If you are aged above 30 and looking for regular income at a fixed rate for the lifetime then you have the last chance today to buy LIC's flagship annuity plan Jeevan Akshay VI, which is a high-yield (annual yield of 7.5 per cent) annuity product. LIC is reportedly closing this plan from tomorrow because of falling interest rate. LIC may re-launch this plan with revised payout plan later.

All you need to know about LIC's Jeevan Akshay VI 

LIC's Jeevan Akshay VI is an immediate annuity plan, which can be purchased by paying a lump sum amount. This plan provides for annuity payments of a stated amount throughout the lifetime of the annuitant.

 You have the following annuity options to choose in this plan:

Once you choose your option, you can't alter it.

i)  Annuity payable for life at a uniform rate.

ii) Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.

iii) Annuity for life with return of purchase price on death of the annuitant.

iv) Annuity payable for life increasing at a simple rate of 3 per cent per annum.

v) Annuity for life with a provision of 50 per cent of the annuity payable to spouse during his/her lifetime on death of the annuitant.

vi) Annuity for life with a provision of 100 per cent of the annuity payable to spouse during his/her lifetime on death of the annuitant.

vii) Annuity for life with a provision of 100 per cent of the annuity payable to spouse during his/ her lifetime on death of the annuitant. The purchase price will be returned on the death of the last survivor.

Here is the annual income you get every year for Rs 1 lakh under the seven different options mentioned above.

(Source: Licindia.in)

One can choose either monthly, quarterly, half yearly or yearly annuity payment mode. The payout will vary depending on the mode you select.

The minimum amount that you can invest in this plan is Rs 1 lakh. But if you are buying it online, then the minimum investment is Rs 1.5 lakh. There is no upper cap on the amount that you can invest in this plan. Also, you don't need to undergo any medical examination for buying this plan. The maximum allowed age at entry is 85 years.

If your purchase price is Rs. 2.50 lakh or more, you will receive a higher amount of annuity due to available incentives. In addition to this, for policies sold online, a rebate of 1 per cent by way of increase in the annuity rate shall also be given to the purchaser.