LIC's Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.
LIC Life Insurance Plans Info : Jeevan Lakshya Life Insurance
Key Features and Highlights of LIC Jeevan Lakshya
The Jeevan Lakshya plan’s salient features can be mentioned as follows -
Sum assured
- Minimum - Rs. 1,00,000
- Maximum - No limit
- Multiples - The basic sum assured can be in multiples of Rs. 10,000 only
- Policy term - 13 to 25 years
- Premium payment modes - Premiums for the policy can be paid in yearly, half-yearly, quarterly and monthly periods and an option of Electronic Clearing Service (ECS) is also available, wherein it facilitates an easier option to pay the premiums
- Premium payment term - The premium paying term is 3 years less than the policy term, irrespective of whatever term the policy is for
- Minimum - 18 years (completed)
- Maximum - 50 years (nearest birthday)
Optional riders - The policy can have two optional riders
- Maximum maturity age - 65 years (nearest birthday)
- Bonuses - Being a With-Profits Endowment Assurance plan, this policy garners profits made by the Life Insurance Corporation of India through the Simple Reversionary Bonus and Final Additional Bonus (if applicable) and these are paid out at the end of the maturity period
- LIC Accidental Death and Disability Benefit Rider
- LIC New Term Assurance Rider
Benefits of LIC Jeevan Lakshya
- Maturity Benefit - Provided all the premiums have been paid in full and the policyholder has survived till the end of the policy term, the Maturity Benefit will encompass the Sum Assured on Maturity plus the vested Simple Reversionary Benefits and the Final Additional Bonus, if any. The Sum Assured on Maturity is the same as the Basic Sum Assured
- Death Benefit - Under this benefit, in case of the death of the policyholder within the policy term, a Sum Assured on Death plus Simple Reversionary Bonuses and the Final Additional Bonus (if any) will be provided
- Tax Benefits - Premium paid for this plan is admissible for availing rebate on income tax under 80C and the maturity amount is free from tax as per section 10D
Eligibility Conditions of LIC Jeevan Lakshya
Minimum Basic Sum Assured : Rs. 100,000
Maximum Basic Sum Assured : No Limit
(The Basic Sum Assured shall be in multiples of Rs. 10,000/-)
Policy Term : 13 to 25 years
Premium Paying Term : (Policy Term – 3) years
Minimum Age at entry : 18 years (last birthday)
Maximum Age at entry : 50 years (nearest birthday)
Maximum Maturity Age : 65 years (nearest birthday)
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