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JEEVAN AKSHAY - VI (Table-189)

PLEASE ENTER AGE AND PURCHASE PRICE AGE 65 PURCHASE PRICE >>> 100,000

GET THE PENSION AMOUNT. PENSION

40 ANNUITY OPTIONS YLY HLY QLY MLY

41A. Annuity for life 10,410 5,065 2,498 825

4210,240 4,990 2,463 814

43

10,030 4,895 2,418 800

449,330 4,560 2,258 747

458,780 4,300 2,128 705

467,180 3,490 1,723 568

47

8,590 4,195 2,075 686

48

9,400 4,585 2,263 748

B. Annuity guaranteed for 5 years and for lifethereafter

C. Annuity guaranteed for 10 years and for lifethereafter

D. Annuity guaranteed for 15 years and for lifethereafter

E. Annuity guaranteed for 20 years and for lifethereafter

F. Annuity for life with return of purchase priceon death

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

H. Annuity for life with a provision for 50% of theannuity to the spouse of the annuitant for life ondeath of the annuitant.



49

8,570 4,185 2,070 685

50

51 Redesigned By P.Vasu. ABM(S) North CBE - 80553

54

55

56 Mode of AnnuitPurchase price (in Rs.)

57 150,000 to 299,99300,000 & 499,9500,000 & above

58 Yearly 3 3.75 4

59 Half Yearly 2.5 3.5 3.75

60 Quarterly 2.5 3.5 3.7561 Monthly 2 3.25 3.5

62

63

64

65

66

67

68

69

70

7172

73

74

75

76

77

78

79

I. Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for lifeon death of the annuitant.

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LIFE INSURANCE CORPORATION OF INDIACENTRAL OFFICE

Dept: Actuarial "Yogakshema”

Mumbai – 400021.

Ref: Actl/ PD/2117/4

To,

All HODs of Central Office,

All Zonal Offices,

All Divisional Offices,

All Branch Offices (through D.O.s)

MDC, ZTCs, STCs, NIA and

Audit & Inspection Deptts. Of Zonal Offices.

Various annuity options available under the Plan are as under:

7th September, 2007

Re-Introduction of LIC’s Jeevan Akshay- VI (Plan No. 189)

1. Introduction :

It has been decided to withdraw the Immediate annuity Plan, LIC’s Jeevan Akshay- V (Plan No.183) with effect from10th September, 2007 and introduce a New Plan - LIC’s Jeevan Akshay – VI in its place. The new plan will come intoforce with effect from 10th September, 2007.

2. Type of annuities available:

i) Annuity for life

ii) Annuity guaranteed for 5, 10, 15 or 20 years and for li fe thereafter

iii) Annuity for life with return of purchase price on death

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

v) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of theannuitant.

vi) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of theannuitant.



MODE Minimum Annuity p.a.Monthly Rs. 6,000/-

Quarterly Rs. 4,000/-

Half-yearly Rs. 4,000/-

Yearly Rs. 3,000/-

The amount of annuity shall be assured throughout the period for which it is payable.

3. Modes of Annuity Payments:

Annuity can be paid in yearly, half-yearly, quarterly or monthly instalments, subject to a minimum annuity as statedbelow:

The first instalment of annuity shall be paid one year, six months, three months or one month after the date of purchase of the annuity depending on whether the mode of annuity payment is yearly, half-yearly, quarterly or monthlyrespectively. Further, annuity shall be paid during the life t ime of the annuitant with following provisions on death of theannuitant for different options as follows:

(a) Under option (i) - payment of annuity ceases.

(b) Under option (ii)

i. On death during the guarantee period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.

ii. On death after the guarantee period - payment of annuity ceases.

(c) Under option (iii) - payment of annuity ceases and the purchase price is returned to the nominee.

(d) Under option (iv) - payment of annuity ceases.

(e) Under option (v) - payment of annuity ceases and 50% of the annuity is paid to the surviving named spouse duringhis/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.

(f) Under option (vi) - payment of annuity ceases and 100% of the annuity is paid to the surviving named spouseduring his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.



Annuity rates for different types of annuities are enclosed in Annexures 1 to 9.

Mode of Annuity

Purchase price (in Rs.)

150,000 to 299,999

Yearly 3 3.75 4

Half Yearly 2.5 3.5 3.75

Quarterly 2.5 3.5 3.75

Monthly 2 3.25 3.5

A Rebate of 2% of the purchase price will be available to eligible Corporation employees under CEIS.

