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
- 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.
- Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity;
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.
LIC’s New Term Assurance Rider: The maximum sum assured offered under this rider is Rs 25 Lakh.
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
Death Sum Assured: 22,00,000
Basic Sum Assured: 20,00,000
Premium: 85397 yearly
Other Policy Benefits
Yes, loan is available on the Jeevan Lakshya policy
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.
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.