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Introduced on March 2015, LIC Jeevan Lakshya Policy is a limited premium paying conventional plan categorised as the With-Profit Endowment Assurance plans. The plan is chiefly advantageous for the minors and provides annual income benefit to fulfil the requirements of the family. A sum assured amount is paid to the children in the case of unfortunate demise of insurer during the term of the plan. Moreover, LIC Jeevan Lakshya Plan also intends to deliver lump-sum figure despite the endurance of the insured at the time of policy maturity. The LIC Jeevan Lakshya has a Unique Identification Number i.e. 512N297V01 which is quoted in all the relevant documents furnished by the policy holder and others.
Depending on the customers need the policy offers some exquisite features. Some of the silent features offered by the plan are:
LIC Jeevan Lakshya plan can be linked with the two optional riders. The eligibility criteria for all the riders are mentioned in the table below:
|
Policy Name/ Criteria |
LIC Jeevan Lakshya |
Accidental Death and Disability Rider |
New Term Assurance Rider |
|
Minimum Entry Age |
18 years |
18 years |
18 years |
|
Maximum Entry Age |
50 years |
>5 years of PPT Jeevan Lakshya |
50 years |
|
Maximum Age of Maturity |
65 years |
Same as that of Jeevan Lakshya |
Same as that of Jeevan Lakshya |
|
Sum Assured |
Minimum- Rs. 1, 00, 000 Maximum- No limit |
Minimum- Rs. 1, 00, 000 Maximum- Equal to the Basic SA< Rs. 100 lakhs |
Minimum-Rs. 1, 00, 000 Maximum- Rs. 25 lakhs |
Premium Payment Terms
You can make the premium payment for LIC Jeevan Lakshya monthly, quarterly, half-yearly and yearly modes and an ECS’s facility is also available to make the payments of the premiums easier via mobile banking or internet banking.
Jeevan Lakshya’s premium payments and its optional riders can be mentioned in the table below:
|
Policy Name |
LIC Jeevan Lakshya |
Accidental Death and Disability Rider |
New Term Assurance Rider |
|
Premium Paying Term |
Policy Term-3 years |
Same as the Jeevan Lakshya (Policy Term-3 years) |
Same as the Jeevan Lakshya (Policy Term-3) |
|
Policy Term |
Minimum- 13 years Maximum- 25 years |
N/A |
Minimum- 13 years Maximum- 25 years |
There are several benefits of buying LIC Jeevan Lakshya policy. Some of the benefits offered by the policy are
Participation in Profits
The policy must contribute in the profits of the Corporation and must have the right to get the Simple Reversionary Bonus declared according to the Corporation’s experience, provided the purchased policy must be in full force.
In the case of the demise of the policyholder, the policy must continue to take part in the profits up to the maturity date and the entire fixed Final Additional Bonus and Simple Reversionary Bonus, if any, must be payable on the maturity due date. Therefore, the Final Additional Bonus and the Simple Reversionary Bonuses, if any, must be paid under the policy on the maturity due date regardless of the survival of the Assured Life.
If you do not pay the premiums (except in the case of demise of the Assured Life under the enforced policy), the policy must cease to take part in the future profits regardless of whether the policy has seized the paid-up value. Nevertheless, the plan must be taken into consideration as in force on the demise during the grace period.
Final Additional Bonuses must not be payable under the scaled down paid-up policy.
Sum Assured on Death is defined as the sum of:
The fixed Final Additional Bonus and the Simple Reversionary Bonuses, if any, contained in the Death Benefit must be payable on the maturity due date.
The aforementioned Death Benefit must not be less than 105 percent of the all paid premiums on the date of the demise.
The aforementioned premiums do not include taxes, rider premium(s) and extra premium, if any.
Accidental Death and Disability rider- You can avail the LIC accidental death and disability benefit anytime during the term of the payment of the premium. One of the most important benefits offered by this rider is, in the case of death in an accident, an extra sum assured, equivalent to the sum assured in the accidental benefit is payable. This benefit is provided to the co-rider at the time of accident. Secondly in case of disability due to accident and equivalent amount of the accidental benefit sum assured is paid to the insured in equal monthly instalments up to 10 years.
New Term Assurance Rider- The New Term Assurance rider is made available on making the payment of an additional premium at the inception of the policy. The payment of amount is made together with the primary plan of the LIC Jeevan Lakshya Scheme. One of the advantages offered by this rider is that in the case of death of the insured during the term of the policy, an additional amount equivalent to the sum assured of the term assurance rider is liable to be paid to the policyholder as long as the applicability of the coverage of the plan rider is there.
|
LIC Jeevan Lakshya |
New Term Insurance Rider |
Accidental Death and Disability Rider |
|
Age of entry |
Minimum- 18 years Maximum-50 years |
Minimum- 18 years Maximum- 5 years of PPT of Jeevan Lakshya |
|
Maximum Coverage maturity age |
65 years |
65 years |
|
Sum Assured |
Minimum-Rs 1,00,000 Maximum- Rs 25 00,000 |
Minimum- Rs 10,000 Maximum- Equal to the basic sum assured subject to Rs 100 lakh over all limits |
|
Policy term |
Minimum- 13 years Maximum- 25 years |
N/A |
The LIC Jeevan Lakshya Plan offers by the Life Insurance Corporation of India a very comprehensive plan that does not offer any particular regulation and rules if mentioned provided criteria are fulfilled properly. However, like any other policy, this plan also have some exclusion like.
In case of suicide, the policy does not provide any coverage to the insured.
The 80% of the single premium paid and the extra premium paid is returned in case if the policy holder commits suicide within 12 months from the date of commencement.
By using LIC Jeevan Lakshya premium and maturity calculator the insured can calculate the premium and maturity benefits of the policy. You can check online the details of the policy and choose the plan according to your own comfortability.
Paid-up Value
If you have made payment of the premiums for around three consecutive years and the payment of subsequent premiums have not been made, the policy obtains the Paid-up value. In such a case, a multiple of a fraction of the total number of payable premiums and the total number of paid premiums is the Death Sum Assured and the Maturity Sum Assured. The Income Value will also be liable to be subjected to the equivalent fraction beginning from the demise of the life assured.
LIC Jeevan Lakshya Surrender Value
You can avail the Guaranteed Surrender Value if you surrender the policy after making payment of premiums for at least three years. It is a percentage of the entire premiums paid until the date of maturity.
The Revival of the Policy
You can reinstate the policy if it gets lapsed, only if you have not made the payment of the premiums for less than 2 consecutive years.
Loan on the Policy
After making a payment of premiums for 3 years, you can avail a loan on the policy.
Grace Period under the Policy
You will be given a grace period of 30 days to make payments of the premiums. If the policyholder fails to make the payment within the grace period of the policy, then the policy gets lapsed automatically. However, you are given an option to revive the policy within the time period of two years from the first unpaid policy premiums’ date.
Free Look Period
If the policyholder is not satisfied under the condition of the policy, then he can cancel the policy within the time period of 15 days from the date of receipt, only if any claim under the LIC will not be paid.
Documents Required
The policy holder must fill the Proposal Form 300 under this policy with their exact medical history and also other documents are needed in order to complete the policy, such as proof of address and other KYC (Know Your Customer) documents. Apart from this, you may require undergoing Medical Test depending on the sum assured along with the age of the policy holder.
*The information provided on this website/page is only for information sake. Policybazaar does not in any form or manner endorse the information so provided on the website and strives to provide factual and unbiased information to customers to assist in making informed insurance choices.
