Investment Plans 5009 views February 29, 2020

LIC Jeevan Lakshya

Life is filled with uncertainties, and tragedies mostly come unexpectedly. Few events can have an irreparable effect on your life and leave your near and dear ones mourning. Hence, to reduce the financial liability on your family in your absence and to build proper savings for the future, availing an appropriate life insurance plan is definitely suggested. LIC, the pioneer in insurance in the industry in India, understands this needs of you and has been catering to millions of customers in India. LIC Jeevan Lakshya is one such offering made by LIC keeping in mind these aspects.


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Let us see the various aspects of the LIC Jeevan Lakshya plan as below.

Features and Benefits of LIC Jeevan Lakshya plan

LIC Jeevan Lakshya is an endowment insurance plan which is has a dual benefit of protection as well as savings and is a participating non-linked plan with the below benefits:

Twin Benefits- The plan has a double benefit of protection as well as savings

Participation on profits- Since LIC Jeevan Lakshya participates in the profit of LIC, hence you are entitled to receive simple revisionary bonuses

Flexibility- Option to pay the premium monthly, quarterly, half-yearly and yearly

Maturity Benefit- LIC Jeevan Lakshya comes with maturity benefit. For all running policies where the policyholder has paid all the premiums and lives till the term of the policy, then you, as a policyholder will be entitled to getting a maturity benefit. The ultimate amount will be the basic sum insured together with the simple revisionary bonuses and other extra bonus if there are, also would be added to the maturity sum

Death Benefit- The plan provides the death benefit where the policyholder pays a regular premium and dies before the maturity date of the policy. Here, the Sum Insured on Death will be paid to the designated nominee with the simple revisionary bonus and with an additional bonus if applicable. Sum Insured will be the summation of the below:

  1. 10% of the Basic Sum Insured as the yearly income benefit on every policy anniversary
  2. On the maturity date, the insured absolute amount which is equivalent to 110% of the Basic Sum Insured will be paid to the nominee
  3. Death Benefit will not be lesser than 105% of the entire premiums paid on the date of death

The benefit of Riders- LIC Jeevan Lakshya offers two-rider benefits which are as below

  1. LIC’s Accidental Death and Disability Benefit Rider: This particular rider can be added to the basic plan when you are paying the premium in a policy term by paying an extra premium anytime during the policy period. Additional sum insured is being paid to the nominee where there has been an accidental death of the policyholder during the period of the policy
  2. LIC’s New Term Assurance Rider: This rider also can be added to the basic policy by paying an extra premium, but the same has to be taken at the beginning of the policy. The rider offers the coverage of life in case of the unwanted death of the policyholder during the term of the policy. The disbursement in this rider will be
    equivalent to the Sum Insured of the Term Assurance Rider

Online Calculator-  You can easily use the LIC calculator for LIC Jeevan Lakshya plan to know the amount of premium and other benefits

Tax Benefit- The plan provides a tax exemption under the Income Tax Act under section 80 (C) and section 10 10(D) with further advice from your tax consultant

Eligibility under LIC Jeevan Lakshya plan

Entry Age Minimum- 18 years
Maximum- 50 years
Maturity Age65 years
Policy period Minimum -13 years
Maximum- 25 years
Sum Insured Minimum -INR 1 Lakh
Maximum - Zero Limit

For Accidental Death and Disability Benefit Rider
Minimum -INR 10000
Maximum – Equivalent to the Basic Sum Insured < INR 1 Lakh

For New Term Assurance Rider
Minimum -INR 1 Lakh
Maximum – INR 25 Lakhs

Exclusions under LIC Jeevan Lakshya Plan

Death Benefit will be nil in case the policyholder commits suicide within 12 months from the date of the beginning of the policy. The nominee will be compensated for all the running policies, 80% of the total premiums paid which will be exclusive of tax, additional premium and the premium under the rider policy.

Loan Facility under LIC Jeevan Lakshya Plan

You can take a loan under this plan after the completion of 3 years premium payment.

You can apply for this LIC Jeevan Lakshya plan by contacting any LIC agent who will be able to show you LIC Jeevan Lakshya 833 table for your reference or you can apply online by visiting the official site of LIC and filling certain details and the authorized representative will get in touch with you.

So, if you are looking for a plan which will help your family by providing protection as well as savings, the traditional endowment plan of LIC will be the right choice. Get the details, check your requirements and apply for the plan.

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