Retirement planning is crucial aspect of planning your savings and retirement expenses especially when you are working in private sector. A smart retirement planning can help you live an independent and tension free life. LIC Jeevan Akshay- 6 is best Pension Plan from LIC of India with instant annuity feature. It gives flexibility of choosing- term, annuity paying frequency, annuity returning type and more.


As mentioned above LIC Jeevan Akshay gives a lot of flexibility to customize your retirement as you wish. The following options are available under the table 189 now represented as table 810:

Annuity payable for life at a uniform rate.

Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.

Annuity for life with return of purchase price on death of the annuitant.

Annuity payable for life increasing at a simple rate of 3% p.a.

Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

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.

Annuity : Frequency of payment is be as per opted frequency.

Death Benefits : Death benefit will be as per option chosen.

Policy Loan : No policy loan is allowed against policy.

Assignment : Not policy assignment will be allowed.

Others Benefits : Pension may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of pension.

Incentives for high purchase price: If your purchase price is Rs. 2.50 Lacs 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.


Jeevan Akshay Policy can be taken online now. Once you have paid one time lump sum premium, you will start getting pension monthly / quarterly / half yearly / yearly depending on the mode chosen. E.g. If one have purchased policy on 1st January with monthly pension scheme then he will get his first payment on 1st February.


Why Retirement Planning?

Everyone has to retire one day from working life so you can’t avoid retirement planning. If you wish to have an independent and happy life after retirement, you should start saving from your first salary. We all know that increasing inflation may hurt our life style but if we have a strong plan, we can still live great life after retirement. It's good if you start planning your finances early because early you start investing, more you save. You can consider your savings by deciding how much income you would require to live life in post-retirement year keeping inflation in mind.