Blog postOur featured Post
LIC JEEVAN LAKSHYA
LIC’s Best Plan Ever for Child & Family
LIC Jeevan Lakshya is a limited premium paying, conventional With-Profits, Endowment Assurance plan. This plan provides for Annual Income benefit that may help to fulfill the needs of the family. Primarily the annual income benefit is for the education of the children, in case of unfortunate death of Policyholder any time before maturity, a lump sum amount at the time of maturity will be given to the nominee (Child) independent of survival of the Policyholder.
The benefits payable under an inforce policy are as under:
1. ) Maturity Benefit: On survival to the end of the policy term provided all due premiums have been paid, “Sum Assured on Maturity” along with vested Simple Reversionary bonuses and Final Additional bonus, shall be payable. Where Sum Assured on Maturity is equal to Basic Sum Assured.
2.) In case of death of the life assured in LIC’s Jeevan Lakshya, future premium will be waived, an annual income benefit equal to 10% of the sum assured (Also called educational benefit for the child) & maturity equal to 110% of point 1 above will also be given.
ELIGIBILITY CONDITIONS AND RESTRICTIONS for LIC’s Jeevan Lakshya:
For Basic Plan:
1) Minimum Age at entry for Life Assured : 18 years (last birthday)
2) Maximum Age at entry for Life Assured : 50 years (nearer birthday)
3) Maximum Maturity Age : 65 years (nearer birthday)
4) Policy Term : 13 to 25 years
5) Premium paying Term : (Policy Term – 3) years
6) Minimum Basic Sum Assured : Rs. 1,00,000/-
7) Maximum Basic Sum Assured : No Limit
MODE OF PREMIUM PAYMENT in LIC’s Jeevan Lakshya: The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (ECS only or through salary deductions)
The rebates for basic plan are as under:
Yearly mode : 2% of tabular premium
Half-yearly mode : 1% of tabular premium
Quarterly and monthly mode : NIL
High Basic Sum Assured Rebate:
Basic Sum Assured Rebate (in Rs.)
1,00,000 to 1,90,000 – Nil
2,00,000 to 4,90,000 – 2%o Basic Sum Assured
5,00,000 to and above – 3%o Basic Sum Assured
Loan facility is available under this plan, after payment of premiums for at least 3 full years subject to following conditions:
a) The maximum loan that can be granted as a percentage of surrender value are as under:
For inforce policies – 90%
For paid-up policies – 80%
However, the above percentages may vary from time to time.
GRACE PERIOD FOR PAYMENT OF PREMIUM: A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly mode of premium payment.