LIC's Jeevan Lakshya Plan - Features
LIC's Jeevan Lakshya Plan is a Limited Premium Endowment plan which participates in profits. It povides Annual Income Benefit which is helpful to fulfil the needs of the family. Jeevan Lakshya plan is primarily beneficial for Children. In case Life Assured meet an unfortunate event during the policy term, 10% of Sum Assured will be paid on every policy anniversary to the Nominee (Child) till the end of the Term and all the future Premiums would be waived off against the Policy. At Maturity the Nominee will get a lump sum amount irrespective of survival of policyholder along with the 10% of the Sum Assured amount for the last time.
LIC's Jeevan Lakshya Plan - Benefits
- Maturity Benefit : (provided all due premiums have been paid)
Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonuses (as applicable and declared)
- Death Benefit : (provided the policy is In force)
During the Policy Term: If Death Occurs during the policy term, 10% of the basic Sum Assured will be paid to Nominee every year as money back from the year of death until the date of maturity both years included.
End of the Policy Term: At the end of policy term/ maturity date Nominee will be paid Sum Assured on death (110% of Sum Assured) + Vested simple Revisionary Bonuses + Final Additional Bonus (as applicable and declared)
- Income Tax Benefit : Premium paid under this plan is eligible for TAX rebate under section 80C of Income Tax Act
Maturity under this plan is 100% Tax free under sec 10(10D)
LIC's Jeevan Lakshya Plan – Details
- Endowment Plan with Guaranteed Return.
- Premium to be paid 3 years less than the Policy Term.
- Sum Assured + Simple Reversionary Bonus & Final Additional Bonus is payable as applicable on Maturity or earlier death 10% of the basic Sum Assured will be paid to nominee every year from the year of death until the date of maturity + Maturity benefits.
- Rider Benefit - Accidental Death and Disability Benefit Rider and Term Rider.
- Rebate on Higher Sum Assured and Mode of Payment.