LIC Jeevan Akshay VI Plan 189 Calculator
Planning for retirement is a crucial part of long-term financial planning. Having a reliable source of income after retirement can help maintain financial independence and stability. To meet this need, the Life Insurance Corporation of India (LIC) has introduced several pension-oriented insurance products, including the well-known LIC Jeevan Akshay VI Plan 189.
What is LIC Jeevan Akshay VI Plan 189?
LIC Jeevan Akshay VI Plan 189 is an immediate annuity pension plan that provides a regular income stream in exchange for a one-time lump-sum investment. Once the purchase price is paid, the annuity payments begin immediately or from the selected commencement date and continue according to the annuity option chosen.
LIC Jeevan Akshay VI Plan 189
This is a non-participating pension plan, which means policyholders do not receive any bonuses or profit-sharing benefits. The plan is mainly intended for individuals who want a guaranteed pension after retirement. By making a single premium payment, policyholders can secure a fixed income for life based on the chosen annuity option.
Key Features of LIC Jeevan Akshay VI Plan 189
- One-Time Premium Payment: The entire purchase price is paid as a single lump-sum amount.
- Immediate Annuity Income: Pension payments start immediately or from the selected date.
- Multiple Annuity Choices: Various annuity options are available, including life annuity, life annuity with return of purchase price, joint life annuity, and annuities with guaranteed periods.
- Flexible Payment Frequency: Pension can be received monthly, quarterly, half-yearly, or annually.
- Entry Age Range: Available for individuals aged between 30 and 85 years.
- Minimum Purchase Price: The minimum investment amount is ₹1,00,000, while there is no maximum purchase limit.
- No Maturity Benefit: The plan does not provide a maturity payout since it focuses on lifelong annuity income.
- Family Protection Options: Certain annuity variants allow continuation of pension to the spouse or return of the purchase price to the nominee after the annuitant’s death.
Launch Date and Withdrawal Details
LIC Jeevan Akshay VI Plan 189 was introduced as a successor to the earlier Jeevan Akshay Plan 183. The plan was launched on 10 September 2007 and remained available for purchase until 1 December 2017, after which it was withdrawn from new business. Although new policies are no longer issued under this plan, existing policyholders continue to receive benefits according to the original policy terms.
As a result, LIC Jeevan Akshay VI Plan 189 remains relevant for individuals who purchased the policy before its withdrawal and are currently receiving annuity benefits.
Eligibility Criteria
| Criteria | Eligibility |
|---|---|
| Entry Age | 30 to 85 years (completed) |
| Minimum Purchase Price | ₹1,00,000 |
| Maximum Purchase Price | No Limit |
| Premium Payment Mode | Single Premium |
| Medical Examination | Not Required |
Benefits of LIC Jeevan Akshay VI Plan 189
Guaranteed Pension for Life
The plan provides a fixed annuity for the lifetime of the annuitant, ensuring a regular and dependable source of income after retirement.
Multiple Annuity Choices
Policyholders can choose from various annuity options based on their financial objectives, retirement needs, and family requirements.
Financial Protection for Family Members
Certain annuity variants allow the pension to continue for the spouse after the annuitant’s death or provide a return of the purchase price to the nominee, offering additional financial security.
Tax Advantages
The purchase price paid under the plan may qualify for tax benefits under applicable provisions of the Income Tax Act, subject to prevailing tax laws and conditions.
Easy-to-Understand Structure
The plan features a straightforward design with clearly defined annuity payouts, making it simple for retirees to understand and manage.
Unlimited Investment Potential
Since there is no maximum purchase price limit, individuals can invest larger amounts to secure a higher guaranteed annuity throughout their lifetime.
How Does the LIC Jeevan Akshay VI Plan 189 Calculator Work?
The LIC Jeevan Akshay VI Plan 189 Calculator is a useful tool that helps individuals estimate the annuity income they can receive based on their investment amount, age, and selected annuity option.
Information Required for Calculation
To generate an estimate, the calculator generally requires the following details:
- Age of the annuitant at the time of purchase
- Single premium amount (purchase price)
- Selected annuity option
- Preferred pension payout frequency (monthly, quarterly, half-yearly, or yearly)
Calculation Method
The calculator applies LIC’s annuity rates corresponding to the chosen annuity option and age. Based on these rates, it calculates the pension amount payable for the selected frequency.
The estimated pension helps individuals understand how much retirement income they can expect from their investment and assists in planning their financial future more effectively.
Annuity Options Available Under LIC Jeevan Akshay VI Plan 189
LIC Jeevan Akshay VI Plan 189 offered multiple annuity choices to meet different retirement and family protection requirements.
Life Annuity
Under this option, the annuitant receives a fixed pension throughout life. The annuity ceases upon the death of the annuitant, and no further benefit is payable.
