LIC’s Jeevan Lakshya Plan (Table No. 933)
INTRODUCTION:- LIC’s Jeevan Lakshya Plan No.933 was introduced on 1st February 2020. Today in India, LIC’s Jeevan Lakshya plan is known by the name of Kanyadan Policy. LIC’s Jeevan Lakshya Plan is a limited premium paying conventional With-Profits Endowment Assurance plan Savings Plan. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children/family in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity independents of survival of the Policyholder. This is a best insurance plan for family protection. LIC’s Jeevan Lakshya Policy is one of the best policy that after the death of the insured pays an amount in excess of the predetermined maturity amount to the family of the insured to meet the goals set by him. Apart from this, every year a certain amount is also paid by LIC to the family of the insured. And all outstanding premiums are also waived.
Basic Eligibility Conditions and Features of LIC’s Jeevan Lakshya Plan (Table No. 933):-
a) Minimum Basic Sum Assured:- 100000
b) Maximum Basic Sum Assured:- No Limit (The Basic Sum Assured shall be in multiples of 10000/-)
c) Minimum Age at entry:- 18 years (completed)
d) Maximum Age at entry:- 50 years (nearer birthday)
e) Maximum Age at Maturity:- 65 years (nearer birthday)
f) Minimum Policy Term:- 13 years
g) Maximum Policy Term:- 25 years
Premium Paying Term:- Policy term – 3 years
Modes of Payments:- Premium can be paid in Yearly, Half-yearly. Quarterly, Monthly (SSS and NACH)
Maturity Benefit:- On Life Assured surviving the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
Death Benefit:- On death of the Life Assured during the policy term before the stipulated Date of Maturity provided the policy is in-force i.e. all due premiums have been paid, 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 higher of :- 7 times of annualized premium or Sum of 110% of Basic Sum Assured, which shall be payable on date of maturity and “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. 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 total premiums paid up to the date of death. Premiums referred above exclude taxes, extra premium and rider premium(s), if any.
Option to take Maturity/Death Benefit in Instalments:- This is an option to receive Maturity/death benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, during his/her life time; for full or part of Death benefits payable under the policy. The amount opted for by the Policyholder/Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.
Riders Available:- LIC’s Accident Benefit Rider, LIC’s Accidental Death and Disability Rider, Term Assurance Benefit Rider and Critical Illness Benefit Rider can be opted by paying extra premium.