LIC Jeevan Lakshya Plan

What is the LIC Jeevan Lakshya plan, its eligibility requirements, its advantages, its riders, and its grace period? LIC Jeevan Lakshya plan information (plan no. 933), its features, benefits, riders, and its surrender value.

Jeevan Lakshya LIC (LIC Jeevan Lakshya) This policy’s unique feature is that it provides fixed income stability for capital. After a Jeevan Lakshya Insurance policy has been initiated, the purpose of the policy is perpetual. Because of this, the family of the insured will not be required to pay any premiums in the event of the insured’s passing. Tell us more about this life insurance in detail.

What is LIC Jeevan Lakshya?

A participating endowment policy that provides both investing and insurance advantages is the LIC Jeevan Lakshya Policy. This plan will be eligible for additional benefits because it is a participating plan. A regular income in addition to a lump amount is given to the nominee on the date of maturity in the event of the policyholder’s death.

Is a standard insurance with a limited premium payment a with-profit endowment assurance plan? This plan primarily benefits children and offers a yearly income benefit to support the needs of the family. The Sum Assured is given to the children in the terrible event of the life assured passing away within the period of the plan.

LIC Jeevan Lakshya Plan Eligibility Criteria

Features of LIC Jeevan Lakshya Plan

• This life insurance has a 13 to 25-year term.
• The minimum and maximum age requirements to purchase this coverage are 18 and 50, respectively.
• This life insurance’s premium can be paid annually, half-yearly, quarterly, or monthly.
• Also, you have the choice of paying premiums via Electronic Clearing Service (ECS), which is a highly practical method.
• Regardless of the term for which the policy is taken, the duration for which the premium is to be paid in this insurance is three years less than the policy term.
• There is no upper limit on the minimum sum assured offered by this plan, which is Rs. 1,000,000.
• This policy pools the profits made by Life Insurance Corporation of India through Simple Reversionary Bonuses and Final Additional Bonuses (if applicable) and pays them out at maturity. It is a with profit endowment assurance plan.

Benefits of LIC Jeevan Lakshya Plan

Death Benefit

The beneficiary of the life assured will get Simple Reversionary Bonuses and Final Extra Bonuses if the life assured passes away before the maturity date (if any). The Amount Assured on Death is described in this case as follows:

• From the policy anniversary that falls on or after the date of the life assured until the policy anniversary before the date of maturity, an annual income benefit equal to 10% of the Basic Amount Assured will be paid.
• Absolute Amount Guaranteed will be payable on the maturity date and equal 110 percent of the Basic Sum Assured.

The Death Benefit as previously stated must equal at least 105 percent of all premiums paid up until the date of death.

Maturity Advantage

If the insured survives the policy period and has paid all premiums, a maturity bonus is given. On maturity, a lump payment amount, a simple reversionary bonus, and a last supplementary bonus are paid (if any).

Participation in Profit

As long as the LIC Jeevan Lakshya Plan is still in effect, it will be eligible to collect Simple Reversionary Bonuses and share in the company’s profits. These bonuses will be determined by the company’s performance during the course of the policy term.

The LIC Jeevan Lakshya policy continues to participate in the benefits till the maturity date in the event of the insured’s death. As a result, on maturity, Simple Reversionary Bonus and Final Extra Bonus (if any) are paid.

Tex Benefits

Section 80C of the Income Tax Act allows for an annual income tax exemption for premium payments made to this plan, and section 10D of the act exempts the maturity amount from tax.

Riders of LIC Jeevan Lakshya Plan (Additional Rider Benefits)

• Accidental Death and Disability Rider
• New Term Assurance Rider

Grace Period

The grace period for quarterly, half-yearly, and annual premium payments is 30 days. Likewise, if you pay a monthly premium, you will receive a 15-day discount. The policy will expire if the premium is not paid by the grace period’s deadline.

Surrender Benefit

Following the continuation of the policy for two years in a row, this insurance plan offers the opportunity to surrender the coverage at any time. The higher of the Special Surrender Value or a surrender value equivalent to the Guaranteed Surrender Value is paid by the insurer in these circumstances.

Revival

The policy expires if the premium is not paid during the grace period. The option to renew the policy is offered by LIC Jeevan Lakshya, but only if done so five years in a row. That means that it starts to expire as of the first unpaid premium date and can only be revived up until the maturity date.

Free look period

Within 15 days of receiving the policy documents, the insured may return them to the insurance provider, outlining their objections, if they are not happy with the terms and conditions of the policy.

Loan on the Policy

This policy can be used as collateral for loans after three years of premium payments.