pension Plans

Jeevan Akshay-VI ( UIN - 512N234V04 )

The following options are available under the plan

Type of Annuity:

  • Annuity payable for life at a uniform rate.
  • Annuity payable for 5 , 10 , 15 or 20 years certain and thereafter as long as the annuitant is alive.
  • Annuity for life with return of purchase price on death of the annuitant.
  • Annuity payable for life increasing at a simple rate of 3% p.a.
  • Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  • Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  • 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.

You may choose any one. Once chosen, the option cannot be altered.

What happens if the annuitant dies?

If the annuitant dies :

  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.

LIC's New Jeevan Nidhi (UIN: 512N271V02)

  1. Benefits:

  2. Benefit on Vesting:

    Provided the policy is in full force, on vesting an amount equal to the Basic Sum Assured along with accrued Guaranteed Additions, vested Simple Revisionary bonuses and Final Additional bonus, if any, shall be made available to the Life Assured.

The following options shall be available to the Life Assured for utilization of the benefit amount.

  1. To purchase an immediate annuity

The Life Assured shall have a choice to commute the amount available on vesting to the extent allowed under Income Tax Act. The entire amount available on vesting or the balance amount after commutation, as the case may be, shall be utilized to purchase immediate annuity at the then prevailing annuity rates. Commutation shall only be allowed provided the balance amount is sufficient to purchase a minimum amount of annuity as per the provisions of section 4 of Insurance Act, 1938.

In case the total benefit amount is insufficient to purchase the minimum amount of annuity, then the said amount shall be paid as a lump sum to the Life assured.

The annuity shall only be purchased from Life Insurance Corporation of India.or

  1. To purchase a new Single Premium deferred pension product from Life Insurance Corporation of India

Under this option the entire proceeds available on vesting shall be utilized to purchase a single premium deferred pension product provided the policyholder satisfies the eligibility criteria for purchasing single premium deferred pension product.

The Life Assured will have to intimate his / her intention to go for a particular option available on the date of vesting at-least six months prior to the date of vesting.

  1. Death Benefit:

Death during first five policy years:

Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Addition shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee.

Death after first five policy years:

Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Addition, Simple Revisionary and Final Additional Bonus, if any, shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee.

In any case, provided all due premiums have been paid, the total death benefit at any time shall not be less than 105% of the total premiums paid (excluding taxes, extra premium and rider premium, if any).

The amount of annuity will depend on the payable lump sum and the then prevailing immediate annuity rates.

  • 3, Guaranteed Additions:

    The policy provides for Guaranteed Additions @ Rs.50/- per thousand Basic Sum Assured for each completed year, for the first five years.
  • 4, Participation in profits:

    Provided the policy is in full force, depending upon the Corporation’s experience the policies shall participate in profits from 6th year onwards for a Simple Revisionary Bonus at such rate and on such terms as may be declared by the Corporation.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by way of death or on vesting, provided the policy has run for certain minimum term.

  1. Optional Benefit:

LIC's Accidental Death and Disability Benefit Rider:

LIC's Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium under regular premium policies. In case of accidental death, the Accident Benefit Sum Assured will be payable as lump-sum along with the death benefit under the basic plan.