Important Features and benefits of LIC Jeevan Lakshya Plan
Introduced on March 2015 LIC Jeevan Lakshya is a conventional plan with the limited premium paying option. The plan is classified as With- Profit Endowment Assurance plan. LIC Jeevan Lakshya is mainly beneficial for minors and offers annual income to fulfill the requirement of the family.
In case of uncertain demise of the policy holder during the tenure of the policy, a sum assured amount is paid to the children. Moreover, at the time of policy maturity, the LIC Jeevan Lakshya Policy also delivers a lump-sum amount regardless the survival of insured.
Features of LIC Jeevan Lakshya Policy
Depending on the needs of the customer, some of the unique features is offered by the policy are.
Ø The plan has no maximum limits and a minimum sum assured of Rs1,00, 000 is offered by the plan.
Ø The tenure of the policy states from 13years-25years.
Ø There are generally four modes of premium payment i.e. yearly, half-yearly, quarterly or monthly basis. The insured is also provided with an option of Electronic Clearing Service (ECS) which is a much easier mode of premium payment.
Ø Irrespective of the tenure of the policy the premium paying term is over 3 years.
Ø Through the final additional bonus and simple reversionary bonus, the policy accumulates profit made by LIC with profit endowment assurance plan. These add-on bonuses are paid out to the policy holder at the termination of the maturity period.
Ø The LIC Jeevan Lakshya policy also offers two optional riders
• LIC Accidental Death and Disability Benefit Rider
• LIC New Term Insurance Rider.
Benefits offered by LIC Jeevan Lakshya
The LIC Jeevan Lakshya policy offers several benefits. For your knowledge here we have listed some of the key benefits offered by the policy.
1. Maturity Benefits- A maturity benefit is offered to the insured in case if he/she survives during the entire tenure of policy and pay off all the premiums. The maturity benefit of the policy incorporates the final additional bonus, the sum assured on maturity plus and the simple reversionary bonus if any. The basic sum assured and the sum assured offered to the insured at the maturity of the policy term are the same. The policy holder will experience the payment of the entire sum assured as maturity plus the accumulated gratuities even after the fulfillment of the policy period.
2. Death Benefits- Death benefits is provided to the beneficiary in case of the uncertain demise of the policy holder before the completion of the policy tenure or during the term of the policy. The death benefit is offered to the nominee of the policy as a sum assured amount along with the final additional bonus in case of demise of the policy holder. The buyer can also purchase accidental death benefit rider as add-on coverage along with the basic policy.
3. Tax benefit- One of the major advantages of buying this plan is that one can avail the tax benefit under this plan. Under section 80C of Income Tax Act, the premium paid under this plan is permissible for availing the rebate on annual income tax and as per section 10 D, the maturity amount is exempt of the tax deduction.
LIC Jeevan Lakshya Also offers optional benefits as Riders
According to your own choices, you can also avail the optional benefit offered by the policy as riders. Riders are the add-on coverage offered to the insured on addition with the basic coverage.
1. Accidental Death and Disability rider- The LIC accidental death and disability benefit can be availed anytime during the premium paying term. This is one of the most important benefits offered by the policy. This rider comes in action in case of death of the insured due to an accident. Under this rider an additional sum assured equal to accidental benefit sum assured is payable to the beneficiary of the policy. This benefit is also provided to the co-rider at the time of the accident. One of the another advantage of this rider is that in case of disability due to accident an equal amount of accidental benefit sum assured is paid to the insured in equal monthly installments up to 10 years.
2. New Term Assurance Rider- This rider is available on the payment of additional premium at the beginning of the policy. The amount is to be paid along with the basic plan of LIC Jeevan Lakshya Policy. One of the advantage offered by this rider is that in the case of death of the insured during the tenure of the policy, an additional amount equal to the term assurance rider sum assured is payable to the insured as long as coverage of the plan rider is applicable.
Among other LIC Life insurance policies, this plan is certainly one of the most beneficial endowment plans for the buyers.
