LIC Jeevan Lakshya

Features of LIC Jeevan Lakshya Plan

• Minimum Entry Age : 18 years
• Maximum Entry Age : 50 years
• Minimum Policy Term : 13 years
• Maximum Policy Term : 25 years
• Premium Paying Term (PPT) : Policy Term – 3 years
• Minimum Basic Sum Assured : Rs 1 Lakh
• Maximum Basic um Assured : No limit
• Maximum maturity age : 65 years (policy-holder)

LIC Jeevan Lakshya – Optional Policy Riders

• LIC Accidental Death and Disability Benefit Rider : This rider can be opted at any time within the Premium Paying Term (PPT) of the Basic Plan. The benefit cover under this rider shall be available during the policy term. In Case of death during the policy term, an Amount equal to the “Accident Benefit Sum Assured” will be payable to the nominee.  In case of accidental permanent disability, an Accident Benefit Sum Assured will be paid in the form of dividing the amount into equal monthly installments spread over 10 years and all the future premiums for Accident Benefit rider are waived off. The maximum sum assured offered under this rider is Rs 1 crore (subject to the limit of Basic Sum Assured).
• LIC New Term Assurance Rider: This rider is available only at the time of taking the policy. The maximum sum assured offered under this rider is Rs 25 Lakh. 

Death Benefit & Maturity / Survival Benefit under LIC Jeevan Lakshya Policy

• Death Benefit :
  • If Death Occurs during the policy term 10% of the basic sum Assured (as annual income benefit) will be paid to the nominee every year from the year of death till the date of policy maturity.
  • At the end of the policy term/ maturity date, nominee will be paid  Sum Assured on death (110% of sum assured) + Vested simple Revisionary Bonuses + Final Additional Bonus (If Any).
• Maturity Benefit : On survival of the policy holder till the end of the policy term, Maturity Amount = Sum Assured + vested Simple Revisionary bonuses + Final Additional bonus  (FAB – if any) will be paid to the policyholder.
  

Illustration (example) of LIC Jeevan Lakshya Plan

Mr.Pandey (25 years)  purchases LIC Jeevan Lakshya Policy with a Sum Assured of Rs 10 Lakh . He opts for 20 years as the policy term and the premium paying term is 17 years (20-3 years).

Death Benefit in Pandey’s case : If Mr Pandey passes away after 5 years from the date of policy purchase, the death benefit payable to his nominee will be;

• From 6th year to 20th year, nominee will be paid with sum of 1 Lac every year. (10% of basic sum assured)
• At the end of the policy term after 20 years, nominee will receive 11 Lac (110% of sum assured) + Accrued Bonuses + FAB (Final Additional Bonus, if any)

Maturity Benefit : Suppose if Mr.Pandey survives till the policy term maturity, the maturity benefit payable to him will be:-

• Maturity amount = 10 Lac + Bonus + Final Additional Bonus (if any)