LIC Jeevan Lakshya – 933 or कन्यादान Policy

Date of Launch : 01.02.2020

LIC’s Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.

Key Features and Highlights of LIC Jeevan Lakshya

The Jeevan Lakshya plan’s salient features can be mentioned as follows –

• Sum assured
  • Minimum – Rs. 1,00,000
  • Maximum – No limit
  • Multiples – The basic sum assured can be in multiples of Rs. 10,000 only
• Policy term – 13 to 25 years
• Premium payment modes – 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
• Premium payment term – The premium paying term is 3 years less than the policy term, irrespective of whatever term the policy is for
• Age of entry
  • Minimum – 18 years (completed)
  • Maximum – 50 years (nearest birthday)
• Maximum maturity age – 65 years (nearest birthday)
• Bonuses – 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
• Optional riders – The policy can have two optional riders
  • LIC Accidental Death and Disability Benefit Rider
  • LIC New Term Assurance Rider

Benefits of LIC Jeevan Lakshya

This policy, if availed, offers the following benefits –

• 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. The Sum Assured on Maturity is the same as the Basic Sum Assured
• Death Benefit:
  On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force by paying upto-date premiums, Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as the sum of:
  1. Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.
  2. Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and

   

  The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.

  The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.

  Premiums referred above exclude tax, extra premium and rider premium(s), if any.

• Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.In case of death under a policy which is in full force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured.

  In case the premiums are not duly paid (except in case of death of the Life Assured under inforce policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as inforce on death during the grace period.

  Final Additional Bonus shall not be payable under reduced paid-up policies.

• Tax Benefits – Premium paid for this plan is admissible for availing rebate on income tax under 80C and the maturity amount is Tax free, as per IT section 10(10)D

Eligibility Conditions of LIC Jeevan Lakshya

The plan of LIC Jeevan Lakshya can be combined with two optional riders. The eligibility conditions for all the three can be mentioned as below –

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Premium Paying Terms

The premium payments for LIC Jeevan Lakshya can be made in yearly, half-yearly, quarterly and monthly modes and a facility for ECS is also made available for easier payment of premiums through net-banking or mobile banking.

The premium payments for Jeevan Lakshya and its optional riders can be mentioned as below –

Exclusions

This policy by the Life Insurance Corporation of India has very simple rules and regulations and no exclusions provided the above mentioned criteria are met.

There is, however, a suicide clause applicable to Jeevan Lakshya. If the life assured commits suicide within 12 months from the date of the commencement/risk, 80% of the single premium paid (excluding taxes) and extra premium (if any) will be returned.

Additional Information on LIC Jeevan Lakshya

Paid-up Value –

If in case premiums have been paid for at least three consecutive years and subsequent premiums haven’t been paid, the policy acquires Paid-Up Value. In this case the Maturity Sum Assured and Death Sum Assured will be a multiple of a fraction of the number of premiums paid and the number of premiums payable. The Income value will also be subject to the same fraction starting from the date of the death of the life assured.

LIC Jeevan Lakshya Surrender Value –

Guaranteed Surrender Value is availed if the policy is surrendered after at least three years’ payment of premiums. It’s a percentage of the total premiums paid till date.

Revival of Policy –

The policy can be reinstated if lapsed. Provided it has been less than 2 consecutive years since the date of the last unpaid premium.

Loan on Policy –

After a payment of 3 years of premiums, a loan can be availed on the policy.

A Sample Case Study about LIC Jeevan Lakshya

Consider Mr. Rahul has availed LIC Jeevan Lakshya for a term of 30 years. His current age is 25 and the sum assured is 20 lakhs. Let’s list out the initial details of how the policy would work in his case –

• Mr. Rahul’s age – 25 years
• Policy Term – 25 years
• Sum Assured – Rs. 20 lakhs
• Premium Payment Term – 22 years (Policy Term – 3 years)

Death Benefit – If Mr. Rahul dies after 8 years from the date of the receipt of the policy, the death benefit payable will be –

• From the 9th year of the policy period, the nominee will receive Rs. 2,00,000 (10% of the the Basic Sum Assured) on every policy anniversary till the end of the policy term (25 years)
• At the end of the policy term/maturity period, the nominee shall receive Rs. 22,00,000 (110% of the Basic Sum Assured) + Simple Reversionary Bonuses + Final Additional Bonus (if any)

Maturity Benefit – If Mr. Vinod survives through the entire policy period, the final amount that he receives is –

Maturity Amount = Rs. 20,00,000 (Sum Assured) + Simple Reversionary Bonuses + Final Additional Bonus (if any)

LIC Jeevan Lakshya is available to all citizens of India through registered LIC offices and agents/brokers. The requisite documentation for availing the policy can be enumerated as below

• Application form/Proposal form 300
• Passport size photograph
• Address Proof
• Age Proof
• Medical reports (if required)

For more details Call or whatsapp @ 9891423442