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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.
|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|
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).
|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
Accident Benefit SA shall be in multiples of Rs. 10,000/- only.
|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.
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.
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)|
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|
|2020||29||100000||1100000||41718||12292||29426||0||Unfortunate death happens|
Application form/Proposal form 300 along with photo.
Medical reports (if required).
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
Proposal Forms: New Proposal Form is issued Form 300
Cooling Off Period : 15 Days