LIC Pension Plan Jeevan Akshay VI Benefits

LIC Pension Plan Jeevan Akshay VI ( UIN - 512N234V04 ) Benefits

The amount of annuity is assured throughout life of the annuitant.

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.
When first installment of annuity payable:

First installment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.

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