Jeevan Akshay VI

POSTED BY Srinidhi R ON September 1, 2011 11:25 pm COMMENTS (3)

Hi,

Here’s my case:

My dad’s gonna get a lumpsum next month after the maturity of a Policy. Now he wants to invest that money. One suggestion he got is Jeevan Akshay VI. He has been told that the return rate at his age is 7.39% after one year. How if he keeps on investing for 7 years w/o taking money out, apart from 7.39% he’ll be getting around 2-3% extra at the end of 7 years.

 

Is this plan good for him or are there any riders that the agent has not mentioned.

 

Thanks,

Srinidhi

3 replies on this article “Jeevan Akshay VI”

  1. ashal jauhari says:

    Dear Srinidhi, For details on options available under Jeevan Akshay VI, you may check it @ LIC web site.

    Please do note annuity (pension) received under Jeevan Akshay VI plan is taxable. For the current rate of interest, my take ‘ll be to opt for 5Y term bank FD from SBI which is offering 9.25% interest. Which is far better than what is offered in Jeevan Akshay VI.

    Even you may check with any other bank if it’s offering more interest rate than SBI for 5Y or higher term.

    Here the taxation is same for both instruments. Bank FD interest & Pension policy pension both are taxable.

    Thanks

    Ashal

  2. ashal jauhari says:

    Dear Srinidhi, What’s the age of your father? Is he working? Does He has any income? Which option was told to your father to chose from in Jeevan Akshay VI?

    What’s the other plan that;s offered to him?

    Please post more details.

    Thanks

    Ashal

    1. Srinidhi R says:

      Hi Ashal,

      My father is 54 now. He’s self employed. He runs a business and earns his income. He has couple of life insurance plans already. He was not told about the options under Jeevan Akshay specifically. Does any option under Jeevan akshay gives such a (tax free) return? Do we have any other debt oriented plans(or the likes of index funds, pension plans from MF, FMP etc) which will be more suitable to my father?

      Thanks,
      Srinidhi

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