Jeevan Akshay VI plan 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.
The following options are available
under the plan
Type of Annuity:
1.
Annuity
payable for life at a uniform rate.
2.
Annuity
payable for 5, 10, 15 or 20 years certain and thereafter as long as the
annuitant is alive.
3.
Annuity
for life with return of purchase price on death of the annuitant.
4.
Annuity
payable for life increasing at a simple rate of 3% p.a.
5. Annuity
for life with a provision of 50% of the annuity payable to spouse during
his/her lifetime on death of the annuitant.
6. Annuity
for life with a provision of 100% of the annuity payable to spouse during
his/her lifetime on death of the annuitant.
7. 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:
- Premium is to be paid in a lump sum.
- Minimum purchase price :
- Rs.100,000/- for all distribution channels except online.
- Rs.150,000/- for on line sale.
- No medical examination is required under the plan.
- No maximum limits for purchase price, annuity etc.
- Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).
- Age proof necessary.
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.
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.
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