The LIC’s Jeevan Lakshya Plan is an assured profit sharing endowment policy. It is a combination of risk cover and savings plan and is most suitable for providing financial security for your family. It is not linked to or is not dependent on share market and comes with guaranteed returns.
1. It provides Annual Income benefit to fulfill the needs of the family in case of unfortunate demise of the insured any time before maturity. It also gives a lump sum amount at the time of maturity irrespective of survival of the insured.
2. This is a limited premium paying conventional plan of 13 to 25 years.
3. The premium paying term is 3 years less than the actual policy term.
4. Loan facility is also available in this policy after 3 years of premium payment.
5. There is an option to surrender the policy after 3 years of full premium payment
6. This plan is eligible for Simple Reversionary Bonus as declared by LIC.
7. It is also eligible for Final Addition bonus declared by LIC.
8. The policy premiums can be paid in yearly, half-yearly, quarterly and monthly basis. There is an option of Electronic Clearing Service (ECS) also available.
9. Rebate is given for yearly and half-yearly mode of premium payment.
10. The plan is available for the age group of 18 to 50 years. Maximum maturity age is 65 years.
11. Minimum sum assured is Rs. 1,00,000 with no maximum limit (sum assured in multiples of Rs. 10,000 only).
12. The Death Benefit for this policy within the policy tenure is sum assured + bonus.
13. The Maturity Benefit offered is sum assured + accrued bonus.
14. The insured can avail tax benefits under section 80C for the premium paid. The maturity amount is also tax-free under section 10(10)D.
15. You can add two optional riders; 1) LIC Accidental Death and Disability Benefit Rider and 2) LIC New Term Assurance Rider.