LIC Jeevan Lakshya

LIC Plan Table number: 833

Popularly known as Kanyadaan policy or LIC kanyadaan policy

Jeevan Lakshya Policy Details

 

Jeevan Lakshya also known as Kanyadaan Policy 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.

Jeevan Lakshya Policy explained in simple words

The policy holder gets a assured sum on maturity of the policy.

In case of death of the policy holder the family gets every year income AND the assured amount on the maturity of the policy.

The policy also has accidental death benefit.

 

Jeevan Lakshya Policy Benefit

 

  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;

LIC Jeevan Lakshya Other benefits

Features of LIC Jeevan Lakshya Plan

 

This is a limited period -with profits conventional endowment assurance plan. The premium paying term is 3 three years less than the policy term.

LIC Jeevan Lakshya Policy Riders (Optional)

 

LIC’s Accidental Death and Disability Benefit Rider: In Case of death during the policy term, an Amount equal to the “Accident Benefit Sum Assured” will be payable to the nominee. In case of accidental permanent disability, an Accident Benefit Sum Assured will be paid.

ALSO SEE  Jeevan Umang

LIC’s New Term Assurance Rider: The maximum sum assured offered under this rider is Rs 25 Lakh.

Other details

Premium Paying Mode: yearly, half yearly, quarterly and monthly

Term: 13 to 25 years

Premium Paying Term PPT: Policy term – 3 years

Minimum Age at entry: 18

Maximum Age At Entry: 50 years

Jeevan Lakshya Illustration

 

Let’s understand the policy with an simple example let’s say a person of age 30 years takes a plan for 25 years and insurance of INR 20,00,000. He will have to pay premium of INR 85397, only for 22 years. On maturity he would be getting approximately INR 53,50,000

Age: 30 years

Term: 25

PPT: 22

DAB: 20,00,000

Death Sum Assured: 22,00,000

Basic Sum Assured: 20,00,000

Premium: 85397 yearly

Maturity Calculator

Other Policy Benefits

Loan

Yes, loan is available on the Jeevan Lakshya policy

Revival

Yes, revival of Jeevan Lakshya policy is possible within 2 years from last premium paid date i.e. If you started a policy in 2000, paid premiums in 2001 and 2002 and due to some reason could not pay the premium for the years 2003 and 2004, the policy can be revived in 2004 with all benefits.

Surrender

Yes, the policy can be surrendered after 3 years of policy. The surrender value of the policy is different for different policies and it mainly depends on how far the maturity date is.

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