LIC(Life Insurance Corporation of India) is one of the most reputed insurance companies in India. Founded in the year 1956, Life Insurance Corporation of India introduced a participating, non-linked plan called Jeevan Lakshya in the year 2015. This profit linked endowment assurance plan offers policyholders a mix of savings and protection. This plan provides Annual Income Benefit which is very useful for policyholders as it may help them fulfil their financial needs. This plan also has a loan facility which ensures policyholders always have cash in hand. In addition to that, a lump sum amount is paid out at the end of the maturity period regardless of the survival of the policyholder. In case of any eventuality, 10% of the sum assured will be paid out to the nominees on every policy anniversary till the policy matures.
Key features of LIC Jeevan Lakshya Plan”
LIC Jeevan Lakshya Plan comes with many innovative features. Listed below are some of the key features of the plan:
- The minimum sum assured under the LIC Jeevan Lakshya Plan is Rs.100,000.
- LIC Jeevan Lakshya Plan comes with New Term Assurance and Accidental Death and Disability rider.
- The maximum sum assured is not capped. There is no limit on the maximum sum assured under the LIC Jeevan Lakshya Plan.
- Simple reversionary bonus and final additional bonus is paid out at the end of the maturity period, if applicable.
- The basic sum assured can be made in the multiples of Rs.10,000 only.
- The minimum age of entry is 18 years.
- The maximum age of entry is 50 years.
- The maximum maturity age is 65 years.
- The policy term can range from 13 years to 25 years.
- The premium can be paid monthly, quarterly, half-yearly, or annually.
- This plan comes with a suicide clause. 80% of the single premium and extra premiums if any will be refunded, if the life assured commits suicide within 12 months from the commencement of the plan.
Documents required to apply for LIC Jeevan Lakshya Plan:
Listed below are the documents you would need to apply for LIC Jeevan Lakshya Plan:
- Duly-filled application form
- Passport size photographs
- Medical reports
- Age proof
- Address proof
Eligibility criteria for LIC Jeevan Lakshya Plan:
The eligibility criteria to apply for LIC Jeevan Lakshya Plan are as follows:
|Minimum age of entry||18 years|
|Maximum age of entry||50 years|
|Maximum maturity age||65 years|
|Minimum sum assured amount||Rs.1,00,000|
|Maximum sum assured amount||No upper limit|
|Minimum policy term||13 years|
|Maximum policy term||25 years|
|Term for paying the premium||Policy term minus 3 years|
There are two riders available with the LIC Jeevan Lakshya Plan, namely New Term Assurance Rider and Accidental Death and Disability Rider. The eligibility criteria for these two riders are as follows:
|Criteria||New Term Assurance Rider||Accidental Death and Disability Rider|
|Minimum entry age||18 years||18 years|
|Maximum entry age||50 years||Not available|
|Maximum maturity age||Same as LIC Jeevan Lakshya Basic Plan||Same as LIC Jeevan Lakshya Basic Plan|
|Minimum sum assured||Rs.10,000||Rs.10,000|
|Maximum sum assured||An amount equal to basic sum assured subject to a maximum of Rs.100 lakh||Rs.25 lakhs|
Benefits offered by LIC Jeevan Lakshya Plan:
Maturity Benefit: Upon the maturity of the plan, if the policyholder has paid all the premiums promptly, he/she will receive a lump sum amount. The maturity benefit will be equal to the sum assured on maturity plus the simple reversionary benefit plus final additional bonus.
Tax Benefit: All the premiums paid towards LIC Jeevan Lakshya Plan qualify for tax exemption under Section 80C of the Income Tax Act. Also, under Section 10D, the maturity amount earned by a policyholder is free from tax.
Death Benefit: In the event of the death of the policyholder within the policy term, the death benefit will be paid to the nominees. The death benefit is equal to the sum assured amount on death plus simple reversionary benefit plus final additional bonus.
More about LIC Jeevan Lakshya Plan:
- If the policy is surrendered after at least three years and all the premiums are paid promptly, guaranteed surrender value can be availed. Guaranteed surrender value is the total of all the premiums paid till that date.
- A lapsed policy can be reinstated within 2 years from the date of the last unpaid premium.
- Policyholders can avail a loan on their policy after successfully paying premiums for 3 years.
Visit LIC official website or third-party websites like BankBazaar for more information about LIC Jeevan Lakshya Plan.