LIC's Jeevan Akshay-VI: One can look to transfer their accumulated UK pensions to get Steady income life long in India.

Individuals who accumulated pension corpus in UK can look at purchasing immediate annuity product. LIC's Jeevan Akshay-VIl is a formidable solution here to get your United Kingdom's accumulated Pension Corpus.

What is the scheme?

LIC will pay the annuitant a uniform payment at regular intervals starting immediately after the annuitant transfers his/her accumulated pensions in UK  towards the price of the policy. One can choose to receive the payments monthly, quarterly, half-yearly or yearly.

Benefits

Investors can choose from any of the Annuity options listed here once their UK pensions transferred to LIC’s Jeevan Akshay V1l:

A) Annuity payable for life: The annuitant is paid a fixed annuity at regular intervals throughout his life. Pension ceases as the annuitant dies. This is suitable for those who do not have any obligations post-death. This option offers the highest amount of pension for an individual compared to other options available.

B) Annuity payable for life with guaranteed period of 5, 10, 15 or 20 years. Annuity is paid for certain years and thereafter, as long as the annuitant is alive. The shorter the guarantee period, the higher the pension. Annuity stops on either the death of the annuitant or completion of guaranteed period, whichever is later. This is a simpler tool to ensure income.

C) Life annuity with a return of purchase price: Here, the annuitant enjoys the pension till he dies. After death of the annuitant, the purchase price of the annuity — premium paid by the purchaser — is paid to the nominee. This is a popular option as both the annuitant and the nominee get the benefit and the money does not go 'in vain' if the annuitant dies early.

D) Life annuity increasing at a fixed rate: Under this option, there is an increase in the annuity amount payable per year by a simple rate of 3%. Though this is not a full-proof method to tackle inflation, it still works better than fixed annuity.

E) Joint life and last survivor annuity: As the name denotes, the annuitant is entitled to receive lifetime pension. If the spouse survives the annuitant, the spouse is also entitled to the pension. The buyer can further choose the quantum of pension payable to the spouse. Depending on the option chosen and the age of the annuitant, the amount of pension is ascertained.

How does it work?

The annuitant has to submit a standard age proof at the time of entry. The annuitant has to choose the option at the inception of annuity. There is no medical test involved in the purchase process. Subject to conditions, the annuitant can choose the frequency of payment of pensions.

                                                              Annuity Rates                            

Amount of annuity (Pension) 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	7190	7160	6890	5250	7080	6970	6860
40	7510	7440	6930	5610	7310	7120	6890
50	8140	7950	7000	6280	7760	7420	6930
60	9350	8790	7110	7530	8640	8030	7010
70	12080	9830	7260	10220	10560	9370	7130
80	17880	10440	7480	15890	14600	12340	7290

(The annuity rates shown in the above table is not inclusive of incentives. Almost all the clients who get their UK pensions transferred to LIC's Jeevan Akshay V1, are eligible for special incentives, so that annuity rates are obviously more than above shown.)

Product details

Minimum age at entry is 55 years for UK QROPS CUSTOMERS and maximum age at entry is 79 years. Minimum transfer UK corpus  is higher than ` 50,000 and an amount that earns a certain minimum pension for each option. There is no surrender or paid-up value available under this plan. There is no loan available against this plan. Pension received is taxable under existing income tax laws. Though there are options such as Senior Citizen Saving Scheme where one may realise higher returns, the returns on such schemes are not guaranteed for the lifetime of the investor.

WHY LIC ?

Life insurance Corporation of India is a state owned Largest Insurance Group and Investment Company. Government of India got 100% stake in the same. It’s the only Insurance company in India, which is fully state owned and 100% funded by Indian Government. It is estimated that LIC funds close to 24.6% of the Indian Government’s expenses and LIC’s assets is estimated of Rs 13.25 trillion. LIC is known for trust among the Indian general people. The company got huge network of branches across the country irrespective of urban rural locations. The highest settlement and claim ratio every year is an instance for the trust the company carries since last more than five decades.

FOR STARTING UP OF THE TRANSFER PROCESS CONTACT :

Ravi Kumar

Financial Consultant.

Life Insurance Corporation Of India 
Civil Station East Branch, 
Ground Floor, Oriental building, M G Road, 
Bangalore: 560001.

M +91  9844519872

Email:  qropstoindia@gmail.com