LIC Jeevan Lakshya — Affordable LIC Jeevan Lakshya Plans
The Life Insurance Corporation of India has started The Jeevan Lakshya Plan that is a non-linked participating policy that allows the combination of savings with protection. It renders annual income advantage that intends to meet the requirements of the family, essentially to benefit children. In a case, when the policyholder dies before maturity, then this plan pays a lump-sum amount at the time of maturity. It also gives LIC’s Disability Benefit Rider and Accidental Death by payment of the additional premium amount.
The LIC Jeevan Lakshya Plan is open for ages 18 years — 50 years with the choice of choosing plan term from 13 to 25 years. The merest basic Sum Assured is Rs 100,000 and further it compounds of Rs 10, 000 with no limit on the upper limit of the Basic Sum Assured. It has a limited paying term for premium where it is less than policy term by 3 years.
LIC’s Jeevan Lakshya is a non-linked participating policy giving an aggregate of insurance and savings. This plan caters Annual Income benefit so that it shall be helpful to meet the needs of the family, essentially for the benefit of children. This LIC Jeevan Lakshya plan also takes care of the liquidity needs by its loan facility.
The actual benefit of this plan is that the payment of premiums is restricted to a term which is shorter than that of the policy term. LIC Jeevan Lakshya Policy provides Annual Income Benefit to its nominee. In any case of the unfortunate event of the death of the policyholder, 10% of the sum assured shall be paid on each policy anniversary till the maturity date of the policy. Additionally, a lump sum outlay is subject to be payable at the time of maturity irrespective of survival of policyholder.
Important benefits of Jeevan Lakshya Life Insurance Plan
DEATH BENEFITS:
a. On the maturity of the plan; Sum Assured + Simple Reversionary Bonus + Final Addition Bonus is payable as a maturity amount.
b. In the event of the death of the policyholder during its policy term, 10% of the Sum Assured will be granted to the nominee each year till its maturity.
MATURITY BENEFITS:
Sum assured on maturity plus all accumulated gratuities shall be paid to the policyholder if he endures even after the fulfillment of policy period
OPTIONAL BENEFITS:
Option to avail any of the following two riders with this insurance scheme
• LIC’s Accidental Death and Disability Benefit Rider
• LIC’s New Term Assurance Rider
SOCIAL SECURITY PLAN:
Aam Admi Bima Yojana: It is a blend of 2 social security plans i.e. Aam Admi Bima Yojana and the Janashree Bima Yojana.
Plan Parameters
MODE OF PREMIUM PAYMENT:
• The modes of premium payment permissible are Monthly, Quaterly, Half-Yearly and Annually (ECS alone or through salary deductions).
GRACE PERIOD FOR PAYMENT OF PREMIUM:
• The grace period lesser than 30 days one month calendar shall be given for the adjustment of quarterly, half-yearly or annual premiums and 15 days for the monthly mode of premium payment.
• If the death of the Life Assured befalls within the grace period however before the payment of premium next payable, then the plan will be interpreted as in force plus the interests will be paid after deduction of the said unpaid premium also, the outstanding premium pending before the next plan anniversary of any paramount benefit(s) payable under such plan.
• If the payment of the installment is not done before the expiry of the grace period, the Policy terminates.
• If the Policy has not lapsed and the policyholder is admitted in case of death under the policy where the mode of payment of premium is other than yearly, unpaid premium (if any) outstanding before the next policy anniversary shall be subtracted from any immediate benefit outstanding under such policy.
