LIC's Jeevan Lakshya Plan

LIC’s Jeevan Lakshya Plan / Policy is a Participating non-linked plan which provides you insurance and investment at the same time. LIC’s Jeevan Lakshya Plan  provides protection to the family of policyholder incase of his death as the nominee would receive annual income benefits along with the lump sum amount at the time of maturity of the plan in addition to the Simple Reversionary Bonus and Final Additional Bonus, if any. Through providing Loan facility, it also takes care of liquidity.

LIC Jeevan Lakshya Policy / Plan Key Features

LIC’s Jeevan Lakshya Plan Benefits :

Maturity Benefits :

If the insured survives till the maturity of the LIC Jeevan Lakshya Policy term while paying all premiums on time, he would be paid the lump sum amount of Sum Assured i.e. equal to to Basic Sum Assured plus vested Simple Reversionary Bonus and Final Additional Bonus, if any.

Death Benefits :

If the policyholder dies during the LIC Jeevan Lakshya Policy term while paying all premiums on time, the nominee would receive the following benefits :

Annual Income Benefit equal to 10% of the Basic Sum Assured which would be payable from the next policy anniversary date till the date of one year before the maturity of the policy.
110% of the Basic Sum Assured which would be payable on the date of maturity of the policy.
The Vested Simple Reversionary Bonus and Final Additional Bonus, if any, would be payable along with the 110% of Basic Sum Assured at the time of maturity of policy.

The Death Benefits mentioned above shall not be less than 105% of all premium paid as on the death of Life Insured.

(Premiums defined above would exclude tax, extra premium and rider premium(s), if any.)

Rider Benefits :

One can take these Rider Benefits by paying extra premium amount :
LIC’s Accidental Death and Disability Benefits Rider.
LIC’s New Term Assurance Rider

Loan Benefits :

After the completion of 3 years paid premium term of LIC Jeevan Lakshya Policy, one can eligible to avail loan against this policy.

LIC’s Jeevan Anand Policy Features, Benefits, Maurity To Know Details click on this link :- lics-new-jeevan-anand-plan

Free-look Period :

The period of 15 days in beginning of the policy term will be provided to the policyholder for his convenience. If he wants to cancel the policy he can cancel it in this period and can receive the premium paid net of any applicable expenses.

Grace Period :

The policy provide you a grace period of 30 days in case of quarterly, half yearly and yearly premium payment mode and 15 days in case of monthly premium payment mode.

Surrender Value :

The percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for rider(s) would be provided as the Guaranteed Surrender Value, if one wants to surrender the policy but only after the 3 full years’ premium have been paid by him.

Revival of LIC Jeevan Lakshya Policy :

The policy can be lapsed if the premiums are not paid within the grace period. But you can also revive this lapsed policy by paying all the arrears of premium altogether with interest (compound half yearly) within the period of 2 years since the date of first unpaid premium.

Paid-up Value :

If one has paid 3 years’ premium on time but stopped paying after that, the Paid-up Value of LIC Jeevan Lakshya Policy would be available for him as follows :

Death Benefits would be:
10% of Basic Sum Assured × (No. of premiums paid / Total no. of premiums payable) as an Annual Income Benefit from the next policy anniversary date till one year before the date of policy anniversary.
(No. of premiums paid / Total no. Of premiums payable) × (110% of Basic Sum Assured + Accrued Bonus, if any) as the lump-sum amount at the time of the maturity of the policy.

Maturity Benefits would be :
(No. of premiums paid / Total no. of premiums payable) × (Basic Sum Assured + Accrued Bonus, if any) as the lump-sum amount at the time of maturity of the policy.

Now we’ll understand the Death and Maturity Benefits of LIC Jeevan Lakshya Policy with the help of an example :

Name : Mikhil
Age : 30
Basic Sum Assured : Rs. 1,00,000
Term : 25 Years
Premium Payment Term : 25 – 3 = 22 Years
Annual premium : Rs. 3,500 + Taxes = Rs.3,657

(This example is totally an assumption of ours just to help you out to understand this Policy better.)

Based on above data there will be 2 cases as follow :

Case 1.

If Mikhil dies after 5 Policy years

Total Premium Paid by Mikhil in 5 Policy Years = Rs. 18,285

The nominee would receive :
Annual Benefit of 10% of Sum Assured i.e. Rs. 10,000 from the 5th year till the 24th year of policy.
110% of Sum Assured i.e. Rs. 1,10,000 at the end of the 25th year Along with the Simple Reversionary Bonus and Final Additional Bonus.

Case 2.

If Mikhil survives till the end of the maturity of LIC Jeevan Lakshya Policy,

Total Premium Paid by Mikhil in 25 Policy Years = Rs. 91425

Mikhil would receive :
The lump-sum amount of Sum Assured i.e. Rs. 1,00,000 along with the Simple Reversionary Bonus and Final Additional Bonus.

Lets assume that the Simple Reversionary Bonus = Rs. 45 per 1,000 Sum Assured that would be : Rs. 45 × 100 × 25 = Rs. 1,12,500
And Final Additional Bonus = Rs. 50,000
Then the amount wil be :

Rs. 1,00,000 + Rs. 1,12,500 + Rs. 50,000 = Rs. 2,62,500.

LIC’S Premium Calculator :- Click On this Link and Calculate Your Premium :- https://ebiz.licindia.in/D2CPM/#qni/basicinfo