LIC Jeevan Lakshya (Plan No: 933)
LIC Jeevan Lakshya Plan provides double benefits of Annual Income in case of death along with sum assured + Simple Reversionary Bonus + Final Addition Bonus as maturity. The Annual Income benefit provided by LIC Jeevan Lakshya 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.
Unique Identification Number: 512N297V02
Launch Date: 1st February 2020
Maturity Benefit:
Sum Assured on Maturity + Simple Reversionary Bonuses + Final Additional Bonus if any.
- Where Sum assured on maturity is equal to Basic Sum Assured.
- On Survival to the end of the policy term provided all due premiums have been paid.
- Payable in Lump Sum or as per Settlement Option exercised
Death benefit:
Sum Assured on Death + Vested Simple Reversionary Bonuses + Final Additional Bonus if any
“Sum Assured on Death” is a total of (a & b) below.
a) Annual Income Benefit equal to 10% of Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity
b) 110% of Basic Sum Assured payable on due date of maturity.
- In case of death during the policy term provided all due premiums ave been paid.
- This death benefit shall not be less than 105% of all the premiums paid as on the date of death. Where premiums exclude service tax, extra premium and rider premiums if any.
Income Tax Benefit of LIC Jeevan Lakshya:
- under section 80C of the Income Tax Act, premiums paid under the LIC Jeevan Lakshya Plan are eligible for a rebate up to the limit of Rs: 1,50,000/-
- under Section 10(10D) of Income Tax Act, The Maturity benefit received by the policyholder or the Death claim received by the Nominee under LIC Jeevan Lakshya Plan is entirely tax-free and no TDS is deductible.
Synopsis of LIC Jeevan Lakshya Plan:
| Sr. No. | Particulars | Eligibility Condition |
| 1 | Age at entry for Life assured | Minimum – 18 years (last birthday) Maximum – 50 years (nearer birthday) |
| 2 | Policy Term Premium paying term | 13 to 25 years (Policy Term – 3 ) years |
| 3 | Maximum Maturity Age | 65 years (nearer birthday) |
| 4 | Basic Sum assured (in multiples of 10,000/-) | Minimum – 1,00,000/- Maximum – Unlimited |
| 5 | Mode rebate | Yearly – 2% of tabular premium Half Yearly – 1% of tabular premium Quarterly, SSS – Nil |
| 6 | Large Sum Assured rebate (per 1000 S.A) | 1,00,000 to 1,90,000 – NIL 2,00,000 to 4,90,000 – Rs: 2 %o B.S.A. 5,00,000 and above – Rs: 3 %o B.S.A |
| 7 | Mode of payment of premiums | Yearly Half-yearly Quarterly Monthly NACH Salary Saving Scheme |
| 8 | Grace Period | 30 days for Yearly/H-Yrly/Qtrly modes 15 days for NACH/SSS modes |
| 9 | Surrender & Policy Loan | After payment of premiums of 2 full years *conditions apply |
| 10 | Revival | Within 5 years from First Unpaid Premium & before Maturity |
| 11 | Optional Riders Available: | L.I.C’s Accidental Death & Disability Benefit Rider L.I.C’s Accident Benefit Rider L.I.C’s Term Assurance Rider L.I.C’s Critical Illness Benefit Rider |
- For more details about Suicide Clause under LIC Policy visit http://www.punitshet.com/lic-policy-suicide-clause/
Settlement Option for Maturity Benefits:
- The settlement option can be exercised for Maturity benefits under this plan. If opted, the maturity claim amount will be paid in an installment to the policyholder. To read more about Settlement Option for Maturity Benefits read: http://www.punitshet.com/lic-policy-maturity-claim-in-instalment
Option to take Death Claim Benefits in installment:
- Death Claim Benefits under this plan can be paid to the Nominee in installments provided the option has been exercised by the policyholder. To know more about How to take Death Claim in Installments read: http://www.punitshet.com/take-lic-policyholders-death-claim-amount-in-instalments
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