LIC Jeevan Akshay VI (189) Pension Plan

LIC’s Jeevan Akshay VI (Plan No: 189) is a pension plan, which provides monthly pension throughout the life on payment of single lump sum amount. This is an immediate Pension plan that enables starting of immediately pension on purchase of this policy. There are 10 different options which are available in which pension can be received. Maturity of Endowment plans e.g. Jeevan Anand or New Endowment plan can be used to buy this plan at maturity. A person can plan such that, at the age of 55 or 60 he buys this plan and enjoy his retirement with regular pension for life time. You may calculate pension using Pension Calculator as per your one time single amount and pension starting.

Key Features

  • Single premium and immediate pension.
  • Retirement Planning.
  • 10 different methods for getting pension.
  • Option to secure pension for spouse.
  • Option for guaranteed pension for fixed period.

Plan Parameters

Minimum Age at entry 30 Years (completed)
Maximum  Age at Entry 85 years (completed)
Minimum Single Premium 1,00,000 (No Maximum Limit)
Medical requirement Not required
Mode of Pension Yearly, Half yearly, Quarterly, Monthly
Surrender Not Applicable

Pension Options

One of following options may be selected at the time of buying plan and the same cannot be changed in the future.

Option How Pension will be Received What will happen in case of death
1 Pension payable for life at a uniform rate. Pension Stops.
2 Pension payable for 5 years guaranteed and thereafter as long as the Policy holder is alive. 1. Death during guaranteed period, pension is paid to nominee till end of the guaranteed period.

2. On death after guaranteed period, pension stops.
3 Pension payable for 10 years guaranteed and thereafter as long as the Policy holder is alive.
4 Pension payable for 15 years guaranteed and thereafter as long as the Policy holder is alive.
5 Pension payable for 20 years guaranteed and thereafter as long as the Policy holder is alive.
6 Pension for life with return of purchase price on death of the Policy holder. Pension stops and paid amount returned to nominee.
7 Pension payable for life increasing at a simple rate of 3% p.a. Pension stops.
8 Pension for life with a provision of 50% of the Pension payable to spouse during his/her lifetime on death of the Policy holder. 50% of pension amount to spouse (wife or husband) for life time.
9 Pension for life with a provision of 100% of the Pension payable to spouse during his/her lifetime on death of the Policy holder. 100% of pension amount to spouse (wife or husband) for life time.
10 Pension for life with a provision of 100% of the Pension payable to spouse during his/ her life time on death of Policy holder. The purchase price will be returned on the death of last survivor. 100% of pension amount to spouse (wife or husband) for life time and on death of spouse (wife or husband) purchased amount is returned to nominee.

Comments & Reviews (42)

Wrote :

27-05-2020 11:17:31

Dear sir, I want to know calculator is calculating the pension amount after tax cutting.

Wrote :

27-05-2020 11:26:55

No, it is not deducting Tax (income tax). But yes, it shows investment amount including tax (Goods and services Tax).

Write CommentReply

Wrote :

12-04-2020 04:28:16

I want to take pension plan for myself & spouse. Can you advise which option is suitable for us. Also advise, can we take as much as plan in same option or to take multiple option? My age is 32 yrs.

Wrote :

12-04-2020 11:29:37

Currently, Jeevan Shanti Pension plan is available from LIC. In this plan, one deposits single premium and start getting guaranteed pension after specified period of time. If your have Lump-sum amount with you, then you can look at deferred annuity option with Join life. Yes one can take as many as policies (same of different options) her or she wants.

Write CommentReply

Wrote :

14-02-2019 12:45:51

If i invest rs one Lakh lump sum in Jeevan Akshay what amount of tax exemption under 80c.

Wrote :

15-02-2019 14:25:41

80c limit is 1.5Lakh.

Write CommentReply

Wrote :

03-11-2018 18:56:41

Amount Invested in Akshay vi will be tax exempted under 80C for entire life or one time? Option 6 please explain

Wrote :

04-11-2018 22:46:56

It will be exempted for once i.e. only in the financial year of puchase.

Write CommentReply

Wrote :

05-10-2018 21:02:34

I am unable to understand meaning of "buying this by paying a single lumpsum premium" Please explain how this single lumpsum premium is to be calculated. Please illustrate how much premium is payable if i want to purchase a policy worth 25 Lakhs? (LIC website's Premium calculator has no option for this Jeevan Akshay Plan)

Wrote :

05-10-2018 21:35:52

In this plan you have to pay an one time single amount and start receiving pension as per opted option. so please use this calculator to calculate what will be pension amount for a selected mode.

