price paid to me (nominee). But annuity from Jan to Aug 2 nd not paid by LIC. Is it the rule? pl clarify.

    • Saradha, since annuity payment mode opted was annual mode, the payment will made annually, but your father expired in between, hence they will settle the payment, when they will pay you the death claim. For eg: Purchase Price = Rs. 10,00,000 + 3.625% Service Tax = Rs. 10,36,250, here actual purchase price is Rs 10,00,000/-, not 10,36,250/-

  15. I want monthly 5000 rupees income from LIC pension plan.Please advise how much i have to invest one time? Where & how i can invest for this plan.Waiting for your reply

  16. I am going to retire by May 2017.My daughter and children are dependent to me.My daughter is 35 years old.She has one male and female children aged 17 and 14.Kindly advice me how much i have to invest to have monthly income rs.10000/- to daughter .
    If I took policy [ single payment as 10 lakh ] in my name and my spouse die before me what will be then?
    If I took policy in my name and co-policy holder as my daughter [ plan J ] ,is the Policy amount will be paid to her nominee? after the last survivor death?
    If I took the above policy in my daughter name ,is it possible to add both her children as nominee?

  17. Hi
    I m a NRI …. I wanna invest in Jeevan akshay VI in single premium term about 15 lacs …. just wanna know is there any lock in period for Jeevan akshay VI n is there any exit load for that . when I can withdrawal back that money and after withdrawal that money will go to my NRO A/C ??

  18. Hi,does this pension amount we get is taxable?thanks for reply,as there are so much of confusion in taxes,also sub question is- if taxed and amount is more than 10k TDS will be applicable?

  19. Dear team,

    I am 49 years, working in abroad. I need to get a minimum monthly income of 10,000/- per month from 2019 on wards and up to my old age.
    I am willing to invest a single term amount. Kindly confirm the best plan and how much my one time investment for the above benefit.

  20. Reg. Jeevan Akshya, I have some querry. Kindly inform if I invested Rs.1 lac on 1.1.2017, from which date I shall start getting my first pension amount/benefits.

  21. can you help how much do i need to invest in pension scheme as minimum?
    and what will be the benefit for this?
    Till how many years this benefit will be continued?
    Can you please clarify me……….

  22. I am 45 years old man interested in a single premium deferred annuity plan. I have Rs. 50 Lac to invest in pension plan as a single premium and to start pension straight till alive. Could you please suggest best available plan for me in India?

  23. If i invest in jeevan akshay and wish to take out part or total money on a later date, is it possible. Does it have any lockin period in case of latter

  24. Hi I have purchased Jeevan Akshay VI (189) plan in 2013. Due to health problems lost job and wants money for urgent operation and medical purposes. Surrendered policy with doctors letter and medical prescriptions. What are the procedures and how much time it will take to get the payments?

  25. Hi, This is Arkajyoti. I want to know this plan very clearly Could you please let me know if can be benefited if I can pay a Lump-sum amount. Thanks

  26. I am 41 years old i would like to invest in a one time pension plan .is there any fund which provided pension right away i will need around 25000 per month

  27. Hi, I have a query : in benefit illustration, there are 5 options. Is there any option in combination of options 4 & 5. Ie. Pension will increase year on year and after the death, purchase value will be given to nominee.

  28. which pension plan will be the best selection at my age -30 years. I want to earn pension monthly Rs.20000 after my age 45 years. I like to invest one time payment option. please guide me concerning what will happen if i die before 45 years or after 45 years

  29. Sir, I am a retired person. Recently, I have retired from Bank service (RBI). I want to invest Rs. 10,00,000/ in lump sum. Please inform me exactly what amount of pension i will get from this Jeevan Akshya vi plan. and whether i should invest in this scheme. I am a regular pension holder from my previous employer and this pension is handsome.

  30. I am 50 years presently and I want to invest in lic pension plan and after 60 years how much do I get. If I invest yearly 20000/-

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