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Jeevan Akshay-VI


Policy Document

It 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.

Options Available:

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.


» Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity..

Salient features:

  1. Premium is to be paid in a lump sum.
  2. Minimum purchase price :
    Rs.100,000/- for all distribution channels except online.
    Rs.150,000/- for on line sale.
  3. No medical examination is required under the plan.
  4. No maximum limits for purchase price, annuity etc.
  5. Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).
  6. Age proof necessary.

Annuity Rate:
Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:

Age last birthday Yearly annuity amount under option
( i ) ( ii ) (15 years certain) ( iii ) ( iv ) ( v ) ( vi ) (vii)  
30 6750 6730 6430 4870 6640 6530 6410  
40 7080 7020 6470 5230 6870 6680 6430  
50 7710 7530 6520 5900 7330 6990 6470  
60 8930 8390 6600 7140 8220 7620 6530  
70 11650 9460 6730 9820 10130 8970 6620  
80 17410 10080 6920 15440 14170 11940 6760  

Incentives for high purchase price:

If your purchase price is Rs. 2.50 lakh 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.

Service Tax:

Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.

Paid-up value:

The policy does not acquire any paid-up value.

Surrender Value:

Surrender shall be allowed after completion of atleast one policy year only for Annuity Option – “Annuity with return of purchase price “under any of the following circumstances.


A. If the annuitant is diagnosed as suffering from any of the following critical illnesses:
  1. Cancer of specified severity
  2. Myocardial infraction
  3. Open Chest CABG
  4. Open Heart Replacement or Repair of Heart Valves
  5. Kidney Failure requiring regular dialysis
  6. Stroke resulting in Permanent Symptoms
  7. Major Organ/Bone Marrow Transplant
  8. Permanent Paralysis of Limbs
  9. Motor Neurone Disease with Permanent Symptoms
  10. Multiple Sclerosis with Persisting Symptoms
  11. Angioplasty
  12. Benign Brain Tumor
  13. Blindness
  14. Deafness
  15. End stage Lung failure
  16. End stage liver failure
  17. Loss of speech
  18. Loss of Limbs
  19. Major Head Trauma
  20. Primary(Idiopathic)Pulmonary Hypertension
  21. Third Degree Burns


The standard definition of the critical illnesses mentioned above shall be as per the IRDAI guidelines on Standardisation in Health Insurance Ref: IRDA/HLT/REG/CIR/146/07/2016 dated 29/07/2016 or as amended from time to time.


B. If the annuitant is shifting to another country permanently as evidenced in their visa or citizenship documents. The surrender value payable shall depend on the age (last birthday) of the policyholder at the time of surrender of the policy.For all annuity options other than “Annuity with return of purchase price” surr