Life Annuity with Guaranteed Period
Annuity payments continue for life, with a guaranteed payment period of 5, 10, 15, or 20 years. If the annuitant passes away during the guaranteed period, the remaining payments are made to the nominee.
Life Annuity with Return of Purchase Price
The annuitant receives a lifelong pension, and upon death, the original purchase price is returned to the nominee.
Joint Life Annuity with 100% Benefit to Spouse
The pension is payable throughout the annuitant’s lifetime. After the annuitant’s death, the spouse continues to receive the full annuity amount for life. On the death of the last survivor, the purchase price is returned to the nominee.
Joint Life Annuity with 50% Benefit to Spouse
The annuitant receives pension during their lifetime. After death, the spouse receives 50% of the annuity amount for life.
Increasing Annuity Option
This option provides a pension that increases every year at a predetermined rate, helping offset the impact of inflation over time.
Selecting the appropriate annuity option depends on individual retirement goals, family responsibilities, and income requirements.
Illustrative Calculation Example
Consider the following example:
| Particulars | Value |
|---|---|
| Age | 60 Years |
| Purchase Price | ₹10,00,000 |
| Annuity Option | Life Annuity |
| Payout Mode | Monthly |
Assuming an annuity rate of 6% per annum:
- Annual Pension = ₹10,00,000 × 6% = ₹60,000
- Monthly Pension = ₹60,000 ÷ 12 = ₹5,000
The actual annuity payable depends on LIC’s prevailing annuity rates and the option selected at the time of purchase.
How to Purchase LIC Jeevan Akshay VI Plan 189
Since LIC Jeevan Akshay VI Plan 189 has been withdrawn for new sales, fresh policies under this plan are no longer available. However, the purchase process followed for this plan and other active LIC annuity products generally includes:
Step 1: Choose the Annuity Option
Select the annuity variant that best matches your retirement and family protection needs.
Step 2: Complete Documentation
Provide age proof, identity proof, address proof, and other required documents.
Step 3: Pay the Purchase Price
Make the one-time premium payment through the available payment channels.
Step 4: Select Payout Frequency
Choose whether you wish to receive annuity payments monthly, quarterly, half-yearly, or annually.
Step 5: Nomination Details
Nominate a beneficiary and, where applicable, provide spouse details for joint-life annuity options.
Step 6: Policy Issuance
After successful processing, LIC issues the policy document and annuity payments commence according to the selected option and schedule.
Individuals interested in current annuity products should refer to LIC’s latest pension plans and available annuity calculators for updated features and benefits.
Frequently Asked Questions (FAQs)
Is LIC Jeevan Akshay VI Plan 189 available for purchase today?
No, LIC Jeevan Akshay VI Plan 189 was withdrawn from new sales on 1 December 2017. However, existing policyholders continue to receive annuity benefits according to the terms and conditions of their policy.
What is the minimum age required to purchase this plan?
The minimum entry age under LIC Jeevan Akshay VI Plan 189 was 30 years.
What is the maximum age permitted at entry?
Individuals could purchase the plan up to the age of 85 years, subject to the selected annuity option and LIC’s guidelines.
Can I select the frequency of pension payments?
Yes, the plan allowed annuity payments to be received on a monthly, quarterly, half-yearly, or annual basis.
What annuity options were available under LIC Jeevan Akshay VI Plan 189?
The plan offered several annuity choices, including:
- Life Annuity
- Life Annuity with Guaranteed Period
- Life Annuity with Return of Purchase Price
- Joint Life Annuity with Spouse Benefits
- Increasing Annuity Options
These options enabled policyholders to choose a pension structure that suited their retirement and family protection requirements.
Does LIC Jeevan Akshay VI Plan 189 provide a maturity benefit?
No, the plan is an immediate annuity product intended to provide lifelong pension income. It does not offer a maturity benefit upon completion of a policy term.
Can my spouse continue receiving pension after my death?
Yes, if a joint-life annuity option was selected, the spouse would continue to receive pension benefits according to the annuity option chosen at the time of purchase.
Conclusion
LIC Jeevan Akshay VI Plan 189 was one of LIC’s well-known immediate annuity plans, designed to provide a guaranteed stream of income throughout retirement. With multiple annuity options, flexible payout frequencies, and lifelong pension benefits, the plan served as a dependable retirement solution for many policyholders.
Although the plan is no longer available for new purchases, existing policyholders continue to enjoy its benefits. Understanding how the LIC Jeevan Akshay VI Plan 189 Calculator works can help individuals estimate potential annuity income and better evaluate retirement planning strategies. For current pension and annuity products, it is advisable to explore LIC’s latest offerings and consult official LIC resources for updated information.
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