Jeevan Lakshya - 833 Agency Code is LIC02621250

Jeevan Lakshya - 833

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.

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)
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
Benefits:
Death Benefit:
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, Let’s 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
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) Bonus (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 provides 10% of sum assured every year till maturity and again at completion 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 respectively. 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
click here to see example of Ranjit Singh

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