LIC Jeevan Lakshya (Plan No: 933)

LIC Jeevan Lakshya Plan provides double benefits of Annual Income in case of death along with sum assured + Simple Reversionary Bonus + Final Addition Bonus as maturity. The Annual Income benefit provided by LIC Jeevan Lakshya may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder.

Unique Identification Number: 512N297V02

Launch Date: 1st February 2020

Maturity Benefit:

Sum Assured on Maturity + Simple Reversionary Bonuses + Final Additional Bonus if any.

  • Where Sum assured on maturity is equal to Basic Sum Assured.
  • On Survival to the end of the policy term provided all due premiums have been paid.
  • Payable in Lump Sum or as per Settlement Option exercised

Death benefit:

Sum Assured on Death + Vested Simple Reversionary Bonuses + Final Additional Bonus if any

“Sum Assured on Death” is a total of (a & b) below.

a) Annual Income Benefit equal to 10% of Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity

b) 110% of Basic Sum Assured payable on due date of maturity.

  • In case of death during the policy term provided all due premiums ave been paid.
  • This death benefit shall not be less than 105% of all the premiums paid as on the date of death. Where premiums exclude service tax, extra premium and rider premiums if any.

Income Tax Benefit of LIC Jeevan Lakshya:

  • under section 80C of the Income Tax Act, premiums paid under the LIC Jeevan Lakshya Plan are eligible for a rebate up to the limit of Rs: 1,50,000/-
  • under Section 10(10D) of Income Tax Act, The Maturity benefit received by the policyholder or the Death claim received by the Nominee under LIC Jeevan Lakshya Plan is entirely tax-free and no TDS is deductible.

Synopsis of LIC Jeevan Lakshya Plan:

Sr. No.ParticularsEligibility Condition
1Age at entry for Life assuredMinimum – 18 years (last birthday)
Maximum – 50 years (nearer birthday)
2Policy Term
Premium paying term
13 to 25 years
(Policy Term – 3 ) years  
3Maximum Maturity Age65 years (nearer birthday)  
4Basic Sum assured (in multiples of 10,000/-)Minimum – 1,00,000/-
Maximum – Unlimited
5Mode rebateYearly –  2% of tabular premium
Half Yearly – 1% of tabular premium Quarterly, SSS – Nil
6Large Sum Assured rebate (per 1000 S.A)1,00,000 to 1,90,000 – NIL
2,00,000 to 4,90,000 – Rs: 2 %o B.S.A.
5,00,000 and above  – Rs: 3 %o B.S.A
7Mode of payment of premiumsYearly 
Half-yearly
Quarterly
Monthly
NACH
Salary Saving Scheme
8Grace Period30 days for Yearly/H-Yrly/Qtrly modes
15 days for NACH/SSS modes
9Surrender & Policy LoanAfter payment of premiums of 2 full years  *conditions apply
10RevivalWithin 5 years from First Unpaid Premium & before Maturity
11Optional Riders Available:L.I.C’s Accidental Death & Disability Benefit Rider
L.I.C’s Accident Benefit Rider
L.I.C’s Term Assurance Rider
L.I.C’s Critical Illness Benefit Rider

Suicide Clause:-

Settlement Option for Maturity Benefits:

Option to take Death Claim Benefits in installment:

Other LIC Plans

Endowment Plans
* Lic’s New Jeevan Anand
* Lic’s Jeevan Labh
* Lic’s New Endowment Plan
* Lic’s Single Premium Endowment Plan
* Lic’s New Bima Bachat
* LIC’s Jeevan Lakshya
* LIC’s Aadhaar Shila
* LIC’s Aadhaar Stambh

Whole Life Plans
* LICs Jeevan Umang

Money-Back Plans
* LIC’s Bima Shree
* LIC’s Jeevan Shiromani
* LIC’s NEW MONEY BACK PLAN – 20 YEARS
* LIC’s NEW MONEY BACK PLAN – 25 YEARS

Children Plans
* LIC’s NEW CHILDREN’S MONEY BACK PLAN
* LIC’s Jeevan Tarun

Pension Plans
* LIC’s Jeevan Shanti
Unit Linked Insurance Plan (ULIP)
* LIC’s NEW ENDOWMENT PLUS
* LIC’s NIVESH PLUS
* LIC’s SIIP

Health Insurance Plans
* LIC’s JEEVAN AROGYA
* LIC’s Cancer Cover

Term Assurance Plans
* LIC’s TECH TERM
* LIC’s Jeevan Amar

Riders
* LIC’s Linked Accidental Death Benefit Rider
* LIC’s Accidental Death and Disability Benefit Rider
* LIC’s Accident Benefit Rider
* LIC’s Premium Waiver Benefit Rider
* LIC’s New Critical Illness Benefit Rider
* LIC’s NEW TERM ASSURANCE RIDER

Micro Insurance Plans
* LICs New Jeevan Mangal
* LIC’s Micro Bachat Plan
* LIC’s Bhagya Lakshmi

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