How can I surrender Jeevan Akshay 6?

A customer could surrender this plan only if the plan completed a year and had availed the option- ‘Annuity with the return of purchase price’. He/she could surrender his/her policy under certain situations.

Is Jeevan Akshay VI good?

Is LIC Jeevan Akshay VI Plan a good policy? Well, the LIC Jeevan Akshay VI Plan is surely a good policy for it comes from one of the most reputed insurance companies of India, LIC. Apart from its credibility, it offers several benefits such as uniform pension plans, lump sum payments, tax deductions, etc.

Which is better Jeevan Shanti or Jeevan Akshay?

1. Jeevan Shanti Vs Jeevan Akshay: As described above, Jeevan Shanti provides both immediate and deferred annuity option, while Jeevan Akshay provides only immediate annuity. So, a person who needs immediate pension may choose any of the two plans. But the annuity rate is slightly higher in Jeevan Akshay.

Is Jeevan Akshay taxable?

Similar to other policy schemes, this LIC plan also provides income tax benefits. The premiums paid are tax exempt under the Section 80C of the Income Tax Act, 1961. Only the pension received is applicable for tax deduction.

Can Jeevan Akshay policy be surrendered?

Very Important – You can surrender your Jeevan Akshay plan ONLY if you had selected the Annuity Option of “Return of Purchase Price”. Also you should have completed one year from the purchase of the plan to surrender it.

What is Jeevan Akshay policy?

LIC Jeevan Akshay is an Immediate Annuity plan offered by Indian Life insurance and investment company Life Insurance Corporation of India (LIC). It is a single premium policy and has to be purchased by paying a lumpsum amount at once. The annuity can be paid monthly, quarterly, biannually or annually as chosen.

What is the return on Jeevan Akshay?

Life Annuity guaranteed for 5/10/15 or 20 years and thereafter payable as long as the annuitant is alive. Lifetime Annuity with Return of Purchase Price on the annuitant’s death. Annuity payable for life increasing at a simple rate of 3\% p.a.

Which LIC policy is going to close?

Among the non-linked indebtedness insurance plans of LIC which are being discontinued are, ‘Single Premium Endowment Plan, New Endowment Plan, New Money Back-20 Years, New Jeevan Anand, Anmol Jeevan 2, Limited Premium Endowment Plan, New Children Money Back Plan, Jeevan Lakshya, Jeevan Tarun, Jeevan Labh, New Jeevan …

How is Jeevan Akshay plan?

LIC Jeevan Akshay is a single premium payment plan, meaning that the premium has to be paid in lump sum at once. The annuity can be paid annually, biannually, quarterly or monthly depending on what the assured chooses. Listed below is an illustration of annuity payouts for Rs. 1 lakh for different options of the plan.

How much pension will I get Jeevan Akshay?

Details About Premium

What is the surrender value of Jeevan Akshay VII?

Surrender Value = (F1 * Equivalent annuity amount payable for yearly mode + F2 * Purchase Price) – Annuity installments paid under the policy during the policy year of surrender up to the date of surrender.