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Jeevan Lakshya

LIC’s Jeevan Lakshya is a non-market linked plan offering the dual benefits of saving and protection. The policy offers participation in profits and thus the policy holder is entitled to receive Simple Reversionary Bonus as declared by the company every year.

The plan has an annual income feature in case of the death of the policyholder before the maturity of the plan. A lump sum amount is paid at the end of the maturity period, regardless of the survival of the policyholder.

In case of death of the policy holder during the policy term, Death Benefit is calculated as under:

Death Benefit: Sum Assured on Death + Simple Reversionary Bonuses + Final Additional Bonus.

 Sum Assured on Death includes:

  1. Annual Income Benefit equal to 10% of the Basic Sum Assured – Payable annually till the maturity of the policy
  2. Assured Absolute Amount equal to 110% of Basic Sum Assured – Payable lump sum at maturity

 LIC’s Jeevan Lakshya – Key Features

  • Maturity Benefits: LIC’s Jeevan Lakshya is a participating endowment plan. The Maturity benefits of the plan include (Sum Assured + Simple Reversionary Bonus +Final Additional Bonus). Payable as lump sum at the end of policy term.
  • Death Benefit: Payable in two ways – annually and lump sum. The Death Benefit defined above shall not be less than 105% of premiums paid till date of death.
  • Income Tax Benefits: All premiums paid under the policy are eligible fordeduction under Section 80C of the Income Tax Act 1961. Death benefits too are exempted from tax under Section 10(10D) of the same.
  • Types of Deaths Covered: Both types of deaths, natural and accidental, are covered under the plan.
  • Riders:Benefits of Accidental Death and Disability Benefit Rider and New Term Assurance Rider can be enjoyed after paying an additional premium.

 Policy Details at a Glance:

  • Sum Assured – Rs 1,00,000 to No limit
  • Policy Term – 13-25 years
  • Premium Paying Term – Policy Term – 3 years
  • Entry Age: 18 Years
  • Maturity Age:65 Years
  • Surrender Value:The policy acquires a surrender value if at least three premiums are paid.
  • Loan:Loan can be availed against the policy in case at least three premiums are paid.
  • Premium Payment Mode:Monthly, Quarterly, Half- Yearly, Yearly

Premium Chart: The chart below shows the annualized premium for a Sum Assured of Rs. 1,00,000. The premium paid varies according to the age of the insurer and the plan term chosen.

Age (Years) Policy Term (Years)
13

PPT = 10

15

PPT = 12

20

PPT = 17

25

PPT = 22

20 10,075 8,280 5,760 4,340
30 10,120 8,330 5,835 4,455
40 10,325 8,570 6,170 4,885
  • Annual Premium for Sum Assured Rs. 1,00,000
  • PPT is the premium paying term
  • Premium Rates may vary after application of GST
  • Premium Rates may get dearer under Monthly, Quarterly and Half- Yearly modes.

Prudent financial planning ensures that you enjoy a steady inflow of funds in every phase of life.  LIC’s Jeevan Lakshya can be safely recommended for its dual advantage of maturity benefit and death benefit. Get in touch with us at InsuranceBima.com or call 91+9230091000 to buy LIC Jeevan Lakshya or to seek any further information about this amazing plan. We are authorized agency for LIC of India and provide life insurance plans/policies to individuals, HNIs/NRIs and corporates in New Delhi, Jalandhar, Chandigarh, Mohali, Zirakpur, Kharar. Shortly, we will be opening offices in Ludhiana and Patiala in Punjab too