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As an experienced LIC agent in Kolkata, I’ve helped countless families secure their financial futures with smart insurance choices. Today, I want to dive deep into one of LIC’s most popular plans – LIC Jeevan Lakshya. This comprehensive guide will walk you through everything you need to know about this unique policy.
Table of Contents
Key Takeaways
- LIC Jeevan Lakshya offers both protection and savings.
- Flexible payout options for both death and maturity benefits.
- Multiple rider options for enhanced coverage.
- Tax benefits under Section 80C and 10(10D).
- Loan facility available for liquidity needs.
What is LIC Jeevan Lakshya?
LIC Jeevan Lakshya is a non-linked, participating, individual life assurance savings plan. It’s designed to provide a combination of protection and savings, making it an excellent choice for those looking to secure their family’s financial future.
Key features:
- Annual income benefit for family in case of policyholder’s death
- Lump sum payment at maturity
- Loan facility for liquidity needs
Benefits of LIC Jeevan Lakshya
1. Death Benefit
If the policyholder passes away during the policy term, the family receives:
- Sum Assured on Death (higher of 7 times annual premium or 110% of Basic Sum Assured)
- Annual Income Benefit (10% of Basic Sum Assured) until maturity
- Vested bonuses and Final Additional Bonus (if any)
2. Maturity Benefit
On surviving the policy term, the policyholder gets:
- Sum Assured on Maturity (equal to Basic Sum Assured)
- Vested Simple Reversionary Bonuses
- Final Additional Bonus (if any)
3. Participation in Profits
The policy participates in LIC’s profits, earning Simple Reversionary Bonuses declared annually.
Eligibility and Terms
- Minimum Basic Sum Assured: ₹100,000
- Maximum Basic Sum Assured: No limit (in multiples of ₹10,000)
- Policy Term: 13 to 25 years
- Premium Paying Term: Policy Term minus 3 years
- Entry Age: 18 to 50 years
- Maximum Maturity Age: 65 years
Rider Options
LIC Jeevan Lakshya offers four optional riders for enhanced protection:
- Accidental Death and Disability Benefit Rider
- Accident Benefit Rider
- New Term Assurance Rider
- New Critical Illness Benefit Rider
Note: You can opt for either the Accidental Death and Disability Benefit Rider or the Accident Benefit Rider, not both.
Flexible Payout Options
Death Benefit in Installments
Policyholders can choose to receive the death benefit in installments over 5, 10, or 15 years instead of a lump sum.
Settlement Option for Maturity Benefit
Similar to the death benefit, the maturity benefit can also be received in installments over 5, 10, or 15 years.
Premium Payment and Discounts
Premiums can be paid yearly, half-yearly, quarterly, or monthly. LIC offers rebates for different payment modes and high sum assured amounts:
| Mode | Rebate |
|---|---|
| Yearly | 2% of Tabular Premium |
| Half-yearly | 1% of Tabular Premium |
| Quarterly & Salary deduction | Nil |
| Basic Sum Assured | Rebate |
|---|---|
| ₹1,00,000 to ₹1,90,000 | Nil |
| ₹2,00,000 to ₹4,90,000 | 2% of Basic Sum Assured |
| ₹5,00,000 and above | 3% of Basic Sum Assured |
Policy Revival and Loan Facility
- Revival: A lapsed policy can be revived within 5 years from the date of first unpaid premium.
- Loan: Policy loans are available after paying premiums for at least two full years.
Tax Benefits
LIC Jeevan Lakshya offers tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961. However, I always recommend consulting a tax advisor for personalized advice.
Why Choose LIC Jeevan Lakshya?
- Family Security: Provides financial protection to your family in case of your untimely demise.
- Savings Component: Helps build a corpus for future needs.
- Flexibility: Options to receive benefits in installments.
- Bonuses: Participates in LIC’s profits, potentially increasing your returns.
- Rider Options: Customize your coverage with additional protections.
As an LIC agent in Kolkata with years of experience, I’ve seen firsthand how LIC Jeevan Lakshya has helped families secure their financial future. It’s a versatile policy that can be tailored to meet various financial goals and protection needs.
If you’re considering LIC Jeevan Lakshya or have any questions about life insurance planning, feel free to reach out. I’m here to help you make the best decision for your family’s financial security. Call me at 7980031260 for personalized advice and assistance.
Remember, the right insurance policy can make all the difference in securing your loved ones’ future. Don’t wait – start planning today!
FAQs
Can I surrender my LIC Jeevan Lakshya policy?
Yes, you can surrender the policy after paying premiums for at least two full years. The surrender value will be the higher of the Guaranteed Surrender Value or Special Surrender Value.
What happens if I can’t pay premiums after a few years?
If you’ve paid premiums for at least two years, your policy will not lapse but will continue as a paid-up policy with reduced benefits.
Can I change the premium payment mode during the policy term?
Yes, you can change the premium payment mode on any policy anniversary, subject to the minimum premium requirement for the chosen mode.
Is medical examination required for LIC Jeevan Lakshya?
The need for medical examination depends on the sum assured and your age. For lower sum assured amounts and younger ages, it might not be required.
How do I file a claim for LIC Jeevan Lakshya?
Claims can be filed at any LIC branch office. Required documents typically include the policy document, death certificate (for death claims), and KYC documents of the nominee/claimant.
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