LIC of India’s New Plan Jeevan Lakshya (Plan No. 833)

Jeevan Lakshya

LIC’s Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that 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. This plan also takes care of liquidity needs through its loan facility. It is available for sale from 12/03/2015.

Benefits:

Death Benefit:
On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force by paying upto-date premiums, Death Benefit, defined as sum of ‚ÄúSum Assured on Death‚ÄĚ, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Where ‚ÄúSum Assured on Death‚ÄĚ is defined as the sum of:

Annual Income Benefit equal to 10% of the 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.

Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable  on due date of maturity; and

The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit,  shall be payable on due date of maturity.

The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.

Premiums referred above exclude tax, extra premium and rider premium(s), if any.

Maturity Benefit:
‚ÄúSum Assured on Maturity‚ÄĚ equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits:
The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.

Final Additional Bonus shall not be payable under reduced paid-up policies.

Optional Benefits:

The policyholder has an option of availing the following Rider benefit(s):

LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)

LIC’s New Term Assurance Rider (UIN: 512B210V01)

Rider Sum Assured cannot exceed the Basic Sum Assured.

Eligibility Conditions and Other Restrictions:

Minimum Basic Sum Assured      :   Rs. 100,000

Maximum Basic  Sum Assured     :   No Limit (multiples of Rs. 10,000/-)

Policy Term                                    : 13 to 25 years

Premium Paying Term¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† : (Policy Term ‚Äď 3) years

Minimum Age at entry                 :  18 years (last birthday)

Maximum Age at entry                 :  50 years (nearest birthday)

Maximum Maturity Age               :  65 years (nearest birthday)

Payment of Premiums:

Premiums can be paid regularly during the premium paying term at yearly, half-yearly, quarterly or monthly intervals (through ECS or through salary deductions).

However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

Jeevan Laksha

6 Comments on "LIC of India’s New Plan Jeevan Lakshya (Plan No. 833)"

  1. vinodkorwal@gmail.com' VINOD KUMAR | March 24, 2015 at 6:56 pm |

    one lakh ka kya primiyam hoga

  2. The annual income benefit of 10% is the biggest plus point for this policy. This feature will attract people to buy this policy. But I think one should do a thorough calculation of return and other available products in market.

  3. You can sell this plan as Jeevan Sathi Combination using below details.

    · On Survival, both of them would get MATURITY
    · Upon unfortunate death of anyone,
    · 10% Income Benefit to the Survivor
    · Survivor can pay his/her future premium with it
    · On Maturity, Survivor gets DOUBLE MATURITY
    · 1 Maturity of Survivor + 1 Maturity of Partner
    · Very Powerful Concept
    · Unmatchable with anything else

  4. This is a great Post and I’m glad that you shared these plans.

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