LIC is one of the most trusted insurers in India. The mission of the company is to improve the quality of life of Indians by providing them with financial security. It is the only insurer that caters to 190 million satisfied policy holders across India and abroad. In 2015, LIC of India launched several life insurance plans and one among them is Jeevan Lakshya.Read more
Buy LIC policy online
Guaranteed maturity with life
cover for securing family's future
Tax saving under Sec 80C &
Sovereign guarantee as per
Sec 37 of LIC Act
It is an excellent plan with innovative features. Launched in March 2015, it is a profit linked endowment assurance plan. This participating non-linked plan offers policyholders a combination of savings and protection. The annual income benefits which the plan provides help cater to the needs of the family. The policy has been designed especially for the benefit of children.
Regardless of the survival of the policy holder, a lump sum amount is paid out at the end of the maturity period. In this plan, the payment of premium is limited to a term which is shorter than the policy term. In the event of unfortunate death of the insured, 10% of the sum assured will be paid out on every policy anniversary till the policy matures.
Here are the key features of LIC Jeevan Lakshya:
Minimum sum assured is Rs.1,00,000
There is no limit on the maximum sum assured
The basic sum assured is only in the multiples of Rs. 10,000
The policy term is from 13 years to 25 years
The premium can be paid yearly, half-yearly, quarterly and monthly
To pay the premiums the option of Electronic Clearing Service is available
Irrespective of the policy term you opt for the premium paying term is 3 years less than the policy term
Minimum age of entry is 18 years
Maximum age of entry is 50 years
The maximum maturity age is 65 years
At the end of the maturity period the Simple reversionary bonus and the Final Additional Bonus( if applicable) is paid out
He plan comes with two riders; New Term Assurance rider and Accidental Death and Disability Rider
Here are the vital documents that you would require to apply:
Application or proposal form
Passport size photograph
If you avail LIC’s Jeevan Lakshya, you’ll be able to avail the following benefits:
Maturity Benefit: If you have paid all the premiums and you survive till the end of the term of the policy, the maturity benefit will equal to:
Sum assured on maturity+ Simple Reversionary Benefit+ Final Additional Bonus.
Note*: Sum assured on maturity is similar to the basic sum assured
Death Benefit: In the event of death of the policy holder within the policy term the death benefit is paid out. The death benefit equals to:
Sum assured on death+ Simple Reversionary Bonus+ Final Additional Bonus (if any)
Tax Benefit: The premium paid for this plan qualifies for rebate under section 80C of the Income tax Act. Additionally, under Section 10D the maturity amount is free from tax.
The eligibility criteria for the plan is given below:
|Minimum entry age||18 years|
|Maximum entry age||50 years|
|Maximum maturity age||65 years|
|Minimum policy term||13 years|
|Maximum policy term||25 years|
|Term for paying the premium||Policy Term minus 3 years|
|Minimum sum assured amount||Rs. 1,00,000|
|Maximum sum assured||No Upper Limit|
The eligibility for the two riders available for this plan are as follows:
|Rider name/Criteria||Accidental death and disability rider||New Term Assurance Rider|
|Minimum entry age||18 years||18 years|
|Maximum entry age||Can be opted for provided premium payment term under the basic plan is 5 years||50 years|
|Maximum maturity age||Same as basic plan (Jeevan Lakshya)||Same as basic plan (Jeevan Lakshya)|
|Minimum Sum Assured||Rs. 10,000||Rs. 10,000|
|Maximum sum assured||An amount equal to basic sum assured subject to a maximum of Rs.100 lakh overall limit||Rs. 25 lakhs Note: Term assurance rider sum assured can be taken in multiples of Rs. 10,000 only|
What it makes it different from other life insurance plans is that this plan comes packed with a suicide clause. If the life assured commits suicide within 12 months from the commencement of the plan, 80% of the single premium and extra premiums, if any will be refunded.
Over to You!
So, now you know everything about LIC’s amazing Jeevan Lakshya. Go for it if you’re looking for an iron-clad financial protection and huge savings.
Got questions about LIC’s Jeevan Lakshya? Leave us a comment and we’ll be more than happy to answer all your queries.
More Useful Resources
|LIC Online Services||LIC Investment Plans|
|LIC Policy Status Online||LIC Jeevan Umang Plan|
|LIC Online Premium Payment||LIC One Time Investment Plan|
|LIC e-Services||LIC Jeevan Lakshya|
|LIC Online Login Process||LIC Money Back Policy|
|LIC Premium Calculator||LIC New Jeevan Anand Plan|
21 Sep 2022LIC New Pension Plus Plan The LIC New Pension Plus Plan is the...
06 Sep 2022LIC Linked Accidental Death Benefit Rider LIC riders are an...
30 Aug 2022Is LIC Maturity Amount Taxable? The maturity amount is the sum LIC...
26 Aug 2022This is one of LIC’s insurance cum savings plans that offer...
22 Aug 2022LIC survival benefits come with money-back plans. As the name...