LIC Jeevan Lakshya Plan: Premium, Maturity Benefits, Other Details Here
LIC Jeevan Lakshya Plan: LIC Jeevan Lakshya Policy is a participating endowment plan which provides both investment and insurance benefits. Since it is a participating plan, bonus benefits will be available. It is a participating non-linked plan which offers a combination of protection and savings. LIC, which offers a variety of products such as term insurance plans, endowment plans, and unit-linked plans, provides annual income benefit under its Jeevan Lakshya plan.
The LIC plan can be purchased for a minimum sum assured of Rs. 1 lakh and does not have any maximum limit for the sum assured, according to LIC’s website.
In case of death of the policyholder, a regular income is provided to the nominee in addition to a lump sum at the date of Maturity. There are some additional benefits which you can take in the form of riders.
LIC Jeevan Lakshya Plan: Eligibility
When buying the LIC Jeevan Lakshya Plan, the customer has to decide on the following:
- Basic Sum Assured – This is the amount of coverage that you want. You can choose a minimum amount of Rs 1,00,000. There is no upper limit.
- Policy Term – This is the period for which you wish to have the cover. The term can be anywhere between 13 to 25 years
- Premium Payment Term – You need to pay the premiums for the Policy Term minus 3 years only, irrespective of whatever term the policy is for.
- Premium payment modes – Premiums for the policy can be paid in yearly, half-yearly, quarterly and monthly periods and an option of Electronic Clearing Service (ECS) is also available, wherein it facilitates an easier option to pay the premiums
- Age of entry –
- Minimum – 18 years (completed)
- Maximum – 50 years (nearest birthday)
- Bonuses – Being a With-Profits Endowment Assurance plan, this policy garners profits made by the Life Insurance Corporation of India through the Simple Reversionary Bonus and Final Additional Bonus (if applicable) and these are paid out at the end of the maturity period
- Optional riders – The policy can have two optional riders
- Maximum maturity age – 65 years (nearest birthday)
Based on the basic sum assured, your age and the policy term selected, your annual premium will be decided.
Since it is a Participating plan, you will receive Simple Reversionary Bonus and Final Additions as and when declared by LIC.
LIC Jeevan Lakshya Plan: Benefits
- Tax Benefits –
- Premium paid for this plan is admissible for an availing rebate on income tax under 80C and the maturity amount is free from tax as per section 10D.
- Maturity amount is exempted from tax under Sec 10(10D) of the Income Tax Act.
- Death claims received under the plan are free from taxation under Section 10(10D) of the Income Tax Act.
- Death Benefits – The nominee will receive all of the following:
- 10% of the Basic Sum Assured as an Annual Income Benefit from the next policy anniversary date to the policy anniversary date one year before the Maturity Date.
- 110% of the Basic Sum Assured payable on the Maturity Date
- Simple Reversionary Bonus which has accrued throughout the policy term payable on the Maturity Date
- Final Addition Bonus if declared payable on the Maturity Date
The Death Benefit shall not be less than 105% of all premiums paid as on date of death of the policyholder.
- Maturity Benefits – The policyholder will receive the following:
- Basic Sum Assured
- Simple Reversionary Bonus
- Final Addition Bonus if declared