LIC Jeevan Lakshya is a savings-cum-protection plan that ensures financial stability for your loved ones. This plan provides annual income benefits to support your family, especially children, in the unfortunate event of the policyholder’s death, along with a lump sum maturity benefit.
Key Features of LIC Jeevan Lakshya
1. Dual Benefit of Savings and Protection: Offers financial security for the family and savings for future needs.
2. Flexible Premium Payment: Options to pay premiums yearly, half-yearly, quarterly, or monthly.
3. Rebates for High Sum Assured: Discounts on premiums for higher sum assured policies.
4. Liquidity Needs Addressed: Policyholders can avail of loans against the policy.
5. Optional Rider Benefits: Additional coverage through riders like Accidental Death and Disability Benefit Rider.
Eligibility Criteria
– Minimum Entry Age: 18 years
– Maximum Entry Age: 50 years
– Policy Term: 13 to 25 years
– Premium Paying Term: Policy Term – 3 years
– Minimum Basic Sum Assured: ₹2,00,000
– Maximum Basic Sum Assured: No limit (subject to underwriting approval)
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Benefits Under LIC Jeevan Lakshya
1. Death Benefit:
– Provides financial support to the family in case of the policyholder’s untimely demise.
– Includes Annual Income Benefit equal to 10% of the Basic Sum Assured, payable annually from the policy anniversary after the policyholder’s death until the maturity date.
– A lump sum amount equal to 110% of the Basic Sum Assured, along with bonuses, is paid on maturity.
2. Maturity Benefit:
– On surviving the policy term, the policyholder receives the Basic Sum Assured along with accrued bonuses and a Final Additional Bonus (if applicable).
3. Participation in Profits:
– Policyholders participate in LIC’s profits and receive Simple Reversionary Bonuses declared annually.
Optional Riders
1. Accidental Death and Disability Benefit Rider: Offers additional financial protection in case of accidents.
2. Accident Benefit Rider: Provides a lump sum in case of accidental death.
3. New Term Assurance Rider: Enhances life cover during the policy term.
Loan Facility
– Policyholders can avail of loans after completing one policy year and payment of at least one full premium.
– Loan amount:
– Up to 50% of surrender value before two years of premium payments.
– Up to 75% of surrender value after two years of premium payments.
Grace Period and Revival
– Grace Period: 30 days for yearly, half-yearly, and quarterly modes, 15 days for monthly mode.
– Policy Revival: Lapsed policies can be revived within five years by paying unpaid premiums with interest.
FAQs
1. What is the minimum sum assured under LIC Jeevan Lakshya?
The minimum Basic Sum Assured is ₹2,00,000.
2. Can the maturity benefit be taken in installments in LIC Jeevan Lakshya?
Yes, the maturity benefit can be received in installments over 5, 10, or 15 years.
3. What happens if I miss a premium payment in LIC Jeevan Lakshya?
You get a grace period of 30 or 15 days to pay your premiums. If the policy lapses, you can revive it within five years.
4. Are there any tax benefits in LIC Jeevan Lakshya?
Yes, premiums paid and benefits received under this plan qualify for tax benefits as per prevailing laws.
5. How does the Annual Income Benefit work in LIC Jeevan Lakshya?
In case of the policyholder’s death, the nominee receives 10% of the Basic Sum Assured annually until the policy matures.
Conclusion
LIC Jeevan Lakshya is an ideal plan for individuals seeking long-term savings and family protection. With flexible options, attractive benefits, and the trust of LIC, this plan ensures peace of mind and financial security for you and your loved ones.
Official Link-LIC Jeevan Lakshya
Disclaimer-For more details, visit your nearest LIC branch or consult an authorized LIC agent.
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