Planning for retirement is one of the most important financial decisions we make. To ensure a steady income after you stop working, investing in a good pension plan is essential. The Life Insurance Corporation of India (LIC) offers several pension products to help secure your future. One such highly popular plan is the LIC Jeevan Akshay VI Plan, also known as Plan 189.

What is LIC Jeevan Akshay VI Plan 189?

LIC Jeevan Akshay VI (Plan No. 189) is an immediate annuity pension plan. What this means is that you pay a lump sum premium once to LIC and start receiving a fixed pension (annuity) immediately or from a specified date, which continues for life.

This plan is non-participating, meaning it does not involve bonuses or profit sharing. It is designed primarily for senior citizens or individuals looking for guaranteed regular income after retirement. Since the premium is paid as a single amount, you get the assurance of a pension throughout your life based on the single premium you pay.

Key Features of LIC Jeevan Akshay VI Plan 189

• Single Premium Payment: You pay a one-time lump sum amount as the purchase price.
• Immediate Pension: Pension payments start immediately or from the chosen vesting date.
• Multiple Annuity Options: The plan offers several modes of annuity with different benefits, including life only, life with return of purchase price, joint life, and options involving guaranteed periods.
• Flexible Pension Modes: You can receive the pension monthly, quarterly, half-yearly, or annually as per your convenience.
• Entry Age Limits: Minimum entry age is 30 years, and the maximum age allowed is 85 years.
• Minimum Purchase Price: The minimum single premium is ₹1,00,000, with no upper limit on premium.
• No Maturity Benefit: There is no maturity amount, as the plan provides pension for life.
• Spouse Pension and Nominee Benefit: You can choose annuity options that provide pension to your spouse on your death or return of purchase price to your nominee.

Launch Date and Withdrawal Information

LIC Jeevan Akshay VI Plan No. 189 was introduced to replace the earlier Jeevan Akshay Plan No. 183. The exact launch date was September 10, 2007. According to LIC records, the plan has been withdrawn from new sales effective December 1, 2017. However, existing policies continue and the plan is active for those who purchased before the withdrawal date.

Thus, the plan is no longer sold to new customers but remains important for policyholders who subscribed before 2017.

Benefits of LIC Jeevan Akshay VI Plan 189

• Lifetime Guaranteed Pension: This plan guarantees a fixed pension amount for your entire lifetime, ensuring steady income post-retirement.
• Choice of Annuity Options: You can select from multiple annuity options that suit your financial needs and family circumstances.
• Security for Family: Some options provide pension for your spouse even after your demise, ensuring financial security for your loved ones.
• Tax Benefits: You can avail tax deductions under section 80C of the Income Tax Act for the premium paid.
• Simple and Transparent: This plan is easy to understand with no hidden charges or complicated terms.
• Freedom to Invest Large Amounts: There is no upper limit on premium, allowing you to invest and receive higher pension.

How Does LIC Jeevan Akshay VI Plan 189 Calculator Work?

The LIC Jeevan Akshay VI Plan 189 calculator is a tool that helps you estimate how much pension you can receive based on the premium amount you pay, your age, and the annuity option selected.

Inputs needed for the calculator include:

• Your age at the time of purchase
• The lump sum amount (single premium) you plan to invest
• The annuity option chosen (e.g., life only, joint life, guaranteed period)
• Mode of pension payout (monthly, quarterly, half yearly, yearly)

How it works:

The calculator uses the annuity rates specified by LIC for the chosen option and age. It multiplies the lump sum amount with the annuity rate to give the periodic pension you will receive. The output shows the pension amount payable according to the mode selected.

This estimate helps you plan how much lump sum is needed to get your desired pension.

Types of Annuity Options in LIC Jeevan Akshay VI Plan 189

LIC Jeevan Akshay VI offers several annuity options to choose from. Each option has unique benefits catering to different retirement needs.

1. Life Annuity Only: You get a fixed pension for your lifetime. On your death, pension stops, and no amount is paid to nominees.
2. Life Annuity with Guaranteed Period: Pension is paid for life. If you die before the guaranteed period (5, 10, 15, or 20 years), the pension continues to your nominee for the remaining period.
3. Life Annuity with Return of Purchase Price: Pension for life plus a return of the lump sum purchase price to nominee on your death.
4. Joint Life Annuity with 100% to Spouse: Pension for life; after your death, your spouse continues to receive the full pension. On death of last survivor, return of purchase price to nominee.
5. Joint Life Annuity with 50% to Spouse: Pension for life; on death, spouse receives 50% of the pension for life.
6. Annuity with Increase: Fixed pension with yearly increase in pension amount by a fixed percentage (e.g., 3%).

Choosing the option depends on whether you want to secure spouse’s income, provide for nominees, or desire increasing pension.

Sample Calculation Using LIC Jeevan Akshay VI Plan 189 Calculator

Let’s say you are 60 years old and want to invest ₹10,00,000 in LIC Jeevan Akshay VI.

• Suppose you choose the “Life Annuity Only” option with monthly pension.
• The annuity rate for this age and option might be 6% annually.
• Annual pension = 6% of ₹10,00,000 = ₹60,000.
• Monthly pension = ₹60,000 / 12 = ₹5,000.

You can use the LIC Jeevan Akshay VI calculator online to input these values, and it will give the exact pension amount based on updated rates.

How to Buy LIC Jeevan Akshay VI Plan 189

Since Plan 189 is withdrawn for new customers, it may not be available directly for purchase. However, for other active annuity products from LIC, the general process is:

• Visit the LIC branch or LIC’s official website.
• Submit age proof and identity proof documents.
• Pay the single premium through online or offline payment modes.
• Select your annuity option and pension payout mode.
• Nominate your spouse or nominee.
• Receive policy document and start pension as per terms.

It is advisable to consult LIC agents for current annuity plans and their calculators.

FAQs on LIC Jeevan Akshay VI Plan 189 and Calculator

Conclusion

LIC Jeevan Akshay VI Plan 189 has been one of the most trusted immediate annuity plans offered by LIC, providing guaranteed lifelong pension security. Though it is withdrawn now, understanding its features and pension calculation methods can help in planning your retirement wisely.

Using the LIC Jeevan Akshay VI Plan 189 calculator gives you a clear idea of the pension you can expect from your investment, making your retirement planning easier and confident. For current annuity plans and pension options, always check LIC’s official website or consult LIC agents.