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.
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.
‚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.
The policyholder has an option of availing the following Rider benefit(s):
LIC‚Äôs Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
LIC‚Äôs 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.