LIC Jeevan Lakshya

LIC Jeevan Lakshya Plan (Table 833) is a limited period premium paying conventional plan which is non-linked and Profits Endowment Assurance plan. Policy provides an regular annual income to the beneficial towards the needs of the family for surviving, child education, child marriage etc., its especially well for the minors, if the policyholder in case of the death before the policy maturity period. A lump sum amount made by the LIC of India Life Insurance Company and apart from the death benefits further no need to pay any premium till the policy term which is completely premium waived as per the policy conditions LIC taken care of further premium, end of the policy term maturity lump sum will be paid to achieve the family dreams with bonus, additional bonus. Also Have an option can take care of liquidity needs by the loan facility, surrender value option. Before buy the policy Know the Eligibility, Sum Assured, policy details, policy new features, benefits, reviews, life insurance coverage, maturity Benefits, premium calculator, maturity calculator, premium chart, return calculator, tax Benefits under Section 80(C) and Section 10 (D). Generally New Endowment LIC Policies are inbuilt Accidental Death and Disability Benefit Rider. PolicyandFunds.com is one of the top & best LIC Agent in Chennai, provides good customer services to choose perfect Life Insurance Plans in India 2017.

LIC Jeevan Lakshya Plan are the best tool to achieve Short-Term as well as Long-Term Financial Goals & for Retirement savings. LIC Policy gives highest return of bonus, final addition bonus in the Life Insurance Industry of India, Plans available Like, 15-35 years, this policy helpful to to double the money easily, plans are also helps for girl or boy baby child future Higher Education, Carrier, future Marriage.
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LIC Jeevan Lakshya Policy (Table 833)

Policy Main Specification

  • Age at Entry (Last Birthday): 18 Years
  • Maximum Age at Entry (Last Birthday): 50 Years
  • Maximum Maturity Age (Nearest Birthday) : 65 Year
  • Policy Term (PT): 13 – 25 years
  • Minimum Sum Assured: 1,00,000
  • Maximum Sum Assured: >No bound (based on income Limit)
  • Variable options to pay Premium (Paying Mode): Yearly, Half-yearly, Quarterly, Monthly (by bank ECS)

Key Features of LIC Jeevan Lakshya Policy

  • LIC Jeevan Lakshya Policy is a Traditional Insurance Plan
  • One of the main future of Jeevan Laksya is premium paying term is less than 3 years than the policy term can avail the free coverage until the policy maturity period
  • Policy continued existence till the period of the policy and the final maturity benefit + bonus and Final Additional Bonus will be paid to the policyholder.
  • If the life insured person (policy holder ) may die within the period of policy year, the death and other benefits will be paid to the nominee.

Benefits of LIC Jeevan Lakshya Policy

  • Bonus: Policy holder can be eligible for LIC declared bonus and also Final Additional Bonus.
  • Maturity Benefit: The Basic Sum Assured and declared bonuses, final additional bonus will be paid to the policy holder
  • Death Benefit:
    1. 10% of Basic Sum Assured payable on every Policy Anniversary following the Date of Death of Life Assured till the Policy Anniversary prior to date of Maturity, and
    2. 110% of Basic Sum Assured payable on Maturity + Bonus and Final Additional Bonus will be paid
    3. Complete premium will be waived from Policy Anniversary to date of maturity 
    4. Any addition rider will be there while taking the policy that will be paid immediate on Policy Anniversary
  • Additional Rider Benefit is available: LIC Accidental Death and Disability Benefit Rider
  • Surrendered Value : The policy eligible to surrender at least three full year premiums are paid by the policy holder.
  • Loan : Three full policy year premiums has to paid to eligible for the Loan
  • Mode and High S.A. Rebates:
  • Mode Rebate:
    1. Yearly mode – 2% of Tabular Premium
    2. Half-yearly mode – 1% of Tabular premium
    3. Quarterly & Monthly mode – NIL
    4. High Sum Assured Rebate discount offered to the policy holder. For choosing yearly and half yearly premium modes.
  • Income Tax Benefit: Policy Premium paid under this plan is eligible for TAX under section 80c. and Maturity under this plan is tax free under sec 10 (10D)

    Sample Premium Detail with Rates

    Sample premium rates declared below in table (excluding service tax) per Rs. 1000/- Basic Sum Assured (SA):

    Age/Term(in years) 13(PPT = 10) 15(PPT = 12) 20(PPT = 17) 25(PPT = 22)
    20 100.75 82.80 57.60 43.40
    30 101.20 83.30 58.35 44.55
    40 103.25 85.70 61.70 48.85
    50 109.95 92.95

    LIC Jeevan Lakshya Policy Details and KYC

    Under the policy Grace Period: 30 days will be allowed to premium pay. Policyholder if fails to pay the premium within the policy grace period, automatically the policy will be get lapsed. And there is a option to be revived the policy within the period of two years from the date of the first unpaid policy premiums.

    Free Look Period: Policy holder are not satisfied under the policy condition or like coverage etc., policy holder have the options to cancel the policy within the period of 15 days from date of receipt, provided any claim happen LIC will not be paid.

    Exclusions: Suicide committed within one year (12 months) of policy period from the date of commencement of risk, LIC will not pay any claim under this policy except for to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is in force.

    Documents Required: Proposal Form 300 shall be filled under this plan with exact medical history, and also other proof of documents are required to completed the policy, like address proof and other Know your customer (KYC) documents. Additionally Medical test may required based on the sum assured also the age of the person wants to take the policy


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