LIC's Jeevan Lakshya Plan is a participating, limited premium payment life insurance policy that provides a combination of protection and savings to the policyholder and their family. The policy term can range from 13 to 25 years, while the premium payment term is limited and ranges from 3 to 18 years. The policyholder is eligible for a death benefit in case of their unfortunate demise during the policy term, which is a lump sum amount equal to the sum assured plus any accrued bonuses.
In case the policyholder survives till the end of the policy term, they will receive a maturity benefit, which is a lump sum amount equal to the sum assured plus any accrued bonuses. The policyholder is eligible for bonuses declared by LIC from time to time, which is added to the sum assured and payable either on death or maturity. The policyholder can avail a loan against the policy after it acquires a surrender value, and the policy acquires a surrender value after the payment of premiums for at least three years.
Key Features Of LIC's Jeevan Lakshya Plan - 933 :
- Policy Term: The policy term of Jeevan Lakshya Plan can range from 13 to 25 years, depending on the policyholder's choice.
- Premium Payment Term: The premium payment term is limited and ranges from 3 to 18 years.
- Death Benefit: In case of the unfortunate demise of the policyholder during the policy term, the nominee will receive a lump sum amount equal to the sum assured plus any accrued bonuses.
- Survival Benefit: If the policyholder survives till the end of the policy term, they will receive a maturity benefit, which is a lump sum amount equal to the sum assured plus any accrued bonuses.
- Bonus: This is a participating plan, which means that the policyholder is eligible to receive bonuses declared by LIC from time to time. The bonus amount is added to the sum assured and is payable either on death or maturity.
- Loan: The policyholder can avail a loan against the policy after it acquires a surrender value.
- Surrender Value: The policy acquires a surrender value after the payment of premiums for at least three years. The policyholder can surrender the policy and receive a surrender value.
Benefits Of LIC's Jeevan Lakshya Plan - 933 :
- Death Benefit: In case of the unfortunate demise of the policyholder during the policy term, the nominee will receive a lump sum amount equal to the sum assured plus any accrued bonuses. This benefit provides financial security to the policyholder's family in case of an untimely death.
- Survival Benefit: If the policyholder survives till the end of the policy term, they will receive a maturity benefit, which is a lump sum amount equal to the sum assured plus any accrued bonuses. This benefit helps the policyholder meet their financial goals and provides a corpus for their future needs.
- Bonus: The policyholder is eligible to receive bonuses declared by LIC from time to time. The bonus amount is added to the sum assured and is payable either on death or maturity. This provides an additional benefit to the policyholder and enhances the overall value of the policy.
- Loan: The policyholder can avail a loan against the policy after it acquires a surrender value. This provides liquidity to the policyholder in case of a financial emergency.
- Surrender Value: The policy acquires a surrender value after the payment of premiums for at least three years. The policyholder can surrender the policy and receive a surrender value. This provides an option to the policyholder to exit the policy in case of a financial emergency.
How does Jeevan Lakshya Plan work?
Let us understand the working of Jeevan Lakshya Plan with the help of an example.
Suppose Mr. A, aged 30 years, purchases Jeevan Lakshya Plan for a policy term of 20 years and a premium payment term of 15 years. The sum assured chosen by Mr. A is Rs. 10 lakhs. The annual premium payable by Mr. A is Rs. 63,015.
Scenario 1: Mr. A survives the policy term
If Mr. A survives the policy term of 20 years, he will receive a maturity benefit of Rs. 10 lakhs plus any accrued bonuses. Suppose the total bonus accrued during the policy term is Rs. 3 lakhs. Then, the maturity benefit payable to Mr. A will be Rs. 13 lakhs.
Scenario 2: Mr. A dies during the policy term
If Mr. A dies during the policy term, , his nominee will receive a death benefit of Rs. 10 lakhs plus any accrued bonuses. Suppose the total bonus accrued during the policy term is Rs. 3 lakhs. Then, the death benefit payable to Mr. A's nominee will be Rs. 13 lakhs.
In addition to the death benefit and maturity benefit, Jeevan Lakshya Plan also provides tax benefits to the policyholder under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Conclusion:
LIC's Jeevan Lakshya Plan is a comprehensive insurance plan that offers a combination of protection and savings to the policyholder and their family. The plan provides financial security to the family in case of the policyholder's untimely demise and helps the policyholder meet their financial goals in case of survival. With the added benefits of bonus, loan, and surrender value, Jeevan Lakshya Plan is a popular choice among investors looking for a secure and reliable insurance plan. It is important to carefully evaluate your financial goals and insurance needs before investing in any insurance plan, and seek advice from a qualified financial advisor if necessary.
FAQ
Q: What is Jeevan Lakshya Plan?
A: Jeevan Lakshya Plan is a non-linked, participating, limited premium payment plan offered by the Life Insurance Corporation of India (LIC). It is designed to provide a combination of protection and savings to the policyholder and their family.
Q: What are the key features of Jeevan Lakshya Plan?
A: The key features of Jeevan Lakshya Plan include a policy term of 13 to 25 years, a limited premium payment term of 3 to 18 years, death benefit, survival benefit, bonus, loan, and surrender value.
Q: What is the death benefit in Jeevan Lakshya Plan?
A: In case of the unfortunate demise of the policyholder during the policy term, the nominee will receive a lump sum amount equal to the sum assured plus any accrued bonuses.
Q: What is the survival benefit in Jeevan Lakshya Plan?
A: If the policyholder survives till the end of the policy term, they will receive a maturity benefit, which is a lump sum amount equal to the sum assured plus any accrued bonuses.
Q: Is Jeevan Lakshya Plan a participating plan?
A: Yes, Jeevan Lakshya Plan is a participating plan, which means that the policyholder is eligible to receive bonuses declared by LIC from time to time.
Q: What is the loan facility in Jeevan Lakshya Plan?
A: The policyholder can avail a loan against the policy after it acquires a surrender value.
Q: What is the surrender value in Jeevan Lakshya Plan?
A: The policy acquires a surrender value after the payment of premiums for at least three years. The policyholder can surrender the policy and receive a surrender value.
Q: What are the tax benefits of Jeevan Lakshya Plan?
A: Jeevan Lakshya Plan provides tax benefits to the policyholder under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Q: Who is eligible to purchase Jeevan Lakshya Plan?
A: Any individual between the ages of 18 and 50 years can purchase Jeevan Lakshya Plan. The policyholder must also meet the other eligibility criteria set by LIC.
