LIC Jeevan Akshay 6 and Jeevan Shanti are single premium guaranteed pension plan which provides a fixed income for lifetime. Both plans provide a range of pension options to select from for single as well as joint lives. However, there are few differences between these two plans as Jeevan Shanti has incorporated the option of deferred annuity also. The following table explains major differences between these two plans.
| Jeevan Akshay 6 | Jeevan Shanti |
|---|---|
| Only Immediate Annuity | Immediate & Deferred Annuity |
| Joint Policy for with spouse only | Joint between any lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings. |
| Spouse Age was not required for Pension Calculation | Seconday Annuitant’s Age is required. |
For comparing annuity (pension) rates of Jeevan Shanti and Jeevan Akshay, an example of purchase price of Rs. 10,00,000 with primary annuitant’s age as 50 years and secondary annuitant’s age as 40 years has been taken. Pension amounts provided by both the plans for option J will be as follows.
| Deposit Amount | GST | Final One Time Deposit |
|---|---|---|
| Rs. 150000 | Rs. 2700 | Rs. 152700 |
On deposit of Single Premium (including GST) as Rs. 152700, pension receivable in case of LIC Jeevan Akshay 6 and Jeevan Shanti will be as follows.
| Pension Mode | Jeevan Akshay 6 | Jeevan Shanti |
|---|---|---|
| Yearly | 9195 | 9405 |
| Half Yearly | 4515 | 4620 |
| Quarterly | 2239 | 2291 |
| Monthly | 743 | 759 |
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| Amount to be Returned to Nominee(s) in Case of Death | ||
|---|---|---|
| Jeevan Akshay | Jeevan Shanti | |
| 150000 | 150000 | |