LIC Jeevan Lakshya Plan

LIC Jeevan Lakshya Plan

Overview: LIC’s Jeevan Lakshya is a Non-Linked, Participating, Individual Life Assurance Savings Plan that offers a combination of protection and savings. This plan is designed to provide annual income benefits to fulfill the family’s needs, especially for children’s benefit, in the event of the policyholder’s death before maturity. Additionally, it offers a lump sum amount at maturity, irrespective of the policyholder’s survival.

Key Features:

  1. Death Benefit:
    • If the Life Assured dies during the policy term, the nominee will receive:
      • The higher of 7 times the annualized premium or 110% of the Basic Sum Assured.
      • Annual Income Benefit of 10% of the Basic Sum Assured from the policy anniversary following the Life Assured’s death until the policy maturity date.
      • Vested Simple Reversionary Bonuses and Final Additional Bonus, if any, payable on the maturity date.
    • The Death Benefit is at least 105% of total premiums paid up to the date of death.
  2. Maturity Benefit:
    • On surviving the policy term, the Life Assured receives the Basic Sum Assured plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
  3. Participation in Profits:
    • The policy participates in the Corporation’s profits and receives Simple Reversionary Bonuses declared as per the Corporation’s experience.
    • The policy continues to participate in profits up to the maturity date even in the event of the Life Assured’s death.
  4. Eligibility Conditions:
    • Minimum Basic Sum Assured: ₹1,00,000
    • Maximum Basic Sum Assured: No limit (in multiples of ₹10,000)
    • Policy Term: 13 to 25 years
    • Premium Paying Term: Policy Term – 3 years
    • Minimum Age at Entry: 18 years (last birthday)
    • Maximum Age at Entry: 50 years (nearer birthday)
    • Maximum Maturity Age: 65 years (nearer birthday)
  5. Rider Benefits:
    • Optional riders available for additional premium:
      • LIC’s Accidental Death and Disability Benefit Rider
      • LIC’s Accident Benefit Rider
      • LIC’s New Term Assurance Rider
      • LIC’s New Critical Illness Benefit Rider
  6. Premium Payment:
    • Premiums can be paid yearly, half-yearly, quarterly, or monthly (through NACH only) or through salary deductions.
  7. Grace Period:
    • 30 days for yearly, half-yearly, or quarterly premiums.
    • 15 days for monthly premiums.
  8. Rebates:
    • Mode Rebate:
      • Yearly: 2% of Tabular Premium
      • Half-yearly: 1% of Tabular Premium
    • High Sum Assured Rebate on Premium:
      • ₹2,00,000 to ₹4,90,000: 2% of Basic Sum Assured
      • ₹5,00,000 and above: 3% of Basic Sum Assured
  9. Policy Revival:
    • A lapsed policy can be revived within 5 years from the date of the first unpaid premium.
  10. Surrender Value:
    • The policy can be surrendered if at least two full years’ premiums have been paid.
    • The Surrender Value is higher of the Guaranteed Surrender Value or Special Surrender Value.

Contact Information: For more details and personalized assistance, please visit your nearest LIC branch or contact an LIC agent.

This plan is ideal for those seeking a blend of insurance protection and savings, ensuring financial security for their family in case of unforeseen events.