Jeevan Lakshya Plan

The LIC Jeevan Lakshya Plan is categorized as a With-Profits Endowment Assurance plan. This is a limited premium paying, non-linked plan. Premiums for this policy must be paid for 3 years lesser than the policy term. By being non-linked it guarantees an assured sum and bonuses as a maturity or death benefit. In case the policy holder survives the term of the policy, this sum will be paid as a lump sum maturity benefit. In the case of his death within the term of the policy, the nominee will receive 10% of the assured sum every year till the plan matures. Premiums do not have to be paid for the remainder of the policy term. On maturity, the nominee will again receive the sum assured and bonuses.

Key Features of LIC Jeevan Lakshya Plan:

  • Premiums for the policy can be paid in yearly, half-yearly, quarterly and monthly periods and an option of Electronic Clearing Service (ECS) is also available, wherein it facilitates an easier option to pay the premiums
  • Being a With-Profits Endowment Assurance plan, this policy garners profits made by the Life Insurance Corporation of India through the Simple Reversionary Bonus and Final Additional Bonus (if applicable) and these are paid out at the end of the maturity period

Maturity Benefit :

Provided all the premiums have been paid in full and the policyholder has survived till the end of the policy term, the Maturity Benefit will encompass the Sum Assured on Maturity plus the vested Simple Reversionary Benefits and the Final Additional Bonus, if any.

Death Benefit :

In case of unfortunate demise of Policyholder, a full Sum assured is paid to the nominee & if Term Rider option is chosen then Double the Sum assured is paid immediately. Plus 10% of Sum assured is paid each year till maturity.

Tax Benefits :

Premiums paid under this plan is eligible for Tax rebate under Section 80C. Maturity/ Death claim paid for 100% Tax-free under Section 10 (10d).

LIC’s Jeevan Lakshya Policy Details

This plan ensures that you ca take care of your family’s needs long after your demise. The key features of this policy are:

  • Policy term ranges from 13 to 25 years
  • Premium payable for three years less than the policy term
  • Premium may be paid monthly, quarterly, semiannually or annually.
  • Premiums eligible for tax rebate under Section 80C
  • Minimum sum assured is Rs 1,00,000. No maximum limit
  • Maturity/ Death benefit payout tax free under Section 10(10D)
  • Full payout of maturity benefits on term completion regardless of policy holder’s survival
  • In case of policy holder’s death before term maturity, 10% of the sum assured will be paid to the nominee every year till term completion
  • Additional accidental benefits and term riders available
  • In case payment of premiums has lapsed after being paid for three consecutive years, the policy will acquire Paid-Up Value. The sum assured at the time of maturity/death will be calculated on this value.

Any individual between the age of 18 and 50 years can buy this policy. The maximum age at which maturity benefits can be claimed is 65 years. So, hurry contact an authorized LIC agent today.

Eligibility Conditions & Restrictions
Minimum age 18 years (Completed)
Maximum age 50 years
Maximum maturity age 65 years
Policy Term 13 years to 25years
Premium paying term Policy term -3years
Minimum Sum Assured Rs.1,00,000
Maximum Sum Assured No limit
Premium payment mode Yearly / Half yearly / Quarterly / Monthly (Thru Bank)
Loan Eligible after 3 years
Surrender Eligible after 3 years
On Death (i) Sum Assured (If chosen, Term Rider option)
(ii) 10% of Sum Assured is paid every year till maturity of the policy term
(iii) Further premiums are waived till maturity
(iv) Sum Assured + Bonus is paid on the stipulated policy term
On Maturity Sum Assured + Bonus
Income Tax Benefits (i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount/Death claim is Non-taxable u/s 10(10d)

Frequently Asked Questions:

  • What all things should consider while taking a Jeevan Lakshya Plan?
    -Child age and your income
  • Is insurance policies are needed in order to secure our future at the different stages of our life?
    Yes, a well planned Insurance policy will take of your future at all stages of life
  • What is term rider and is it useful to get sum assured amount immediately after death in case of natural death and what is accidental and disability rider?
    -If you opt for Term rider, an additional Sum assured is paid in case of normal death.
  • If opted for accidental rider, an additional Sum assured is paid in case of accidental death.
    -In case of permanent disability, all future premiums are paid.