LIC Pension Plans - Jeevan Akshay VI Table No 189
 |
LIC Pension Plans - Jeevan Akshay VI Table No 189 Comparison with SBI |
Pension Plans - Jeevan Akshay VI Table No 189
Introduction:
It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.
Options Available:
The following options are available under the plan
· Type of
Annuity:
o Annuity
payable for life at a uniform rate.
o Annuity
payable for 5, 10, 15 or 20 years certain and thereafter as long as the
annuitant is alive.
o Annuity
for life with return of purchase price on death of the annuitant.
o Annuity
payable for life increasing at a simple rate of 3% p.a.
o Annuity
for life with a provision of 50% of the annuity payable to spouse during
his/her lifetime on death of the annuitant.
o Annuity
for life with a provision of 100% of the annuity payable to spouse during
his/her lifetime on death of the annuitant.
o 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.
Mode:
· Annuity
may be paid either at monthly, quarterly, half yearly or yearly intervals. You
may opt any mode of payment of Annuity...
Salient
features:
o Premium
is to be paid in a lump sum.
o Minimum
purchase price :
§ Rs.100,
000/- for all distribution channels except online.
§ Rs.150,
000/- for on line sale.
o No
medical examination is required under the plan.
o No
maximum limits for purchase price, annuity etc.
o Minimum
allowed age at entry is 30 years (completed) and Maximum allowed age at entry
is 85 years (completed).
o Age
proof necessary.
Annuity Rate:
Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:
| Age last birthday | Yearly annuity amount under option | |||||||
| ( i ) | ( ii ) (15 years certain) | ( iii ) | ( iv ) | ( v ) | ( vi ) | (vii) | ||
| 30 | 6750 | 6730 | 6430 | 4870 | 6640 | 6530 | 6410 | |
| 40 | 7080 | 7020 | 6470 | 5230 | 6870 | 6680 | 6430 | |
| 50 | 7710 | 7530 | 6520 | 5900 | 7330 | 6990 | 6470 | |
| 60 | 8930 | 8390 | 6600 | 7140 | 8220 | 7620 | 6530 | |
| 70 | 11650 | 9460 | 6730 | 9820 | 10130 | 8970 | 6620 | |
| 80 | 17410 | 10080 | 6920 | 15440 | 14170 | 11940 | 6760 | |
Incentives for high purchase price:
If your purchase price is Rs. 2.50 lakh or more, you will receive higher amount of annuity due to available incentives. In addition of this, for policies sold online, a rebate of 1% by way of increase in the annuity rate shall also be available.
Service Tax:
Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.
Incentives for high purchase price:
For purchase price of Rs. 2.50 lakh or more, higher amount of annuity/ pension due to available incentives shall be paid.
Paid-up value:
The policy does not acquire any paid-up value.Surrender Value:
No surrender value will be available under the policy.
Loan:
No loan will be available under the policy.
Cooling-off period:
If you are not satisfied with the? Terms and Conditions? Of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty.
Section 45 of Insurance Act 1938:
o No
policy of life insurance shall after the expiry of two years from the date on
which it was effected, be called in question by an insurer on the ground that a
statement made in the proposal for insurance or in any report of a medical
officer, or referee, or friend of the insured, or in any other document leading
to the issue of the policy, was inaccurate or false, unless the insurer shows
that such statement was on a material matter or suppressed facts which it was
material to disclose and that it was fraudulently made by the policyholder and
that the policyholder knew at the time of making it that the statement was
false or that it suppressed facts which it was material to disclose.
o Provided
that nothing in this section shall prevent the insurer from calling for proof
of age at any time if he is entitled to do so, and no policy shall be deemed to
be called in question merely because the terms of the policy are adjusted on
subsequent proof that the age of the life assured was incorrectly stated in the
proposal.
Section
41 of Insurance Act 1938:
o No
person shall allow or offer to allow, either directly or indirectly, as an
inducement to any person to take out or renew or continue an insurance in
respect of any kind of risk relating to lives or property in India, any rebate
of the whole or part of the commission payable or any rebate of the premium
shown on the policy, nor shall any person taking out or renewing or continuing
a policy accept any rebate, except such rebate as may be allowed in accordance
with the published prospectuses or tables of the insurer: provided that
acceptance by an insurance agent of commission in connection with a policy of
life insurance taken out by himself on his own life shall not be deemed to be
acceptance of a rebate of premium within the meaning of this sub-section if at
the time of such acceptance the insurance agent satisfies the prescribed
conditions establishing that he is a bona fide insurance agent employed by the
insurer.
o Provided
that nothing in this section shall prevent the insurer from calling for proof
of age at any time if he is entitled to do so, and no policy shall be deemed to
be called in question merely because the terms of the policy are adjusted on
subsequent proof that the age of the life assured was incorrectly stated in the
proposal.
The amount of annuity is assured throughout
life of the annuitant.
What happens if the annuitant dies?
If the annuitant dies:
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.
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.
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.
TAX Benefit:
The Central Government have approved Jeevan Akshay-VI Plan of
the Life Insurance Corporation of India as an annuity plan eligible for deduction under
clause (xii) of sub-section (2) of section 80C of the Income Tax Act,
1961.
Persons who have invested in this plan during the
financial year 2007-08 or subsequently (relevant assessment year being 2008-09
and subsequent assessment years till now) will be eligible for deduction of the
amount invested from their total income chargeable to income tax. The
benefit will, however, be limited to the overall ceiling of Rs.1, 50,000 available
for deductions under section 80C.
No comments:
Post a Comment