LIC Jeevan Akshay VI (Plan 189, UIN 512N234V06) is a withdrawn single-premium immediate annuity plan. Buyers aged 30 to 85 paid a lump sum of at least ₹1 lakh and chose one of 10 pension options. On our estimate, ₹10 lakh at age 60 gives about ₹88,500 a year under Option A, or about ₹63,720 a year under Option B, which returns the purchase price to the nominee.
Jeevan Akshay VI 189 Pension Calculator
Your estimate
- Annuity rate (yearly)
- 8.47%
- Death benefitPension stops on death; nothing is payable to the nominee.
- ₹0
- Years to get the price back as pension
- 11.8 years
- Purchase price₹10,00,00037%
- Pension in first 20 years₹16,93,90063%
Pension under all 10 options (same age and purchase price)
| Option | Yearly pension | Per instalment |
|---|---|---|
| A | ₹84,695 | ₹7,058 |
| B | ₹60,980 | ₹5,082 |
| C | ₹77,919 | ₹6,493 |
| D | ₹83,001 | ₹6,917 |
| E | ₹81,307 | ₹6,776 |
| F | ₹78,766 | ₹6,564 |
| G | ₹76,225 | ₹6,352 |
| H | ₹59,151 | ₹4,929 |
| I | ₹70,320 | ₹5,860 |
| J | ₹65,526 | ₹5,461 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Jeevan Akshay VI Plan 189?
LIC Jeevan Akshay VI (Plan No. 189, UIN 512N234V06) was LIC’s immediate annuity plan before Jeevan Akshay VII. You paid one lump sum, the purchase price, and LIC began paying a fixed pension for life. It is non-linked and non-participating: no market link and no bonus. The plan is now withdrawn, but thousands of pensioners still draw income from it. This page is for them, and for anyone comparing an old VI policy with the current version.
Jeevan Akshay VI at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 189 / 512N234V06 |
| Plan type | Single premium immediate annuity |
| Entry age | 30 to 85 years |
| Minimum purchase price | ₹1,00,000 (no upper limit) |
| Annuity options | 10 (A to J) |
| Payout modes | Monthly, quarterly, half-yearly, yearly |
| Medical tests | Not required |
| Status | Withdrawn; replaced by Jeevan Akshay VII (857) |
Annuity options in Plan 189
| Option | Pension | On death |
|---|---|---|
| A | For life | Stops |
| B | For life | Purchase price returned |
| C | Rises 3% (simple) a year | Stops |
| D–G | For life, 5/10/15/20 years certain | Nominee paid till the certain period ends |
| H | Joint life | Price returned after both deaths |
| I | Joint life | 50% continues to survivor |
| J | Joint life | 100% continues to survivor |
How the pension is worked out
The pension equals purchase price ÷ 1,000 × annuity rate. The rate rises with age at entry and falls as the option gives more back to the family. Monthly mode pays slightly less in total than yearly mode. Our calculator uses the rate table from the source calculator, interpolated between ages. Return-of-price options are capped so their rate levels off with age, as real annuity rates do.
Example: a 60-year-old man with a ₹10 lakh purchase price:
- Option A: about ₹88,500 a year in yearly mode, or ₹7,058 a month.
- Option B: about ₹63,720 a year, and ₹10 lakh goes to the nominee on death.
- Option J with a 55-year-old wife: about ₹68,470 a year while either spouse lives.
A 65-year-old who invested ₹5 lakh under Option A gets about ₹3,748 a month. These are estimates. Your policy schedule shows the exact pension.
Tip: if you hold a VI policy, do not surrender it just to buy VII. Older annuity rates were generally higher, and our estimates show Option A at age 60 paying about ₹88,500 on ₹10 lakh under VI against about ₹86,100 under VII.
Death benefit
Options A and C end with the pensioner. D to G pay the nominee for the rest of the certain period. B and H return the full purchase price. I and J keep the spouse’s income going.
Tax
The pension is taxable each year as income. Buyers could claim the purchase price under Section 123 of the Income-tax Act, 2025 (earlier Section 80CCC) in the year of purchase (old regime). From 22 September 2025, annuity purchases carry no GST. When VI was on sale, a small GST or service tax applied to the purchase price.
Jeevan Akshay VI vs Jeevan Akshay VII
Jeevan Akshay VII (Plan 857) is the version on sale today. The structure is the same: one payment and a pension for life. The option letters changed, though. Return of purchase price is Option B in VI but Option F in VII, and VII’s Option F allows entry up to age 100. VII also sets minimum pension amounts. If you are comparing pension products, the Jeevan Akshay calculator and the LIC pension calculator are useful next steps.
How to use this calculator
- Enter your purchase price and age at purchase.
- Pick gender and your annuity option. Joint options need the spouse’s age.
- Choose the payout mode.
- Read the estimated instalment, yearly pension and death benefit. The table lists all 10 options for the same inputs.
Frequently asked questions
Can I still buy LIC Jeevan Akshay VI Plan 189?
No. Plan 189 is closed to new buyers. Existing policies keep paying the pension that was fixed on the purchase date. Anyone buying an immediate annuity from LIC today would look at Jeevan Akshay VII, Plan 857.
Will my Jeevan Akshay VI pension change now that the plan is withdrawn?
No. The annuity rate was locked on the day you bought the policy and stays the same for life. Withdrawal only stops new sales. Your pension continues on the same date and in the same mode as before.
What were the annuity options in Jeevan Akshay VI?
There were 10: life annuity (A), life annuity with return of purchase price (B), 3% simple increasing annuity (C), life annuity with 5, 10, 15 or 20 years certain (D to G), and three joint-life options (H with return of price, I with 50% and J with 100% to the survivor).
What happens to Jeevan Akshay VI on the pensioner's death?
It depends on the option. Under A and C the pension stops. D to G continue payments to the nominee until the certain period ends. B returns the purchase price. Under the joint-life options the spouse keeps receiving the pension, and H also returns the price after both deaths.
How much pension does ₹10 lakh give in Jeevan Akshay VI?
On our calculator, a 60-year-old man gets about ₹88,500 a year under Option A in yearly mode, or about ₹7,058 a month. Under Option B, with the purchase price returned on death, it is about ₹63,720 a year. Your policy schedule shows the exact figure.
Is Jeevan Akshay VI pension taxable?
Yes. The annuity is taxed as income at your slab rate each year. The purchase price may have qualified for deduction under Section 123 (earlier 80CCC) in the year you bought the policy, under the old tax regime.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.