LIC Jeevan Lakshya Plan (Table No:833)
LIC’s Jeevan Lakshya policy is a combination of risk cover and saving plan which is most suitable for the purpose of providing financial security of children and family. This policy provides life cover during the policy term and Sum Assured + Bonuses on survival as maturity. In case of death of policy holder during the policy term, this policy provides 10% of sum assured every year till maturity and on maturity it again provides 110% of Sum Assured + Bonuses as maturity.
- Annual Income in case of death
- Sum assured + Simple Reversionary Bonus + Final Addition Bonus as maturity.
- Annual Income feature can be used as child education in case of death
- Paid premiums are exempted from income tax under 80C
- Maturity amount is tax free under 10 (10D)
|Age of Entry||18 to 50 years
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|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
|Policy Term||13 to 25 years|
|Premium Paying Term||(Policy Term - 3) years|
|Sum Assured||100000 and above (in multiples of 10000)|
|Premium Mode Rebate||2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly||High Sum assured Rebate||0% of SA on 0 to 2,00,000 2% of SA on 2,00,000 to 4,90,000 3% of SA on 5,00,000 and above|
|Loan||After 3 Years|
|Surrender||After 3 Years [ Surrender Value Calculator]|
|Revival||Within 2 Years of Lapse|
- In case of death of policy holder during policy term, 10% of Sum Assured will be provided to nominee every year till one year prior to maturity, and
- On maturity, 110% of Sum Assured + Simple Reversionary Bonus + Final Addition Bonus will be payable as maturity amount.
- Sum Assured + Simple Reversionary Bonus + Final Addition Bonus will be payable as maturity amount. .
Illustrations with Example
To understand Jeevan Lakshya Plan, Lets take an example of a person who is purchasing Jeevan lakshya Plan with following details.
Sum Assured: Rs. 10,00,000
Policy Term: 21 Years
Premium Paying Term: 18 Years
Policy Purchase Year: 2015
Age: 28 Years
Yearly Premium: Rs. 52455
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Since Premium paying term is 3 year lesser than policy term, so premium will be payable for 18(21-3) years in this case.
Maturity benefit illustration
At maturity, Jeevan Lakshya provides Sum Assured + Simple Reversionary Bonus + Final Addition as maturity amount on survival of policy holder. Following table indicates the maturity details.
|Year||Sum Assured (Guaranteed)||Bonues (Variable)||Maturity Amount (Approx)|
Death benefit illustration
In case of unfortunate death of policy holder during policy term, this plan proivides 10% of sum assured every year till maturity and again at competion of policy term maturity amount is also payable. To understand this benefit, let's suppose death happens 10 year after taking this policy, age of the policy holder and year at time of death will 38 and 2024 repectively. 10% of sum assured will be payable from year of death till maturity and on completion of the policy term maturity benefit will be also provide. Following table provides year-wise details.
|End of Year||Year||Premium Paid||Return in case of death||Remarks|
|10||2024||0||100000||Unfortunate death happens|
|Total||524550||3208000||Maturity + Yearly Income|