LIC Jeevan Lakshya Plan Review, Benefits, Eligibility: The special thing about this policy is that it guarantees capital security with fixed income.
Under Jeevan Lakshya Insurance, once the policy has started, the policy’s goal does not end under any circumstances. This is the reason that in case of death of the insured, the family will not have to pay any premium. Let us know in detail about this life insurance.
LIC Jeevan Lakshya Plan Details
LIC Jeevan Lakshya Policy is a participating endowment policy that offers both investment and insurance benefits. Since this is a participating plan, the benefits of bonus will be available. In case of death of the policyholder, a regular income is provided to the nominee on the date of maturity in addition to the lump sum.
Is a limited premium paying traditional policy classified as With-Profit Endowment Assurance Plan. This plan is mainly beneficial for minors and provides annual income benefit to meet the requirements of the family. In case of unfortunate death of the life assured during the term of the plan, the Sum Assured is paid to the children.
LIC Jeevan Lakshya Plan Eligibility Criteria
| Name of Insurance: | LIC Jeevan Lakshya (Table No. 933) |
| Entry Age: | Minimum:- 18 Years Maximum:- 50 Years |
| Coverage (Basic Sum Assured): | Minimum:- Rs.1,00,000 Maximum:- No limit (Subject to Board approval) |
| Policy Term: | 13 to 25 years |
| Maturity Age: | Maximum: 65 Years |
LIC Jeevan Lakshya Plan Features
- The term of this life insurance is 13 to 25 years.
- To take this policy, the minimum age should be 18 years and the maximum age should be 50 years.
- The premium for this life insurance can be paid in yearly, half-yearly, quarterly and monthly periods.
- This insurance policy also gives you the option of Electronic Clearing Service (ECS), a very convenient way of making premium payments.
- In this insurance, the term for which the premium is to be paid is three years less than the policy term, irrespective of the term for which the policy is taken.
- This plan offers a minimum sum assured of Rs 1,00,000 and there is no maximum limit.
- Being an with profit endowment assurance plan, this policy pools the profits earned by Life Insurance Corporation of India by way of Simple Reversionary Bonuses and Final Additional Bonus (if applicable) and these are paid at maturity.
LIC Jeevan Lakshya Plan Benefits
Death Benefit
If the life assured dies before the maturity date, the beneficiary of the life assured will be given Simple Reversionary Bonuses and Final Additional Bonus (if any). Here the Sum Assured on Death is defined as follows:
- Annual Income Benefit equal to 10% of the Basic Sum Assured shall be payable from the policy anniversary falling on or after the date of death of the life assured till the policy anniversary preceding the date of maturity.
- Absolute Sum Assured equal to 110% of Basic Sum Assured, which will be payable on the due date of maturity.
The Death Benefit as defined above shall not be less than 105% of all premiums paid till the date of death.
Maturity Benefit
Maturity benefit is provided if the insured survives the policy term and has paid all the premiums. A lump sum amount is paid on maturity along with simple reversionary bonus and final additional bonus (if any).
Participation in Profit
LIC Jeevan Lakshya Plan will participate in the profits of the Company and will be eligible to receive Simple Reversionary Bonuses declared as per the experience of the Company during the policy term provided the policy is in active process.
In case of death of the insured, the LIC Jeevan Lakshya policy continues to participate in the benefits till the maturity date. Hence Simple Reversionary Bonus and Final Additional Bonus (if any) are paid on maturity.
Tex Benefits
The premiums paid under this plan are eligible to avail annual income tax exemption under section 80C of the Income Tax Act and the maturity amount is tax free as per section 10D.
Additional Rider Benefits
- Accidental Death and Disability Rider
- New Term Assurance Rider
Grace Period
A grace period of 30 days is available for quarterly, half-yearly, and annual premium payments. Same if you pay monthly premium then you get 15 days discount. If the premium is not paid before the end date of the grace period, the policy will lapse.
Surrender Benefit
In this insurance plan, an option to surrender the policy is provided at any time after the policy has been continued for two consecutive years. In such situations, the insurer pays the higher of the Special Surrender Value or a surrender value equal to the Guaranteed Surrender Value.
Revival
If the premium is not paid within the grace period, the policy lapses. LIC Jeevan Lakshya provides an option to revive the policy but within 5 consecutive years. It means from the date of your first unpaid premium and it can be revived only before the maturity date.
Free look period
If the insured is not satisfied with the terms and conditions of the policy, it may be returned to the insurance company within 15 days from the date of receipt of the policy documents stating the reasons for objection.
Loan on the Policy
After paying premiums for 3 years, you can get a loan against this policy.
The Bottom Line:
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