LIC Jeevan Lakshya Plan is a participating non-linked plan that provides dual benefits of investments and life cover. Jeevan Lakshya plan supplies yearly income benefit helpful in fulfilling the family requirements. The life cover advantage provides death benefits in the instance of an untimely death of the life assured. Moreover, the plan pays a huge monetary amount on policy maturity date to the life assured or the beneficiary (in case the life assured expires). The loan facility allows the policyholder to draw loans against the plan to fulfill the financial obligations.
Maturity Benefits
Once the life assured successfully completes the policy period then he/she would be eligible to receive maturity bonus in the form of “Sum Assured on Maturity”. The Sum Assured on Maturity would be equivalent to the Basic Amount Guaranteed added with vested Simple Reversionary Bonuses and any applicable Final Added Bonus. This maturity benefit would be paid in a lump amount at the end of the policy tenure.
Death Benefits
If the life assured expires in the course of policy tenure prior to the stipulated date of maturity of LIC Jeevan Lakshya plan then the beneficiary would receive a monetary benefit in the form of “Sum Assured on Death”. The beneficiary would be eligible for the death benefits only if all the premium amounts have been paid in a timely manner until the date of demise. The Sum Assured on Death would comprise of vested Simple Reversionary Bonuses along with any applicable Final Additional Bonus.
Here Sum Assured on Death comprises of:
- Yearly Income Benefit equivalent to 10 percent of Basic Amount Guaranteed. This amount would be allocated from the policy centenary corresponding to the subsequent demise of policyholder till the policy centenary preceding maturity date.
- Guaranteed Absolute Amount equivalent to 110 percent of Basic Amount Guaranteed. This amount would be payable on the stipulated maturity date.
- The vested Simple Reversionary bonuses along with any applicable Final Added Bonus incorporated in Death Benefit would be paid on the stipulated maturity date.
The above-mentioned death benefit would always be more than or equal to 105 percent of the overall premium paid subsequent to the demise date.
These premiums are free of taxes, extra premiums and any applicable rider premium(s).
Participation in profit (Bonus)
The life assured would be given a share in the corporate profit in the form of Simple Reversionary Bonuses. These bonuses would be stated in accordance to the Corporal experience and only if the policy is fully active.
If the life assured suffers demise during active policy tenure still the bonuses would carry on participating in profits till the maturity date and the total vested Simple Reversionary Bonuses along with any applicable Final Added Bonus would be paid on the stipulated maturity date. So, even if the policyholder dies during the policy tenure, still, the beneficiary would be eligible to receive the Simple Reversionary Bonus along with any applicable Final Added Bonus on the stipulated date of policy maturity.
Policy Loan
The life assured can draw a loan against the plan provided the policy has attained a specific surrender amount.
Surrender Value
The LIC table 833 could be surrendered in exchange for monetary value only if three-year complete premiums have been paid.
Optional Benefits
The life assured could invest in two additional riders under this plan,
- LIC’s Accident Death and Disability Benefit Rider
- LIC’s New Term Assurance Rider
Eligibility and premium payments
| Lowest Basic Amount Guaranteed | 1 Lac INR |
| Highest Basic Amount Guaranteed | Unlimited |
| Policy Duration | Between 13 to 25 years |
| Duration of Premium Payment | Three years less than the total policy duration |
| Lowest Eligibility Age | The applicant must be minimum of 18 years on the last birthday |
| Highest Eligibility Age | The applicant must be less than 50 years on the oncoming birthday |
| Highest Maturity Age | The applicant must be less than 65 years on the oncoming birthday |
Premium Payments
The payments could be made on an annual, bi-annual, three monthly or monthly bases. These premium amounts could be paid via ECS or via salary deductions.
Grace Period
Grace duration of one month or thirty days is allowed for annual, bi-annual and quarterly payments and a grace period of a fortnight or thirty days is allowed for a monthly payment schedule under plan 833.
Revival
In the instance of a missed payment, the policy would go into a lapsed state. However, the plan could be revived back by paying up the missed premiums within two years from the first date of missed premium along with interest as fixed by Corporate at the payment time.
Paid Up Value
The Jeevan Lakshya policy attains a paid-up value once the three-year successful term has been completed. After that even if the life assured fails to make a payment still the policy would sustain in a paid-up form and on death “Death Paid-up Sum Assured” would be given to the beneficiary while on the maturity of the plan “Maturity Paid Up Sum Assured” would be given to the policyholder.
