The LIC Jeevan Lakshya Plan is categorized as a With-Profits Endowment Assurance plan. This is a limited premium paying, non-linked plan. Premiums for this policy must be paid for 3 years lesser than the policy term. By being non-linked it guarantees an assured sum and bonuses as a maturity or death benefit. In case the policy holder survives the term of the policy, this sum will be paid as a lump sum maturity benefit. In the case of his death within the term of the policy, the nominee will receive 10% of the assured sum every year till the plan matures. Premiums do not have to be paid for the remainder of the policy term. On maturity, the nominee will again receive the sum assured and bonuses.
Provided all the premiums have been paid in full and the policyholder has survived till the end of the policy term, the Maturity Benefit will encompass the Sum Assured on Maturity plus the vested Simple Reversionary Benefits and the Final Additional Bonus, if any.
In case of unfortunate demise of Policyholder, a full Sum assured is paid to the nominee & if Term Rider option is chosen then Double the Sum assured is paid immediately. Plus 10% of Sum assured is paid each year till maturity.
Premiums paid under this plan is eligible for Tax rebate under Section 80C. Maturity/ Death claim paid for 100% Tax-free under Section 10 (10d).
This plan ensures that you ca take care of your family’s needs long after your demise. The key features of this policy are:
Any individual between the age of 18 and 50 years can buy this policy. The maximum age at which maturity benefits can be claimed is 65 years. So, hurry contact an authorized LIC agent today.
|Eligibility Conditions & Restrictions|
|Minimum Age||8 years(Completed)|
|Maximum Age||50 years|
|Maximum maturity age||65 years|
|Policy Term||13 years to 25years|
|Premium paying term||Policy term -3years|
|Minimum Sum Assured||Rs.1,00,000|
|Maximum Sum Assured||No limit|
|Premium Payment||Yearly / Half yearly / Quarterly / Monthly (Thru bank)|
|Loan||Eligible After 3years|
|Surrender||Eligible After 3 Years|
|On Death||(i) Sum Assured (If chosen, Term Rider option)
(ii) 10% of Sum Assured is paid every year till maturity of the policy term
(iii) Further premiums are waived till maturity
(iv) Sum Assured + Bonus is paid on the stipulated policy term
|On Maturity||Sum Assured + Bonus|
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is Non taxable u/s 10(10d)