LIC Jeevan Lakshya Plan

LIC Jeevan Lakshya is a limited premium paying conventional plan which is non-linked and classified as a With-Profits Endowment Assurance plan. The plan came into effect in March 2015. This plan provides an annual income which can be beneficial towards the needs of the family, especially the minors, in case of the death of the policyholder before the maturity of the plan. A lump sum amount is also made available at the end of the maturity period, regardless of the survival of the policyholder.

Key Features and Highlights of LIC Jeevan Lakshya :

The Jeevan Lakshya plan’s salient features can be mentioned as follows -

• Sum assured
  • Minimum - Rs. 1,00,000
  • Maximum - No limit
  • Multiples - The basic sum assured can be in multiples of Rs. 10,000 only
• Policy term - 13 to 25 years
• Premium payment modes - Premiums for the policy can be paid in yearly, half-yearly, quarterly and monthly periods and an option of Electronic Clearing Service (ECS) is also available, wherein it facilitates an easier option to pay the premiums
• Premium payment term - The premium paying term is 3 years less than the policy term, irrespective of whatever term the policy is for
• Age of entry
  • Minimum - 18 years (completed)
  • Maximum - 50 years (nearest birthday)
• Maximum maturity age - 65 years (nearest birthday)
• Bonuses - Being a With-Profits Endowment Assurance plan, this policy garners profits made by the Life Insurance Corporation of India through the Simple Reversionary Bonus and Final Additional Bonus (if applicable) and these are paid out at the end of the maturity period
• Optional riders - The policy can have two optional riders
  • LIC Accidental Death and Disability Benefit Rider
  • LIC New Term Assurance Rider

Benefits of LIC Jeevan Lakshya

This policy, if availed, offers the following benefits -

• Maturity Benefit - Provided all the premiums have been paid in full and the policyholder has survived till the end of the policy term, the Maturity Benefit will encompass the Sum Assured on Maturity plus the vested Simple Reversionary Benefits and the Final Additional Bonus, if any. The Sum Assured on Maturity is the same as the Basic Sum Assured
• Death Benefit - Under this benefit, in case of the death of the policyholder within the policy term, a Sum Assured on Death plus Simple Reversionary Bonuses and the Final Additional Bonus (if any) will be provided
• Tax Benefits - Premium paid for this plan is admissible for availing rebate on income tax under 80C and the maturity amount is free from tax as per section 10D

Eligibility Conditions of LIC Jeevan Lakshya :

The plan of LIC Jeevan Lakshya can be combined with two optional riders. The eligibility conditions for all the three can be mentioned as below -

Premium Paying Terms :

The premium payments for LIC Jeevan Lakshya can be made in yearly, half-yearly, quarterly and monthly modes and a facility for ECS is also made available for easier payment of premiums through net-banking or mobile banking.

The premium payments for Jeevan Lakshya and its optional riders can be mentioned as below -