Detailed description of LIC’s Jeevan Lakshya

An Exhaustive Insight into LIC’s Jeevan Lakshya

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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 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.

Highlights of the LIC Jeevan Lakshya Plan

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

Documents Required for LIC Jeevan Lakshya Plan

Here are the vital documents that you would require to apply:

  • Application or proposal form
  • Passport size photograph
  • Address proof
  • Age proof
  • Medical reports

Benefits Offered by LIC Jeevan Lakshya:

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.

You may also like to read: Best LIC Policies in 2017

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.

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