JEEVAN LAKSHYA Plan
LIC's Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfil 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. This plan also takes care of liquidity needs through its loan facility.
BENEFITS:
On Death :
Future premium will be waived.
10% of Sum Assured payable as Income benefit till maturity
At Maturity, 110% of Sum Assured + Reversionary Bonuses + Final Additional Bonus shall be payable.
On Maturity :
Sum Assured + Simple Reversionary Bonuses + Final Additional Bonus shall be
payable.
OPTIONAL BENEFITS:
Accidental Benefit Rider: On Death double the Sum Assured shall be payable.
The benefit covered under this plan is up to the age of Life Assured is 70 Years or till PPT, whichever is earlier.
Accidental Death and Disability Benefit:
On Death Accidental Sum Assured shall be payable.
Allowed only for Age 18 years and above.
Maturity Installments: Death benefit shall be received in instalments over a period of 5 or 10 or
15 years instead of lumpsum amount.
Term Assurance Rider: Provides Life Cover in case of Death. Allowed only for Age 18 years and above.
The additional premium for the term rider is paid along with the premium of the basic plan.
MODE OF PREMIUM:
Yearly, Half Yearly, Quarterly, Monthly
ELIGIBILITY CONDITIONS:
MIN AGE: 18
MIN TERM: 13
MIN SA: 100000
MAX AGE: 50
MAX TERM: 25
MAX SA: No-Limit
BASIC SA IN MULTIPLES OF 10000
MAX MATURITY AGE: 65
SURRENDER VALUE:
The policy can be surrendered at any time during the policy term provided at least two full years premium has been paid. Surrender Value equal to higher of Guaranteed Surrender Value or Special Surrender Value shall be payable.
LOAN:
At least two full years of premium payment to apply for the loan facility
The loan is a percentage of Surrender Value
The rate of interest for loan amount shall be determined from time to time by Corporation.