LIC’s Jeevan Lakshya policy is a combination of risk cover and saving plan which is most suitable for the purpose of providing financial security of children and family. This policy provides life cover during the policy term and Sum Assured + Bonuses on survival as maturity. In case of death of policy holder during the policy term, this policy provides 10% of sum assured every year till maturity and on maturity it again provides Sum Assured + Bonuses as maturity.
LIC’s Jeevan Lakshya policy is a combination of risk cover and saving plan which is most suitable for the purpose of providing financial security of children and family. This policy provides life cover during the policy term and Sum Assured + Bonuses on survival as maturity. In case of death of policy holder during the policy term, this policy provides 10% of sum assured every year till maturity and on maturity it again provides Sum Assured + Bonuses as maturity.
Key Features
- Annual Income in case of death
- Sum assured + Simple Reversionary Bonus + Final Addition Bonus as maturity.
- Annual Income feature can be used as child education in case of death
- Paid premiums are exempted from income tax under 80C
- Maturity amount is tax free under 10 (10D)
Plan Parameters
| Age of Entry | 18 to 50 years |
|---|---|
| Premium Paying Mode | Yearly, Half Yearly, Quarterly, Monthly (ECS Only) Go to Premium Calculator |
| Policy Term | 13 to 25 years |
| Premium Paying Term | (Policy Term - 3) years |
| Sum Assured | 100000 and above (in multiples of 10000) |
| Premium Payment Mode rebate | 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly |
| High Sum assured Rebate | 0% of SA on 0 to 2,00,000 2% of SA on 2,00,000 to 4,90,000 3% of SA on 5,00,000 and above |
| Loan | After 3 Years |
| Surrender | After 3 Years |
| Revival | Within 2 Years of Lapse |
Death benefits
- In case of death of policy holder during policy term, 10% of Sum Assured will be provided to nominee each year till the maturity, and
- On maturity, Sum Assured + Simple Reversionary Bonus + Final Addition Bonus will be payable as maturity amount.
Maturity benefit
- Sum Assured + Simple Reversionary Bonus + Final Addition Bonus will be payable as maturity amount. .
Illustrations with Example
To understand Jeevan Lakshya Plan, Lets take an example of a person who is purchasing Jeevan lakshya Plan with following details.
Sum Assured: Rs. 10,00,000
Policy Term: 21 Years
Premium Paying Term: 18 Years
Policy Purchase Year: 2015
Age: 28 Years
Yearly Premium: Rs. 52455
Calculate premium other than above, Click Here
Since Premium paying term is 3 year lesser than policy term, so premium will be payable for 18(21-3) years in this case.
To understand Jeevan Lakshya Plan, Lets take an example of a person who is purchasing Jeevan lakshya Plan with following details.
Sum Assured: Rs. 10,00,000
Policy Term: 21 Years
Premium Paying Term: 18 Years
Policy Purchase Year: 2015
Age: 28 Years
Yearly Premium: Rs. 52455
Calculate premium other than above, Click Here
Sum Assured: Rs. 10,00,000
Policy Term: 21 Years
Premium Paying Term: 18 Years
Policy Purchase Year: 2015
Age: 28 Years
Yearly Premium: Rs. 52455
Calculate premium other than above, Click Here
Since Premium paying term is 3 year lesser than policy term, so premium will be payable for 18(21-3) years in this case.
Maturity benefit illustration
At maturity, Jeevan Lakshya provides Sum Assured + Simple Reversionary Bonus + Final Addition as maturity amount on survival of policy holder. Following table indicates the maturity details.
Year Sum Assured (Guaranteed) Bonues (Variable) Maturity Amount (Approx) 2036 10,00,000 11,08,000 21,08,000
At maturity, Jeevan Lakshya provides Sum Assured + Simple Reversionary Bonus + Final Addition as maturity amount on survival of policy holder. Following table indicates the maturity details.
| Year | Sum Assured (Guaranteed) | Bonues (Variable) | Maturity Amount (Approx) |
|---|---|---|---|
| 2036 | 10,00,000 | 11,08,000 | 21,08,000 |
Death benefit illustration
In case of unfortunate death of policy holder during policy term, this plan proivides 10% of sum assured every year till maturity and again at competion of policy term maturity amount is also payable. To understand this benefit, let's suppose death happens 10 year after taking this policy, age of the policy holder and year at time of death will 38 and 2024 repectively. 10% of sum assured will be payable from year of death till maturity and on completion of the policy term maturity benefit will be also provide. Following table provides year-wise details.
End of Year Year Premium Paid Return in case of death Remarks 1 2015 52455 0 2 2016 52455 0 3 2017 52455 0 4 2018 52455 0 5 2019 52455 0 6 2020 52455 0 7 2021 52455 0 8 2022 52455 0 9 2023 52455 0 10 2024 0 100000 Unfortunate death happens 11 2025 0 100000 12 2026 0 100000 13 2027 0 100000 14 2028 0 100000 15 2029 0 100000 16 2030 0 100000 17 2031 0 100000 18 2032 0 100000 19 2033 0 100000 20 2034 0 100000 21 2035 0 2108000 Maturity Amount Total 524550 3208000 Maturity + Yearly Income
In case of unfortunate death of policy holder during policy term, this plan proivides 10% of sum assured every year till maturity and again at competion of policy term maturity amount is also payable. To understand this benefit, let's suppose death happens 10 year after taking this policy, age of the policy holder and year at time of death will 38 and 2024 repectively. 10% of sum assured will be payable from year of death till maturity and on completion of the policy term maturity benefit will be also provide. Following table provides year-wise details.
| End of Year | Year | Premium Paid | Return in case of death | Remarks |
|---|---|---|---|---|
| 1 | 2015 | 52455 | 0 | |
| 2 | 2016 | 52455 | 0 | |
| 3 | 2017 | 52455 | 0 | |
| 4 | 2018 | 52455 | 0 | |
| 5 | 2019 | 52455 | 0 | |
| 6 | 2020 | 52455 | 0 | |
| 7 | 2021 | 52455 | 0 | |
| 8 | 2022 | 52455 | 0 | |
| 9 | 2023 | 52455 | 0 | |
| 10 | 2024 | 0 | 100000 | Unfortunate death happens |
| 11 | 2025 | 0 | 100000 | |
| 12 | 2026 | 0 | 100000 | |
| 13 | 2027 | 0 | 100000 | |
| 14 | 2028 | 0 | 100000 | |
| 15 | 2029 | 0 | 100000 | |
| 16 | 2030 | 0 | 100000 | |
| 17 | 2031 | 0 | 100000 | |
| 18 | 2032 | 0 | 100000 | |
| 19 | 2033 | 0 | 100000 | |
| 20 | 2034 | 0 | 100000 | |
| 21 | 2035 | 0 | 2108000 | Maturity Amount |
| Total | 524550 | 3208000 | Maturity + Yearly Income | |
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