LIC Agent in Nagpur

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 LIC has entered online insurance space but surprisingly with an Annuity Product; which as a category is not very popular in India. They have not launched a new plan but selling their LIC Jeevan Akhsay VI with some rebate on it.



Apart from LIC, which sell 95% of annuity products, pvt insurers like ICICI Pru Life, Tata AIG, Max New York and now Kotak Life insurance has immediate annuity products.
Recently, LIC started online selling of Jeevan Akshay VI, an immediate annuity product. This was a strong move from public insurer and may be followed by pvt players going forward..
Let’s review the product and see whether it is able to meet the income need of higher age population which is quite large in India.
LIC offers seven annuity options under Jeevan akshay VI product:
  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.

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