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.
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:
Here are the vital documents that you would require to apply:
If you avail LIC’s Jeevan Lakshya, you’ll be able to avail the following benefits:
Sum assured on maturity+ Simple Reversionary Benefit+ Final Additional Bonus.
Note*: Sum assured on maturity is similar to the basic sum assured
Sum assured on death+ Simple Reversionary Bonus+ Final Additional Bonus (if any)
Eligibility Criteria
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 |