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Endowment Plan

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LIC Jeevan Lakshya

LIC Jeevan Lakshya policy (lic table no 833) is a combination of risk cover and saving plan which is most suitable for the purpose of providing financial problems 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 policyholder during the policy term, this policy provides 10% of sum assured every year till maturity and on maturity and again provides Sum Assured + Bonuses as maturity to the family.

Key Features

  • Annual Income in case of death of policy holders
  • Sum assured + Simple Reversionary Bonus + Final Addition Bonus (FAB) as maturity.
  • Annual Income feature can be used as child education and family protection in case of death
  • Paid premiums are exempted from income tax U/Sec 80-C
  • Maturity amount is tax free U/Sec 10(10D)

Plan Parameters For this policy

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

Death benefits

If Death Occurs during the policy term 10% of the basic sum Assured will be paid to nominee every year from the year of death till the date of maturity.

At end of policy term again maturity will be paid to Nominee-Sum Assured on death(110% of sum assured) + Vested simple Revisionary Bonuses+FAB(If Any).

Maturity benefit

  • On survival of policy holder till the end of the policy term provided all due premiums have been paid,
  • Maturity Amount = Sum Assured + vested Simple Revisionary bonuses + Final Additional bonus (if any).
  • Where Sum Assured on Maturity is equal to Basic Sum Assured.

LIC Jeevan Lakshya Policy Riders

  • LIC Bima 833 provides the following optional riders by payment of additional premium:
  • (1) LIC Accidental Death and Disability Benefit Rider:This rider can be opted at any time within the premium paying term of the Basic Plan. The benefit cover under this rider shall be available during the policy term.
  • If this rider is opted:
  • In Case of death during the policy term: Amount equal to the “Accident Benefit Sum Assured” will be payable.
  • In case of accidental permanent disability: Accident Benefit SA will be paid in the form of dividing the amount into equal monthly instalments spread over 10 years and all Future premiums for Accident Benefit rider are waived off.
  • Eligibility Conditions for Accidental Death and Disability Rider Benefit
Minimum Entry Age: 18 years (last birthday).
Maximum Entry Age: This cover can be opted for at inception provided the minimum PPT left under the

Basic plan is 5 years.

Maximum cover ceasing Age: 65 years (nearer birthday).
Accident Benefit Sum Assured :

Minimum: Rs. 10,000/-.

Maximum: An Amount equal to Basic SA subject to the maximum of Rs.100 lakh overall

Limit.

Accident Benefit SA shall be in multiples of Rs. 10,000/- only.

  • (2)LIC New Term Assurance Rider: This rider can be opted only at the time of taking Lic jeevan lakshya Policy. We have to pay small additional premium for opting this rider along with regular premium. suppose policy holder has more than one policy if total term assurance rider sum assured on all his policies exceeds more than 25 lakhs then LIC pays only 25 lakhs as it is a ceiling amount in term assurance rider.
  • Eligibility Conditions for Term Assurance Rider
Entry Age: Minimum: 18 years (last birthday).

Maximum: 50 years (nearest birthday).

Policy Term: Same as Basic plan i.e.,

Minimum: 13 years.

Maximum: 25 years.

Premium Paying Term: Same as Basic plan i.e.,

(Policy term – 3) years.

Term Assurance Rider Sum Assured:

Minimum: Rs. 100,000/-

Maximum: Rs. 25 lakhs.

Term Assurance Rider SA can be taken in multiples of Rs. 10,000/- only.

Benefit Example for LIC jeevan lakshya plan

An example of SUNIL who is purchasing this Plan with following details.

Sum Assured: Rs.10,00,000
Policy Term: 25 Years
Policy Purchase Year: 2016
Age: 25 Years
Yearly Premium: Rs. 42460

Since Premium paying term is 3 year lesser than policy term, so premium will be payable for 22(25-3) years in this case.

Maturity benefit illustration

At maturity, LIC 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)
2041 10,00,000 17,00,000 27,00,000

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 maturity amount is also payable to the nominee. 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 35 and 2026 respectively. 10% of sum assured will be payable from year of death till maturity and again maturity amount is also payable to the nominee. . Following table provides year-wise details.

Year Age Risk Cover Normal Risk Cover Accidental Premium Tax Saved Net Premium Amount Received Remaks
2016 25 100000 1100000 42460 12292 30168 0
2017 26 100000 1100000 41718 12292 29426 0
2018 27 100000 1100000 41718 12292 29426 0
2019 28 100000 1100000 41718 12292 29426 0
2020 29 100000 1100000 41718 12292 29426 0 Unfortunate death happens
2021 30 100000 0 0 0 0 0
2022 31 100000 0 0 0 0 0
2023 32 100000 0 0 0 0 0
2024 33 100000 0 0 0 0 0
2025 34 100000 0 0 0 0 0
2026 35 100000 0 0 0 0
2027 36 100000 0 0 0 0 0
2028 37 100000 0 0 0 0 0
2029 38 100000 0 0 0 0 0
2030 39 100000 0 0 0 0 0
2031 40 100000 0 0 0 0 0
2032 41 100000 0 0 0 0 0
2033 42 100000 0 0 0 0 0
2034 43 100000 0 0 0 0 0
2035 44 100000 0 0 0 0 0
2036 45 100000 0 0 0 0 0
2037 46 100000 0 0 0 0 0
2038 47 100000 0 0 0 0 0
2039 48 100000 0 0 0 0 0
2040 49 100000 0 0 0 0 0
2041 50 0 0 0 0 0 2700000 Again maturity
TOTAL 2000000 0 0 0 0 2700000 4700000

Documents required to buy LIC Jeevan Lakshya Plan

Application form/Proposal form 300 along with photo.

Address proof.

Age proof.

Medical reports (if required).

Additional Information

LIC Jeevan Lakshya Surrender Value

We have to pay the premium for at least 3 years to surrender the LIC Jeevan Lakshya policy. LIC Jeevan Lakshya Policy can be surrendered at any time during the term of the policy.

Guaranteed Surrender Value: some % of ( Total premiums paid (net of taxes) – any extra premiums – premiums for riders). + surrender value of Bonus.

This percentage will depend on the term of the policy and the year we want to surrender the policy.

Special Surrender Value: LIC will pay Special Surrender Value if Guaranteed Surrender Value is less than Special Surrender value.

LIC Jeevan Lakshya Loan Value

Loan is provided during the term of policy. Condition is we have to pay minimum 3 years premiums to be eligible to get loan. Maximum Loan Provided will be percentage of surrender value.

For in force policies – 90% of surrender value.

For paid-up policies – 80% of surrender value.

Suicide Clause: If policyholder commit suicide before 1 year then premium paid will be refunded. if policyholder commit suicide after 1 year Full Sum assured + Bonus will be paid.

Back Dating : Available

Assignments/Nominations: Available

Proposal Forms: New Proposal Form is issued Form 300

Cooling Off Period : 15 Days

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