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NEW JEEVAN AKSHAY - VI

Lic's new Jeevan Akshay is an immediate annunity (pension) plan which can be purchased by paying a lumpsum amount. The plan provides pension throughout the life time of annuitant.

 


Salient features:
Minimum amount to purchase annuity: Rs.1,00,000/-
Maximum amount: No Limit
Age Eligibility: 30 to 85 years (completed)
No Medical examination required
Maximum vesting age: 65 years
Age proof necessary

 


Type of annuity:
1) Annuity payable for life at a uniform rate.
2)Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
3) Annuity for life with return of purchase price on death of the annuitant.
4) Annuity payable for life increasing at a simple rate of 3% p.a.
5) Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
6) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
7) Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

Once the option is chosen, it cannot be altered.


Death Benefit:
1) Under option (i) annuity ceases.
2) Under option (ii)
On death during the guaranteed period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
On death after the guaranteed period - annuity ceases.
3) Under option (iii) annuity ceases and the purchase price is paid to the nominee.
4) Under option (iv) annuity ceases.
5) Under option (v) annuity ceases and 50% of the annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
6) Under option (vi) annuity ceases and full annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
7) Under option (vii) annuity ceases. Full annuity is payable to the surviving named spouse during his/ her life time and purchase price is paid to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price will be paid to the nominee.






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