Product Information

Jeevan Akshay VI

LIC Jeevan Akshay is an immediate annuity plan. An immediate annuity plan is a type of pension plan in which annuity begins immediately. That is there is no accumulation phase.  The vesting period begins soon after plan is purchased. For LIC Jeevan Akshay, the vesting period can be immediately started i.e. after 1 month of buying the plan. But one does have the option to choose any frequency mode as per his or her convenience.

 

The Pros:

  • Flexible Age limits (30 years-85 years)
  • Pension begins immediately
  • Different modes are available for receiving pension amount- monthly, quarterly, semi annually and annually
  • There are no medical tests required
  • There is no cap on maximum purchase price
  • Total of 7 annuity options providing varied options to customer
  • Rebate for people purchasing Jeevan Akshay VI online made directly to annuity
  • Rebate for opting for purchase price of Rs 2.5 lakhs or more

The Cons:

  • Once an annuity option is chosen, no alteration is allowed
  • Only single premium amount payment is permitted
  • No accumulation period