LIC Jeevan Lakshya is one of the many plans offered by LIC, that can be easily described as "The Assurance of Protection and Savings". Let us start with the benefits associated with this policy.
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Guaranteed maturity with life
cover for securing family's future
Tax saving under Sec 80C &
Sovereign guarantee as per
Sec 37 of LIC Act
There is a simple condition you must fulfill to receive the full death benefit of the LIC Jeevan Lakshya Insurance plan. If you pay the full premium on time or at least within the extended time frame offered by the plan, you will be eligible to receive the following benefits under the “death benefit” term.
Annual Income Benefits: This amounts to 10% of the Basic Sum Amount. The nominee of the policyholder will get this amount once a year. The policy must complete one year from the date of the policyholder's death, after which the nominee will begin receiving this sum. Additionally, the nominee will continue to receive this benefit till the policy’s actual maturity date.
Assured Absolute Sum: This amounts to 110% of the Basic Sum Amount assured for the policy. The nominee shall receive it on the policy's maturity date.
Vested Simple Reversionary: The nominee will receive it on the policy’s maturity date, as well.
Final Additional Bonus: This is applicable for smoothly maintained policies only. If every premium is paid on the due date and the liquidity is consistently maintained, one can apply for this benefit.
The total amount of death benefit is never less than 105% of the total premium amount paid. It is paid excluding taxes and other charges, if applicable.
On maturity of the policy, the policyholder will first receive the "Sum Assured on Maturity". This amount includes the entire amount paid as a premium (with no loans/or the entire loan amount paid). It also includes the Reversionary Bonus, and if applicable, the additional bonus.
If a policyholder pays all the premiums within their due time, the policy will be eligible to receive a percentage of the profits of the Life Insurance Corporation. The corporation will invest the policy money/property on profitable businesses and will share the profit with the regular financial contributor that is the policyholders.
The Jeevan Lakshya policy offers two additional riders. They are Death or Accidental Issue Rider and New Assurance Rider. These riders are optional. A policyholder may or may not enroll for them. Individually, these two riders have different features. Let us share a comparison chart for a better understanding.
LIC Jeevan Lakshya Policy’s Compared with Death or Accidental Issue Rider, and New Assurance Rider
|Criteria||LIC Jeevan Lakshya||Death or Accidental Issue Rider||New Assurance Rider|
|Minimum Age to Signup||18 years or above||Applicable at the age of 18||Applicable at the age of 18 or above|
|Maximum Age to Signup||50 years or below||Must pay for 5 years of the premium amount||Applicable at the age of 50 or below|
|Maximum Age to Maturity||65 years or below||65 years or below||65 years or below|
|Sum Assured||Rs. 1 Lakh at Min. Rs. No limit at Max.||Rs. 1 Lakh at Min. Max 105% (depends on the maturity and the Max Sum Assured)||Rs. 1 Lakh at Min Rs. 25 lakhs at Max.|
Payment Terms: LIC Jeevan Lakshya Policy, Death, or Accidental Issue Rider, and New Assurance Rider
|Policy Type||LIC Jeevan Lakshya||Death or Accidental Issue Rider||New Assurance Rider|
|Premium Pay Time||3 years||3 years||3 years|
|Policy Time||13 years at Min 25 years at Max||N/A||13 years at Min 25 years at Max|
The total sum assured, in addition to the two extra riders, will not exceed the actual Basic Sum Assured on this policy. To avoid any confusion, you can visit the nearest LIC office. You can also contact their helpline number for minor issues. These are financial issues and any misunderstanding can lead to problems in the future, so it's better to clarify any doubts as soon as you can.
We need life insurance policies to ensure a better life and our options vary depending on our individual needs. A plan that can offer a loan in time of need is a bonus. Jeevan Lakshya is one such plan because it is designed to help us when we are still around and even after our death.
It provides the insured with an annual income from which s/he can expect to get financial support during tough times. It is very similar to opening your own company that will pay you for the investments you made and in fact, will pay you back double or at an even higher rate, after a certain time. In short, it fulfills every expectation that we have from an insurance policy.