Review of LIC Jeevan Lakshya

LIC of India offers several flexibilities under the LIC Jeevan Lakshya 733 plan like option to avail benefits in installments or lump sum, addition of optional riders, rebate on high sum assured and also provides loan facility. This life insurance plan makes sure that the family of the policyholder is financially secure if they uncertainly pass away. Furthermore, the maturity benefit allows the policyholder and the nominee to take care of financial obligations and milestones.

Key Features of LIC Jeevan Lakshya

Here is a list of key features of LIC Jeevan Lakshya:

• Inclusion of Bonuses: LIC Jeevan Lakshya is a participating plan where the policyholder receives Simple Reversionary Bonuses and Final Additional Bonuses by participating in the company’s profits.

• Adaptability: The plan offers the flexibility to choose the premium paying term at your convenience. One can choose to pay premiums at yearly, half-yearly, quarterly, or monthly intervals, receive death benefit as a lump sum or in installments, etc.

• Availability of Loans: The plan offers a loan facility wherein the policyholder can avail loan against their Jeevan Lakshya Policy LIC provided at least one full year’s premiums have been paid. The maximum loan allowed as a percentage of the surrender value are given below:

Learn about How LIC Jeevan Lakshya Changed Mrs. Rishika’s Life

LIC Jeevan Lakshya is one of the best life insurance plans by LIC. I am so happy that I bought this plan 2 years ago. Now, I have also convinced my sister to buy this plan for her family’s security. She was skeptical about it, but after talking to the experts of Policybazaar, she is totally convinced. Thank you LIC & Policybazaar for assisting your customer’s investment needs as per their budget, financial goals and family requirements. By Rishika Adhikari

Mrs. Rishika bought the LIC Jeevan Lakshya plan in January 2021. She was so happy with the plan’s features and benefits, that she even convinced her sister to buy the same plan. The Annual Income Benefit offered by the plan is what made Mrs. Rishika interested in buying this LIC 733 plan.

LIC Jeevan Lakshya is an endowment plan that offers the dual benefits of life protection and savings to the policyholder. Along with this, the plan comes with a unique feature of Annual Income Benefit which is specially designed to secure the future of the children after the death of the policyholder.

Let us explore this LIC Jeevan Lakshya plan review to understand its other features and benefits:

What are the Benefits of LIC Jeevan Lakshya?

With LIC Jeevan Lakshya, the policyholder and his family will be entitled to the below mentioned benefits:

Death Benefits

If the policyholder dies during the policy term, the nominee will be entitled to the death benefit i.e. sum assured on death. The sum assured on death payable will be the higher of:

• 7 times the annual premium amount

• Sum of 110% of basic sum assured payable on maturity and annual income benefit i.e. 10% of basic sum assured until one year prior to the year of maturity.

Note: The death payout is only made if the policy is in-force and all due premiums have been paid.

Maturity Benefits

In case the policyholder outlives the maturity date, the policyholder will be eligible to receive the maturity benefit. The maturity amount consists of the sum assured on maturity with vested simple reversionary bonuses and final additional bonuses. The sum assured on maturity equals the basic sum assured.

Optional Benefit for receiving Maturity and Death Benefit in Installments

Death benefit in installments: The policyholder has the option to receive death benefits in installments. Only the life assured can decide whether to avail the payout as a one time lump sum or installments in a span of 5-10-15 years.

Settlement option for maturity benefit: The policyholder can opt to receive the maturity benefit in installments over a span of 5-10-15 years. The life assured can decide whether to avail installments for partial or whole maturity amount.

Both installment and settlement options are available for in-force and paid-up policies. The minimum installment amount for different modes of installment payments are given below for reference:

Availability of Riders for enhanced protection

LIC Jeevan Lakshya comes with different rider options namely LIC Accidental Death and Disability Benefit Rider, LIC Accident Benefit Rider and LIC New Term Assurance Rider. The policyholder can add these riders to enhance their coverage with an additional premium increment.

Tax Benefits

The LIC Jeevan Lakshya policy offers tax benefits to the insured on the premium paid and on the claims received under Sections 80C and 10 (10D) of the Income Tax Act.

Note: The latest plan is LIC Jeevan Lakshya 733 whereas Jeevan Lakshya 933 plan was withdrawn by the corporation.

Is LIC Jeevan Lakshya Worth it?

Yes, Jeevan Lakshya 733 plan (previously Jeevan Lakshya 933) is worth it for people looking for a dual benefit plan that provides annual income benefit and also a death benefit if the policyholder passes away. Just like Mrs. Rishika and her sister, there are several other customers who are happy and satisfied with the LIC Jeevan Lakshya plan. The plan not only secures your family’s financial future but also helps you to save regularly which can be used to fulfill your future financial goals.

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