In this blog today we will learn in detail about LIC Jeevan Akshay VI Plan.

Life Insurance Corporation or LIC is one of the oldest and most sought after insurance companies in India. Founded in 1956, this organization was created to be a leader in the country and have the highest standard of living.

With LIC, a pioneer in the field of insurance and has maintained until now his goodwill among its customers. In fact, LIC has been ranked # 6 in India’s Most Reliable Service Brand by the Economic Times 2012 Consumer Times Survey.

In this article, we talk about the VI Plan from LIC Jeevan Akshay and its main features. Apart from this, we also give you eligibility for this policy. But first, let us tell you what this policy is about.

LIC Jeevan Akshay VI

LIC Jeevan Akshay VI Plan

The LIC Jeevan Akshay plan VI is an immediate annuity plan that can be purchased by paying a total amount by one person. This policy offers annuity payments at different times, such as monthly, quarterly, semi-annual or annual.

The amount is fixed and depends on the amount invested in the policy. This policy is best for financially stable people, even after retirement.

Also Read: LIC Jeevan Saral

Features And Benefits Of LIC Jeevan Akshay VI Plan

  • Lump-sum payment – One of the most beneficial features of Jeevan Akshay VI’s LIC policy is that the amount must be invested all at once. So you can easily escape the rigors of a regular investment while saving your budget. There are not many fonts on the market that offer such functionality. However, LIC is certainly one of them.
  • Medical Exam – Unlike most insurance policies that require an insured person to undergo several complex medical examinations, the LIC Jeevan Akshay VI system does not oblige future insured individuals to submit to such a medical exam. This makes it even easier for people with ill-health to benefit from the benefits of this policy.
  • Purchase Price – The minimum purchase price for this policy is INR 1.0000. However, if you buy the policy online, you must pay at least INR 150,000. It may be relevant to mention here that there is no upper limit on the purchase price of the policy. You can choose the amount of investment according to your budget and return considerations.
  • Age – Anyone over the age of 30 can invest in the policy. However, the person should not be older than 85 years. This is an excellent policy as the upper age limit is quite high compared to other insurance policies that avoid insuring people over 60 years of age.
  • Annuity Kits – For those who buy the insurance policy online, your chances of success are better as annuity rates are higher for online purchases than for offline purchases.
  • Documentation – The Documentation for Buying the LIC Plan Jeevan Akshay VI is not difficult at all. Choosing the online method makes the transaction even easier, as you can purchase the policy in just a few clicks by submitting relevant documents online.

Also Read: LIC Jeevan Amar

Eligibility Criteria -LIC Jeevan Akshay Plan VI

  • The applicant must be an Indian citizen.
  • The minimum age is 30 years and the maximum age for insurance is 85 years.
    The minimum purchase price is INR 1.0000 for offline purchase and INR 1.50.000 for online purchase.
  • A proof of age of the buyer is required.

Also Read: LIC Jeevan Labh

LIC Jeevan Akshay VI Pension Options

The Jeevan Akshay VI LIC system offers seven types of pension options from which the insured can choose.

Here are the available options:

  • Option 1 – In the first pension scheme, the pension is paid to the insured person until death. The amount paid is the same throughout the payment period.
  • Option 2 – Under this option, the annuity amount will be paid to the insured person for 5, 10, 15 or 20 years, regardless of whether or not the insured person is alive during that term. After expiry of the period, the insured person will continue to receive the amount for the period for which he is living.
  • Option 3 – With this option, the pension amount is paid to the insured until it is alive. After his death, the purchase price or the amount originally invested is repaid to the nominee of the policyholder. This ensures that the family does not suffer financial loss after leaving the insured.
  • Option 4 – This annuity option pays the policyholder an increased amount for a simple interest rate of 3% per annum for the period of his life.
  • Option 5 – This option is reserved for both the policyholder and the spouse. In this system, the policyholder receives the pension amount until he is alive. If he dies, half of the pension will be paid to the spouse during his lifetime. All benefits end with the death of the husband and wife.
  • Option 6 – In this plan, the policyholder continues to receive the amount of the pension during his life. If the insured dies, 100% or the total amount of the pension will continue to be paid to the spouse. The performance ends when the couple dies.
  • Option 7 – This scheme is similar to the sixth option. The only difference, however, is that the purchase price will be refunded after the expiry of the policyholder and his spouse. It should be noted that as soon as the policyholder decides to stick to a given pension plan, he can not change it and has a right to remain for the entire period in which the insured and his spouse live.

Also Read: LIC Jeevan Umang

Tax Benefits

One of the reasons why people prefer to buy insurance policies that are not aimed at securing the future is to save taxes. It is interesting to note that the Income Tax Law of 1961 offers subscribers a number of advantages that allow them to escape the tax burden.

The purchase price of the LIC system Jeevan Akshay VI may also be deducted in accordance with Section 80C of the Income Tax Act of 1961. All persons who have invested in the policy since 2007- 08 are entitled to do so. However, the benefit is limited to a total of INR 1.0000 for a given financial year.

Frequently Asked Questions:

Que.1 Is LIC Jeevan Akshay VI a good policy?

Ans: Yes, it is a very good option if you start investing in LIC Jeevan Akshay, as you know. Lifelong pension with various options to choose from. With the same sentence that would be declared today. The amount you want will never change.

Que.2 Is Jeevan Akshay VI eligible for 80c?

Ans: Jeevan Akshay-VI was granted income tax deduction under section 80C. Jeevan Akshay VI Plan of the Life Insurance Corporation of India as a pension plan deductible under Section 80C of the Income Tax Act of 1961 under Section (xii) of Subsection (2).

Que.3 What is the LIC plan Jeevan Akshay VI?

Ans: LIC Jeevan Akshay is a reinsurance plan offered by Life Insurance Corporation of India (LIC), the Indian life insurance and investment company. This is a single premium policy, for which a lump sum has to be paid. The pension can be paid on a monthly, quarterly, half-yearly or annual basis as required.

Que.4 Is Jeevan Akshay VI taxable?

Ans: It is interesting to note that the Income Tax Law of 1961 offers subscribers a number of advantages that allow them to escape the tax burden. The purchase price of LIC Jeevan Akshay VI is also tax-deductible under Section 80C of the Income Tax Act of 1961.

Que.5 Is the LIC pension taxable?

Ans: The premium paid for the receipt of the pension is income tax-exempt according to 80CCC. The death benefit paid under the LIC pension scheme is also tax-exempt according to Section 10 (10) D.

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