"Spending a whole day looking for insurance is fun," said nobody, EVER!

LIC Jeevan Lakshya Plan - Policy Details

 4.5 / 5.0   by 3 users
Used this product? Write a review >>

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Life Insurance
  • Claim up to Rs. 1,50,000 deduction under section 80C*
  • Insurers provide online renewal of policy
  • Choose between annual and monthly premium payment options

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 -

Policy Name/Criteria LIC Jeevan Lakshya Accidental Death & Disability Rider New Term Assurance Rider
Minimum Age of Entry 18 years 18 years 18 years
Maximum Age of Entry 50 years >5 years of PPT of Jeevan Lakshya 50 years
Maximum Maturity Age 65 years Same as Jeevan Lakshya Same as Jeevan Lakshya
Sum Assured
  • Minimum - Rs. 1,00,000
  • Maximum - No limit
  • Minimum - Rs. 10,000
  • Maximum - Equal to the Basic SA - Rs. 100 lakh
  • Minimum - Rs. 1,00,000
  • Maximum - Rs. 25 lakhs

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 -

Policy Name LIC Jeevan Lakshya Accidental Death & Disability Rider New Term Assurance Rider
Premium Paying Term Policy Term - 3 years Same as Jeevan Lakshya (Policy Term - 3 years) Same as Jeevan Lakshya (Policy Term - 3 years)
Policy Term
  • Minimum - 13 years.
  • Maximum - 25 years
N/A
  • Minimum - 13 years
  • Maximum - 25 years

Exclusions

This policy by the Life Insurance Corporation of India has very simple rules and regulations and no exclusions provided the above mentioned criteria are met.

There is, however, a suicide clause applicable to Jeevan Lakshya. If the life assured commits suicide within 12 months from the date of the commencement/risk, 80% of the single premium paid (excluding taxes) and extra premium (if any) will be returned.

Additional Information on LIC Jeevan Lakshya

Paid-up Value -

If in case premiums have been paid for at least three consecutive years and subsequent premiums haven’t been paid, the policy acquires Paid-Up Value. In this case the Maturity Sum Assured and Death Sum Assured will be a multiple of a fraction of the number of premiums paid and the number of premiums payable. The Income value will also be subject to the same fraction starting from the date of the death of the life assured.

LIC Jeevan Lakshya Surrender Value -

Guaranteed Surrender Value is availed if the policy is surrendered after at least three years’ payment of premiums. It’s a percentage of the total premiums paid till date.

Revival of Policy -

The policy can be reinstated if lapsed. Provided it has been less than 2 consecutive years since the date of the last unpaid premium.

Loan on Policy -

After a payment of 3 years of premiums, a loan can be availed on the policy.

A Sample Case Study about LIC Jeevan Lakshya

Consider Mr. Vinod has availed LIC Jeevan Lakshya for a term of 30 years. His current age is 25 and the sum assured is 20 lakhs. Let’s list out the initial details of how the policy would work in his case -

  • Mr. Vinod’s age - 25 years
  • Policy Term - 30 years
  • Sum Assured - Rs. 20 lakhs
  • Premium Payment Term - 27 years (Policy Term - 3 years)

Death Benefit - If Mr. Vinod dies after 8 years from the date of the receipt of the policy, the death benefit payable will be -

  • From the 9th year of the policy period, the nominee will receive Rs. 2,00,000 (10% of the the Basic Sum Assured) on every policy anniversary till the end of the policy term (30 years)
  • At the end of the policy term/maturity period, the nominee shall receive Rs. 22,00,000 (110% of the Basic Sum Assured) + Simple Reversionary Bonuses + Final Additional Bonus (if any)

Maturity Benefit - If Mr. Vinod survives through the entire policy period, the final amount that he receives is -

Maturity Amount = Rs. 20,00,000 (Sum Assured) + Simple Reversionary Bonuses + Final Additional Bonus (if any)

LIC Jeevan Lakshya is available to all citizens of India through registered LIC offices and agents/brokers. The requisite documentation for availing the policy can be enumerated as below

  • Application form/Proposal form 300
  • Passport size photograph
  • Address Proof
  • Age Proof
  • Medical reports (if required)

This policy, though combining two optional riders and an ample coverage on life and death benefits, isn’t a lucrative investment option. It should be taken up only as an insurance option.

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

LIC Jeevan Lakshya Reviews

Page 1 of 1
  • LIC Life Insurance
    "Good Policies to Invest"
    0.5 4.0/5 "Great!"
    I have Jeevan Anand, Jeevan Lakshya policies with LIC. I used to make the premium around Rs. 60,000 to 70,000 in an annum, both policies has the tenure of 20 years. Then I would get the sum assured value of Rs.14 lakhs altogether. Its a good policies to invest our money.
    Was this review helpful? 0
    , new delhi
    Reviewed on Nov 13, 2017
  • LIC Life Insurance
    "Excellent benefits"
    0.5 5.0/5 "Blown Away!"
    I have taken a LIC policy named Jeevan Lakshya. There is no other insurance company who offers a policy like this. It has a three layer cover protection. If something happens to me 10% assured every year is given to my nominee and after the maturity nominee gets bonus plus one tenth commission and it has a accidental coverage too.
    Was this review helpful? 0
    , vadodara
    Reviewed on Aug 26, 2017
  • LIC Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    My friend recommended me to take a policy from LIC name Jeevan Lakshya. It is very much beneficial. The policy coverage is Rs 14 Lakhs which is really beneficial. The maturity period is 21 years. I pay nearly 36K premium. I took this policy just before 2 months. The first premium was paid by my member. Rest of the premiums I have planned to pay through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 20, 2015
Common Loader Icon
Page 1 of 1

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.