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A Complete Insight into LIC Jeevan Lakshya Policy

All you need to know about Life Insurance Corporation Jeevan Lakshya Policy. The features and benefits of the plan, the eligibility criteria, the documents required to avail the plan and what the premium of the plan is.
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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:

Particulars Criteria
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. 

LIC Jeevan Lakshya Policy Reviews

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  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with ICICI bank,the agent had clearly explain me about the policy and benefit coverage, and i use to pay premium amount on monthly basis.they have charged me premium nominal,they have charged me up to 712 on monthly.and my premium amount use to get auto debited from my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been taken my Life insurance with Life insurance corporation of India, the agent had clearly explain me about the policy coverage and benefits,i have been holding two policy one is on monthly basis and one is for yearly basis,there premium amount they have charged me was nominal.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy in the year of 2001. Since my brother in law working as a agent, i have selected the Life Insurance Corporation of India for my insurance policy. I paid the premium amount of Rs. 2500 for half yearly. I make the premium through online.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Not recommendable policy"
    0.5 4.0/5 "Great!"
    I have taken the life insurance policy from Life insurance corporation of India. I'm making the premium through online. Most of the policy got matured and I'm not satisfied with the returns. I have purchased policy in 1995. I have selected the quarterly payment mode.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Very Good Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this Jeevan Anand insurance policy almost seven years back and i am paying the premium half yearly. The premium amount was around 8944 which was not too high. The payment method has been simple and has been done easily. It is a good policy and suggestible to others.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    My Life insurance with Life insurance corporation of India had got completed, for 15 years, i was been paying this premium amount, the premium amount was on half yearly basis, and now i am waiting for the money to get, there service was good, they have charged me nominal premium amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with HDFC LIFE, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • Tata AIA Life Insurance
    "Go for term insurance for the family future safety"
    0.5 4.0/5 "Great!"
    I have taken my term insurance policy from TATA AIG. This a a terms with returns policy. TATA AIG is providing a less premium with the sum assured amount of Rs. 1 Crore. I used to make the premium amount of Rs. 18000 per annum. I took the policy 1 month before. I have done the documentation process by online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 4.0/5 "Great!"
    My endowment policy was taken from LIC because of the trust and secure. In 2000, i have purchased this policy. I used to make the payment through online. One of my friend has recommended me about this policy. I have visited the branch many times and they are providing average service to the customer.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 4.0/5 "Great!"
    I have purchased a endowment plan from LIC. Bought my endowment plan in 2003. I have been paying the premium amount of Rs. 4000 per annum. I will get a sum assured amount of Rs. 1 lakhs. Total tenure period of the policy is 15 years. This is a tax benefit policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 3.0/5 "Satisfactory"
    I have invested a money back policy from Life insurance Corporation of India. I took this policy in the year of 2003. Total tenure period of the policy is 20 years. I have been paying the premium amount of Rs. 100000 per annum. Three times i have received a money back in my account. I have not faced any issue in this policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • ICICI Prudential Life Insurance
    "Best Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance policy was bought from ICICI Prudential. The plan name is money growth. I have been paying the premium amount of Rs. 250000 per annum. I have selected the annual mode. I used to make the premium through online. I will get a sum assured amount of Rs. 25 lakhs. Total tenure period the policy is 10 years.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    My life insurance i have dealing with Life insurance corporation of India,the agent clearly explain about the policy , coverage ,they have send me hard copy, i pay premium on quarterly basis,they have charged me up to 2500-2400 approx, which was nominal, i pay off line via cheque.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 20, 2019
  • Tata AIA Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have purchased a term insurance policy from TATA AIA. I opened this policy before 4 months. The claim ratio was 97% hence i have selected them. The premium amount is very less. I've chosen the coverage value of Rs. 50 lakhs. I make the premium by cheque.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Bad return value in this policy"
    0.5 1.0/5 "Really Bad"
    I hold a investment policy from HDFC LIFE. Friend has told me about this policy. They are not providing a good service to the customer. I took this policy in 2016. I have been paying the premium amount of Rs. 25000 per annum and the sum assured amount is Rs. 2.40 lakhs. This is a tax benefitable policy.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • Kotak Life Life Insurance
    "Good benefits"
    0.5 4.0/5 "Great!"
    I took my life insurance policy from Kotak Mahindra before 6years. It is a long term policy. I pay the premium through online, approx 20K per annum. I am happy with the benefits and their service. I got insurance paper. I need to pay for 15 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I am having a personal life insurance policy for the myself and my wife. All services are good and am fine mostly doing online payment. The tenure period is 15 years. I got an agent, he helps me out. It has good benefits. The premium was paid yearly through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using life insurance with Life insurance corporation of India,the agent had clearly explain the policy and the benefit coverage ,and the premium i pay is according to my convenient,like it is flexible option available,like whenever i want i can pay ,but i pay in monthly basis every time,the premium amount i use to pay up to 2000 in an monthly basis,it is nominal.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Good for investment"
    0.5 5.0/5 "Blown Away!"
    HDFC Life is best as per my experience, their claim ratio is good. They are providing terminal premium for the critical illness, disability cover. I took the policy cover for Rs. 10 lakhs, I make the premium of Rs. 30,000 on quarterly basis it has term of 10 years. They do have life cover for certain demise.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using life insurance with Life insurance corporation of India, i have been holding three policy , the agent had clearly explain me account the policy benefit,and there coverage,the premium amount i use to pay on yearly basis,which they have charged me was nominal,and i use to get deducted from my account.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 19, 2019
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