LIC Jeevan Lakshya Plan

LIC Jeevan Lakshya Policy is a participating endowment plan which provides both investment and insurance benefits. Since it is a participating plan, bonus benefits will be available. In case of death of the policyholder a regular income is provided to the nominee in addition to a lumpsum at the date of Maturity. There are some additional benefits which you can take in the form of riders.

Features of LIC Jeevan Lakshya

·         Minimum sum insured for this plan is INR 1, 00,000 and maximum can be any limit. Basic sum assured need to be in the multiples of INR10, 000.

·         Policy term can be chosen between 13 to 25 years and four premium payment cycle can be selected monthly, quarterly, half yearly and yearly.

·         Maximum maturity age in this plan is 65 years

·         This plan is eligible to get a simple reversionary bonus and final addition bonus at the maturity of the policy.

·         The plan offers option of attaching accidental death & disability benefit rider and LIC new term assurance rider.

Benefits of LIC Jeevan Lakshya Plan

·         Maturity Benefit : The plan comes with maturity benefit. If the policyholder has paid regular premiums thought out the plan and survives the policy term then he/she will be eligible for maturity benefit. The final sum will be the basic sum assured plus the vested simple revisionary bonus and final additional bonus if any will be added to the maturity amount.

·         Death Benefit: If the unfortunate event of death of policyholder during the policy term, the plan pays out 10% of basic sum assured as annual income benefit on every policy anniversary. On the due date of maturity, the assured absolute amount will be 110% of basic sum assured will be paid. On maturity, Simple Reversionary Bonuses and Final Additional Bonus, if any, will also be included in the death benefit.

·         Tax benefits : Premium paid in this plan and maturity amount received carry income tax benefit under section 80c and 10D of the Income Tax Act.