LIC Popular Plans
Jeevan Lakshya Plan
LIC Jeevan Lakshya is a limited premium paying conventional plan which is non-linked and classified as a With-Profits Endowment Assurance plan. This plan provides an annual income which can be beneficial towards the needs of the family, especially the minors, in case of the death of the policyholder before the maturity of the plan. A lump sum amount is also made available at the end of the maturity period, regardless of the survival of the policyholder.
Key Features of LIC Jeevan Lakshya Plan:
- Premiums for the policy can be paid in yearly, half-yearly, quarterly and monthly periods and an option of Electronic Clearing Service (ECS) is also available, wherein it facilitates an easier option to pay the premiums
- Being a With-Profits Endowment Assurance plan, this policy garners profits made by the Life Insurance Corporation of India through the Simple Reversionary Bonus and Final Additional Bonus (if applicable) and these are paid out at the end of the maturity period
Maturity Benefit :
Provided all the premiums have been paid in full and the policyholder has survived till the end of the policy term, the Maturity Benefit will encompass the Sum Assured on Maturity plus the vested Simple Reversionary Benefits and the Final Additional Bonus, if any.
Death Benefit :
In case of unfortunate demise of Policyholder, a full Sum assured is paid to the nominee & if Term Rider option is chosen then Double the Sum assured is paid immediately. Plus 10% of Sum assured is paid each year till maturity.
Tax Benefits :
Premiums paid under this plan is eligible for Tax rebate under Section 80C. Maturity/ Death claim paid for 100% Tax-free under Section 10 (10d).
|Eligibility Conditions & Restrictions|
|Minimum age||18 years (Completed)|
|Maximum age||50 years|
|Maximum maturity age||65 years|
|Policy Term||13 years to 25years|
|Premium paying term||Policy term -3years|
|Minimum Sum Assured||Rs.1,00,000|
|Maximum Sum Assured||No limit|
|Premium payment mode||Yearly / Half yearly / Quarterly / Monthly (Thru Bank)|
|Loan||Eligible after 3 years|
|Surrender||Eligible after 3 years|
|On Death||(i) Sum Assured (If chosen, Term Rider option)
(ii) 10% of Sum Assured is paid every year till maturity of the policy term
(iii) Further premiums are waived till maturity
(iv) Sum Assured + Bonus is paid on the stipulated policy term
|On Maturity||Sum Assured + Bonus|
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount/Death claim is Non-taxable u/s 10(10d)