Ensure Happiness for your Family with LIC Jeevan Lakshya plan

 The Jeevan Lakshya participation non-linked plan from LIC combines savings and insurance. In the unfortunate event that the policyholder passes away before maturity, this plan offers an annual income benefit that may help the family meet its financial obligations, primarily for the benefit of the children, as well as a lump sum payment at maturity regardless of the policyholder's survival. Through its credit facility, this plan also addresses the issue of liquidity.

1.Benefits:

Death Benefit to your family:

The Death Benefit to your family, defined as the amount of the "Sum Assured on Death," vested Simple Reversionary Bonuses, and Final Additional Bonus, if any, shall be payable upon the death of the Life Assured before the specified Date of Maturity provided the policy is in full effect by paying current premiums. Where the "Sum Assured on Death" is the total of:

From the policy anniversary that coincides with or follows the date of the life assured until the policy anniversary before the date of maturity, an annual income benefit equal to 10% of the Basic Sum Assured will be paid.

On the maturity date, an amount equal to 110% of the Basic Sum Assured will be paid as the Assured Absolute Amount; and

The death benefit's vested simple reversionary bonuses and final additional bonus, if any, will be paid out on their maturity date.

The Death Benefit described above must equal at least 105% of all premium payments made as of the date of death.

The aforementioned premiums do not include tax, an extra premium, or any applicable rider premiums.

Maturity Benefit:

If you live to the end of the policy term and have paid all required premiums, you will receive a lump sum payment for the "Sum Assured on Maturity," which is equal to the Basic Sum Assured plus any vested Simple Reversionary bonuses and Final Additional bonuses, if any.

Participation in Profits:

As long as the policy is in full force, it will be eligible to collect Simple Reversionary Bonuses that are declared in accordance with the Corporation's experience.

The entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on the due date of maturity in the event of death under a policy that is in full effect. The policy shall continue to share in profits up to the day of maturity. Therefore, regardless of whether the Life Assured survives, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on the due date of maturity.

The policy will stop sharing in future profits if the premiums are not paid in a timely manner (with the exception of a life assured under an active policy), whether or not the policy has accrued paid-up value. However, during the grace period, the policy will be regarded as being in effect on death.

Under reduced paid-up policies, Final Additional Bonus is not payable.

2. Alternative Benefits:

The following Rider benefit(s) are available to policyholders as an option:

Accidental Disability and Death Benefit Rider for LIC (UIN: 512B209V01)

The New Term Assurance Rider from LIC (UIN: 512B210V01)

The Basic Sum Assured cannot be greater than the Rider Sum Assured.

Consult the Rider booklet or get in touch with the closest Branch Office of LIC for more information on the aforementioned Riders.

From the policy anniversary that coincides with or follows the date of the life assured until the policy anniversary before the date of maturity, an annual income benefit equal to 10% of the Basic Sum Assured will be paid.

On the maturity date, an amount equal to 110% of the Basic Sum Assured will be paid as the Assured Absolute Amount.

 

Restrictions and Eligibility Conditions for this policy :

a) Sum Assured (minimum) : 100,000

b) Sum Assured (Maximum) : There is No Limit  with conditions that the Sum Assured (basic) shall be in multiples of 10,000/-)

c) Policy Term : 13 to 25 years

d) Premium Paying Term : (Policy Term – 3) years

e) Minimum Age at entry : 18 years (last birthday)

f) Maximum Age at entry : 50 years (nearer birthday)

g) Maximum Maturity Age : 65 years (nearer birthday

 

Settlement Option (for Maturity Benefit):

Under an in-force as well as paid-up policy, Settlement Option is an option to receive Maturity Benefit in instalments over the selected term of 5 or 10 or 15 years instead of a lump sum amount. The Life Assured may use this option to receive all or a portion of the policy's Maturity Proceeds. The sum chosen by the Life Assured (i.e., Net Claim Amount) may be expressed either as a percentage of the total claim profits payable or as an absolute value. The instalments must be paid in advance at intervals of a year, a half-year, a quarter, or a month, depending on the chosen manner of payment, with the minimum instalment amount being as follows.

Mode of Instalment payment Minimum instalment amount

1.       Monthly ` 5,000/-

2.       Quarterly ` 15,000/-

3.       Half-Yearly ` 25,000/-

4.       Yearly ` 50,000/-

Only lump sum payments will be made for claims if the Net Claim Amount is insufficient to cover the required minimum instalment amount under the Life Assured's exercised option.