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This plan provides high insurance benefits compared to ordinary endowment plans. As the name of the plan Lakshya – which means Aim – implies it can be used as an effective tool to ensure all the future needs of your child is met even if some thing unfortunate happens in between
LIC Jeevan Lakshya Plan offers annual benefits that help the family fulfill their primary and secondary needs during life and after life of the policy holder. LIC Jeevan Lakshya Plan 833 allows the family to continue their life smoothly including children’s education through its Annual Income feature paid to the nominee after the grievous death of the insured life.
“This plan is a combination of both protection and savings”
- The plan provides a regular income to take care of your family’s needs in case anything goes unfavorable to you.
- The plan has survival benefits and also has bonus component in the plan.
- It’s a participating non-linked plan that fulfills your savings and financial protection requirements.
- Loan facility can also be availed on surrender value in this plan.
Three pronged benefits in case of unfortunate death of the parent (Proposer).
a) All further premiums waived till maturity.
b) Guaranteed Income benefit of 10 percent of the Sum Assured payable annually to the nominee till the policy anniversary prior to the maturity date.
c) An Enhanced Sum Assured of 110 percent of the Sum Assured is paid at the maturity date.
LIC Jeevan Lakshya policy eligibility
- Minimum entry age: 18 years
- Maximum entry age: 50 years
- Maturity Age: 65 years
- Policy term ranges between 13 years to 25 years
- Minimum Sum Assured of Rs. 1,00,000
LIC Jeevan Lakshya Policy benefits offer life protection and savings. This plan is suitable for parents having girl child. This plan is very popularly called as Kanyadaan Plan in North India. This plan suits well for education and marriage in case of any eventuality
Death Benefit:
LIC Jeevan Lakshya Plan 833 provides the sum assured and bonus if any in the unfortunate event of death of the life insured. The policy continues to participate in profits even after death till the date of maturity and the vested bonuses are paid accordingly on the date of maturity. The sum assured on death is payable as below along with the Simple Revisionary Bonuses and Final Additional Bonus payable on the maturity date.
a. Assured amount equalling to 110% of Basic Sum Assured due to be paid on maturity or
b. Annual Income Benefit of 10% of Basic Sum Assured calculated from the policy anniversary
following the date of death till the policy anniversary prior to the date of maturity.
The death benefit offered under LIC jeevan lakshya 833 shall not be less than 105% of all premiums paid till the date of death.
Maturity Benefit:
Sum Assured on the maturity of LIC Jeevan Lakshya Plan is offered under LIC Jeevan Lakshya benefits. It pays a lump sum amount at the end of the policy term if all premiums are paid on time with the accrued bonuses.
LIC Jeevan Lakshya benefits also offer the following optional advantages:
a. Accidental Death and Disability Rider Benefit
b. New Term Assurance Rider
c. LIC lakshya tax benefits can be availed under Section 80C for premiums paid and under Section 10 (10D) on the maturity amount received.
We can help you understand LIC Jeevan Lakshya Policy details and help you submit all documents without any hassle and enroll for the policy.
| 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 |
LIC Jeevan Lakshya Policy – Best Insurance plan for your couples, Father of new born baby, Newly Married peoples.
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