40 years last Birthday

79 years last Birthday

5. Annuity Rates:

The policy can be purchased by payment of single premium which can be worked out by applying annuity rates for thetype and mode of annuity opted by the policyholder. The annuity rates may also be used to work out the amount of

annuity for a given single premium.

These rates will be applicable for the New Business introduced under the plan as well as under deferred annuitypolicies (where annuity rates are not guaranteed) which vest on or after 10.09.2007.

6. Rebates:

(a) Incentives for high purchase price

Under the policies where purchase price is high, incentive by way of increase in the tabular annuity rate will be given tothe annuitant.

Scale of absolute amount of incentive under high purchase price policies as an addition to the annuity rates per annum

per rupees one thousand purchase price is as below.

300,000 &499,999

500,000& above

(b) Rebate for Corporation Employees:

7. Eligibility Conditions and Features:

(a) Minimum Age at entry:

(b) Maximum Age at entry:



Rs. 1000/= per quarter

Rs. 2000/= per half-year

Rs. 3000/= per year.

Agents Commission shall be payable @ 2% of purchase price. No bonus commission shall be paid.

D.O. credit shall be @ 5% on the purchase price.

No agents commission or D.O.’s credit shall be given on vesting of deferred annuity policies.

No medical examination is required under this plan.

(c) Minimum Purchase Price:Rs.50,000/= or such amount which may secure a minimumannuity as (d) below.

(d) Minimum Annuity Instalment: Rs. 500/= per month

8. Commission & D.O. Credit:

9. Underwriting:

Standard age proof will be required under all the annuity options except the option iii) i.e. “Annuity for life with return of purchase price on death”.

10. Policy stamping:

(a) Under the annuity option ii) where certain period is 15 or 20 years, the amount of stamp duty will be based on thetotal annuity amount payable during the certain period i.e. the annuity per annum multiplied by 15 or 20 respectively.

(b) Under the annuity option iv), the amount of stamp duty will be based on the annuity amount payable for 12 yearsi.e. 13.98 multiplied by the annuity per annum for first year.

(c) Under all other annuity options, the amount of stamp duty will be based on the total annuity amount payable for aperiod of 12 years i.e. 12 multiplied by the annuity per annum.

11. Cooling-off period:



No surrender value shall be available under this plan.

No loan shall be given by the Corporation to the policyholders under this plan.

No assignment is allowed under this policy.

It will apply in case the option exercised is for:

If a policy holder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to theCorporation within 15 days from the date of receipt of the policy. The amount to be refunded in case the policy isreturned within the cooling-off period shall be the amount of premium deposited by the policyholder after deducting thecharges for stamp duty.

12. Surrender value:

13. Loan:

14. Assignment / Nominations:

Notice of change of nomination should be submitted for registration to the office of the corporation, where this policy isserviced if the type of annuity opted is either for a guaranteed period and for life thereafter or with return of purchaseprice. In registering a nomination the Corporation does not accept any responsibility or express any opinion as to itsvalidity or legal effect.

15. Normal requirements for claim:

For annuities in payment: The Existence Certificate is to be submitted by the annuitant once in a year before the policyanniversary and before the release of annuity cheques under all the annuity options except in the following cases:

(a) Under option ii) during the guaranteed period

(b) Under option iii)

On death of the annuitant: The normal documents which the claimant shall submit while lodging the claim in case of death of the Annuitant shall be the claim form, as prescribed by the corporation, accompanied with original policydocument, proof of title, proof of death, whichever is applicable, to the satisfaction of the Corporation.



In other cases the annuity shall stop.

Further, if the age is not admitted under the policy, the proof of age of the Annuitant shall also be submitted.

Proposal Form 440 (IA) shall be used under this plan.

The specimen Policy Document will be sent by the Corporate Communication department, Central Office.

EXECUTIVE DIRECTOR (ACTUARIAL)

Encl:

a) Annuity option ii) and death of the annuitant takes place before expiry of the guarantee period

b) option iii) i.e. Annuity for life with return of purchase price on death of annuitant

c) option v) or vi) i.e. Annuity for life with a provision of 50% / 100% of the annuity to spouse for life on death of theannuitant

16. Proposal Form/ Policy Document:

ANNEX - I to IX

http://172.200.3.10/actl/circulars/Annex_2117.pdf

http://172.200.3.10/actl/circulars/Annex_2117.pdf















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