Lic Jeevan Lakshya Plan Policy Review and Maturity Benefits
Jeevan Lakshya Plan is a limited premium paying term conventional With-profits Endowment Assurance plan where premium paying term is less than policy term by three years.
Lic Jeevan Lakshya plan
Lic Jeevan Lakshya plan(833) Introduction :
Lic Jeevan Lakshya plan(833) is a participating non-linked plan which offers an attractive combination of risk cover and savings. Jeevan Lakshya plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder.
This plan also takes care of liquidity needs through its loan facility.This is a limited premium paying term conventional With-Profits Endowment Assurance plan where premium paying term is less than policy term by three years.
Lic Jeevan Lakshya plan(833) Eligibility
Term : 13 to 25 years
Premium Pay Term : (Policy Term-3) Years
Min.Entry Age : 18 Year Completed
Max.Entry Age : 50 Year (Nearest Birthday)
Max.Maturity Age : 65 Year
Min.Sum Assured : 1,00,000
Max.Sum Assured : NO LIMIT (Depending upon Income)
Premium Pay Mode : Yearly, Halfly, Quarterly, Monthly(ECS)
Maximum Accidental Death and Disability Benefit Rider up to age 65.
Lic Jeevan Lakshya plan(833) Rebates:
Sum Assured Rebates:
Sum Assured = Rebate
Rs.1,00,000 to Rs.1,90,000 = NIL
Rs.2,00,000 to Rs.4,90,000 = 2 % per thousand basic sum assured
Rs. 5,00,000 & above = 3% per thousand basic sum assured
Mode = Percentage
Yearly = 2% of tabular premium
Half-yearly = 1% of tabular premium
Quarterly and monthly = Nil
Lic Jeevan Lakshya plan(833) Policy Benefits :
On Death : Benefits payable on death:
Sum Assured on Death + Bonuses & Final Additional Bonus, if any, shall be payable in following manner.
Annual Income Benefit equal to 10% of the Basic Sum Assured (till policy anniversary prior to date of maturity)
Assured Absolute Amount of 110% of Basic Sum Assured, payable (on due date of maturity)
Along with Bonuses & Final Additional Bonus, if any, on maturity. (on due date of maturity)
On Survival : On Survival Basic Sum Assured + Vested Bonus + FAB if any.
Lic Jeevan Lakshya plan(833) Policy Surrendered Value :
The policy can be surrendered for cash provided at least three full years premiums have been paid.The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders, if opted for.
This percentage will depend on the policy term and policy year in which the policy is surrendered
Lic Jeevan Lakshya plan(833) Policy Loan :
Loan can be availed under Jeevan Lakshya policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).