Write CommentReply

Wrote :

13-08-2018 21:16:52

Sir/madam, My mom 1,90000 deposit this plan, one year one month completed but some health issues now want to surrender how it possible and how many percent effect our money, kindly intruct us.

Wrote :

14-08-2018 23:59:13

You can contact your branch with details of disease, they will let you know all possibilities.

Write CommentReply

Wrote :

26-04-2018 22:11:05

What's the Income Tax on option no 7 income from pension

Wrote :

27-04-2018 11:19:16

Pension received in all options are taxable.

Write CommentReply

Wrote :

17-04-2018 15:46:28

Sir, I am a NRI, can i invest some amount in Option 10, and every year can i able to TOP UP in the same plan, for that Interest i want to pay INCOME TAX...??.. Please clarify

Wrote :

20-04-2018 21:49:01

Yes, NRI can take this policy. Top up facility is not available under this plan and pension received will be taxable.

Wrote :

21-04-2018 10:51:56

Thanks for your kind reply, so I can invest every year as a different, different policy...?? Any restriction is there one person have maximum this policy only take..(maximum amount / maximum number of policy in same option 10)

Wrote :

21-04-2018 11:50:51

Yes, You can take any number of policies. No maximum limit of purchase price.

Write CommentReply

Wrote :

25-11-2017 15:23:55

dear sir, please resolve my query. If i invest Rs.5000000/- for 20 years what will be my rate of interest in option A,Option F & option J

Wrote :

25-11-2017 20:23:01

Caluculator is available, please use it.

Write CommentReply

Wrote :

12-11-2017 20:07:09

I am confuse. I want to know clearly about the amount which we invest. In all pension options (1 to 10) Nominees will receive it or not

Wrote :

13-11-2017 16:55:57

The purchase price returned in cases of option 6 and 10.

Write CommentReply

Wrote :

19-09-2017 13:27:27

Dear sir, I am planning to invest 100000 at 60 yrs age . which options 6 or 10 would be suitable in my case. please advice.or any other best option. Regards.

Wrote :

19-09-2017 18:33:46

Both the options provide return of purchase price on policy holder death, you can use calculator to know the pension rate and select as per your choice.

Write CommentReply

Wrote :

31-07-2017 04:36:09

Sir, i want to invest in Plan No. 10 ( Pension for proposer and spouse for lifetime and then refund of Purchase Price to Nominee ) on multiple occasions that is as and whenever I get money. Is it allowed ? Thanks and regards

Wrote :

31-07-2017 11:46:25

You may purchase this plan more than once.

Write CommentReply

Wrote :

29-07-2017 22:12:36

Suppose someone takes plan with Option 1 ( uniform rate without return of purchase price.) by paying Rs. 100,000 and will get yearly pension of say Rs. 8000. Imagine , after one and half year of Policy purchase , the person dies. So he has only received 8000 till now. What will happen with rest of the money ? In other words is it correct to say with option 1 , if a Person dies early , then he will be in loss because there is no return of Purchase price.

Wrote :

29-07-2017 23:38:47

Yes, in case of death, purchase price is not returned.

Write CommentReply

Wrote :

04-07-2017 21:48:24

How Interst Rate for this month - July, 2017.

Wrote :

04-07-2017 21:52:48

Interest does not change every month, it is fixed return plan, please use pension calculator to calculate the pension amount on deposited amount.

Write CommentReply

Wrote :

30-06-2017 18:05:26

My dad took this policy worth 10,00,000 for which payment was made in lumpsum . He will be getting a pension of nearly 69000 yearly. I want to know if this scheme's validity. Because it says until death! I want to know more about this .

Wrote :

30-06-2017 22:42:51

There are 10 Pension options, please check which option has been selected in dad's case. All options provide pension for life time.

Write CommentReply

Wrote :

20-04-2017 08:05:46

i am 57year old service tax is payble to me for this plan

Wrote :

22-04-2017 00:08:27

Yes, service tax will be applicable in your case.

Write CommentReply

Wrote :

17-04-2017 09:19:48

Sir I am an OCI (PIO) residing in India, am I eligible to invest in this scheme.

Wrote :

17-04-2017 18:21:29

Yes, You are eligible and you do not have to pay service tax (prevailing rate is 1.5%) to purchase this plan.

Write CommentReply

Wrote :

18-03-2017 14:17:34

in case of option 10 what hsppened if the nominee died before the annuitant and his / her spouse? who will get the principal amount?

Wrote :

19-03-2017 00:03:39

will be paid to legal heir of policy holder.

