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Jeevan Lakshya

Jeevan Lakshya





Jeevan Lakshya (Plan No. 833)


LIC's Jeevan Lakshya is another savings cum protection endowment plan. This 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.

Features

  • Annual Income Benefit @ 10% of Basic Sum Assured
  • 110% of Basic Sum Assured along with accrued bonuses is payable at maturity
  • Life risk cover for the policy holder
  • Premium Paying Term is 3 years less than the Policy Term
  • Additional Accidental Sum Assured
  • Loan can be taken against the policy
  • Double tax benefit (u/s 80C and u/s 10D) 



Eligibility Conditions


Minimum age at entry
18 years
Maximum age at entry
50 years
Maximum age at maturity
65 years
Minimum policy term
13 years
Maximum policy term
25 years
Premium paying term
(Policy Term – 3) years
Minimum sum assured
Rs 1,00,000/-
Maximum sum assured
No higher limit




Double Tax Benefit


U/S 80 C  : Premiums paid under this plan are eligible for tax rebate u/s 80 C

U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)








Possible Events during policy duration


On Death 
If the policy holder dies during the policy term, his/her nominee will receive following benefits:
1. Annual income benefit @ 10% of Basic Sum Assured till the maturity due date
2. 110% of Basic Sum Assured at maturity
3. Simple Reversionary Bonus
4. Final Additional Bonus (if any)
On Accidental Death
In case, the policy holder dies due to an accident, the nominee will get following benefits:
1. Annual income benefit @ 10% of Basic Sum Assured till the maturity due date
2. 110% of Basic Sum Assured at maturity
3. Additional Accidental Sum Assured equal to the Basic Sum Assured
4. Simple Reversionary Bonus
5. Final Additional Bonus (if any)


 On Survival / Maturity
The policy holder will get following benefits on maturity: 

 1. Basic Sum Assured
2. Simple Reversionary Bonus
3. Final Additional Bonus (if any)



Understand Jeevan Lakshya Plan with an example


Mr. Yogesh aged 32 years, plans to take Jeevan Lakshya for 20 years and the sum assured of Rs 12,00,000/- (Rupees Twelve Lakhs only).
He is required to pay an annual premium of Rs 45,680.00 (Rupees Forty Five Thousand Six Hundred and Eighty only).

Possible Events


On Death
If Mr. Yogesh dies during the policy term, his nominee will receive following benefits:
1. Annual Income of Rs 1,20,000/- every year till maturity
2. 110% Basic Sum Assured ie Rs 13,20,000/- at maturity
3. Simple Reversionary Bonus at maturity
4. Final Additional Bonus at maturity

 * If the death occurs due to an accident, an additional accidental sum assured will also be payable along with above mentioned benefits.

On Survival till maturity
If Mr. Yogesh survives till the end of policy term, he will get following benefits:
1. Basic Sum Assured i.e Rs 12,00,000/-
2. Simple Reversionary Bonus
3. Final Additional Bonus (if any)



*** To buy a new LIC plan call Vikas 99111-70785 ***

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