Jeevan Lakshya
- Plan No.: 933
- Old No.: 833
LIC’s Jeevan Lakshya is a Non-linked, Participating, Individual, Life Assurance plan. It offers a combination of life protection and corpus savings.
In case of the unfortunate death of the Policyholder at any time before maturity, this plan provides an Annual Income benefit that may help to fulfill the primary needs of the family. It also provides a lump sum amount at the time of maturity irrespective of the survival of the Policyholder.
Eligibility criteria of LIC Jeevan Lakshya
| Minimum Basic Sum Assured | 1,00,000 |
| Maximum Basic Sum Assured | No Limit |
| (The Basic Sum Assured shall be in multiples of 10,000/-) | |
| Policy Term | 13 to 25 years |
| Premium Paying Term | (Policy Term – 3) years |
| Minimum Age at entry | 18 years (last birthday) |
| Maximum Age at entry | 50 years (nearer birthday) |
| Maximum Maturity Age | 65 years (nearer birthday) |
| Premium payment mode | Yearly, Half-yearly, Quarterly or Monthly |
Benefits of LIC Jeevan Lakshya
Death benefit
On the death of the Life Assured during the policy term before the stipulated Date of Maturity, the benefits are payable at 2 stages. One is maturity benefit payable on the date of maturity & the other is annual income till the date of maturity.
The following death benefit is payable on maturity (maturity benefit)
- The following death benefit is payable on maturity (maturity benefit)
Sum Assured on death will be the highest of the following
- 7 times of annualized premium or
- A sum of 110% of the Basic Sum Assured or
- 105% of total premiums paid up to the date of death.
Meanwhile, the following shall be payable annually (Annual income benefit)
Annual Income Benefit equal to 10% of the Basic Sum Assured shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy matures.
Maturity Benefit
On Life Assured surviving the policy term, the following is payable on maturity.
Sum Assured on maturity + Vested Simple reversionary bonus + Additional bonus if any.
Sum Assured on maturity = Basic Sum Assured.
Policy Loan
The loan can be availed under the policy provided at least two full years’ premiums have been paid.
A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of the First unpaid premium.
Revival
If premiums are not paid within the grace period, then the policy will lapse. A lapsed policy can be revived within a period of 5 consecutive years from the date of the first unpaid premium but before the end of the policy term.
Paid-up policy
If less than two years’ premiums have been paid – any subsequent premium is not duly paid, all the benefits under the policy shall cease after the expiry of the grace period.
If at least two full years’ premiums have been paid – any subsequent premiums be not duly paid, the policy shall not be wholly void, but shall continue as a paid-up policy.