Write CommentReply

Wrote :

19-02-2017 00:05:20

What will be happened for option no 5 for 20 years plan? if pensioner died then what about the purchase amount ? is it taken by lic or transfer to nominee? please clarify my doubts.

Wrote :

19-02-2017 07:51:02

1. If death happens before 20 years then, policy holder's nominee will get pension till completion of 20 years and policy will stop and purchase price is not returned.
2. If death happens after 20 years purchase price is not returned.
Purchase price is not returned in this option in any case.

Write CommentReply

Wrote :

20-01-2017 15:50:29

sir please check and ensure if the calculator provided is working on all options

Wrote :

20-01-2017 16:22:18

Are you getting any issue in calculation, particularily in any option?

Wrote :

20-01-2017 17:39:35

sir,I have an issue in jeevan akshay 6 calculator as it is not showing all option while calculating pension.please check if any error there

Wrote :

20-01-2017 20:14:23

It is checked and working fine.

Write CommentReply

Wrote :

03-12-2016 14:50:07

Is the monthly pension taxable

Wrote :

03-12-2016 16:52:10

Yes, it will be added to all other income of yours,for taxation.

Write CommentReply

Wrote :

21-11-2016 21:27:56

Whats is the rate of intrest in lics jeevan akshay 6 plan at the age of 58

Wrote :

21-11-2016 22:04:45

There is nothing like interest rate but fixed returns in different options with different age. Kindly use above calculator as per age and choice to know the return amount.

Write CommentReply

Wrote :

04-11-2016 16:31:07

My father have deposited rs 100000 in this plan for him only (option 6). What is the interest quarterly?

Wrote :

05-11-2016 08:30:42

What was his age at the time of deposit? You can calculate yourself using pension calculator available on this website.

Write CommentReply

Wrote :

30-10-2016 13:04:52

Under option 10, is the pension paid to the annuitant or to the spouse is tax free and when the deposit amount paid back to the nominee is it exempted from tax under 10 (10D)

Wrote :

31-10-2016 10:17:41

Pension is not tax free. Return of deposit will not be taxed.

Write CommentReply

Wrote :

29-10-2016 12:34:14

Dear sir my mom age is 50years which option is suitable for her

Wrote :

31-10-2016 10:45:17

Plans 814 and 836 are suitable for her provided you want life cover for her. Premiums will be high because of 50 year age.

Write CommentReply

Wrote :

24-10-2016 18:17:20

Best plan,Buy jivan akshay 6

Write CommentReply

Wrote :

07-10-2016 09:24:50

Dear Sir, Presently myself and my wife both are with NRI status.Can we invest in Jeevan Akshay-VI plan from our funds available in NRE account with HSBC India?

Wrote :

07-10-2016 21:30:22

Yes, You can purchase this plan.

Write CommentReply

Wrote :

31-08-2016 11:41:16

Hi Ravi, Can you please explain about this policy by giving an example ? this will help me to understand about it properly. Thanks

Wrote :

31-08-2016 16:41:15

It is a simple plan, where a person is required to deposit single one time amount and pension will start immediately. There are 10 option to choose from which are mentioned above.

Write CommentReply

Wrote :

25-08-2016 01:02:29

Option 7 is great but with the GST in site, this should be made 4% atleast to take care of inflation - the pension amount can be suitably adjusted. I inferred that the current 3 % is on the previous years annuity and will increase by 3% year on year - please clarify. Another question is can this option 7 be clubbed with either of options 8 or 9 or 10? if it is, then it will be the ideal one stop solution with pension and future secure of the spouse.

Wrote :

25-08-2016 18:42:28

1. It is like 100, 103, 106 and so on.
2. You can buy more than one plans with different options.

Write CommentReply

Wrote :

17-07-2016 01:51:37

Are NRIs(Non-resident Indian Nationals) and PIOs(Freign Passport holders - Persons of Indian Origin) allowed to purchase this product? The online form asks for Yes/No for the following options which are not applicable: 1. Nationality (Resident Indian)? 2. Income Tax Assessee? The final stage fails if "No" is selected for the above options. Is this an eligibility problem or an issue with the logic implemented on the website? Thanks

Wrote :

17-07-2016 19:47:23

It is simply for indian citizens.

Wrote :

24-09-2016 19:47:52

I was an NRI in the past,Indian Citizen though, now out of NRI status and settling settle in India. I have been on a career break / no taxable income and so no tax assessed. I would like to invest some funds in my FD into jeevan akshay. Am I eligible to do that?

Wrote :

25-09-2016 09:10:47

As you are Indian citizen, you can avail jeevan akshay.

Write CommentReply

Write Comment & Reviews