What is Jeevan Lakshya Plan?

LIC Jeevan Lakshya Plan is a unique plan in the Insurance Industry. This is a with-Profits Endowment Assurance limited premium paying, non-market-linked plan. Premiums for this policy must be paid for 3 years lesser than the policy term. By being non-linked, it guarantees an assured sum and bonuses as a maturity or death benefit. When the policy matures and the policyholder survives during the term of the policy, this sum will be paid as a lump sum maturity benefit. 

 In the case of his death within the term of the policy, the nominee will receive 10% of the assured sum every year till the plan matures. Premiums do not have to be paid for the remainder of the policy term. On maturity, the nominee will again receive the sum assured and bonuses.

Feature Of LIC Jeevan Lakshya Plan

• Premiums for the policy can be paid yearly, the half-yearly, quarterly and monthly option of Bank deduction (NACH)  is also available, wherein it facilitates an easier option to pay the premiums

Being a With-Profits Endowment Assurance plan, this policy garners profits made by the Life Insurance Corporation of India through the Simple Reversionary Bonus and Final Additional Bonus (if applicable) and these are paid out at the end of the maturity period

Benefits:

Maturity Benefit:

Provided all the premiums have been paid in full and the policyholder has survived till the end of the policy term, the Maturity Benefit will encompass the Sum Assured on Maturity plus the vested Simple Reversionary Benefits and the Final Additional Bonus if any.

Death Benefit:

In case of unfortunate demise of the Policyholder, a full Sum assured is paid to the nominee & if the Term Rider option is chosen then Double the Sum assured is paid immediately. Plus 10% of the Sum assured is paid each year till maturity

Eligibility Conditions & Restrictions for Jeevan Lakshya Plan

OPTIONAL BENEFITS:

• Accidental Benefit Rider: On Death, double, the Sum Assured shall be payable.
• The benefit covered under this plan is up to the age of Life Assured is 70 Years or till PPT, whichever is
  earlier.
• Accidental Death and Disability Benefit: On Death, Accidental Sum Assured shall be payable.
• Allowed only for Age 18 years and above.
• Maturity Installments: Death benefit shall be received in instalments over a period of 5 or 10 or
  15 years instead of a lump-sum amount.
• Term Assurance Rider: Provides Life Cover in case of Death. Allowed only for Age 18 years and
  above.
• The additional premium for the term rider is paid along with the premium of the basic plan.

PREMIUM PAYMENT REBATE:
Mode                                              Discounts                                  .
Yearly                                               2% of tabular premium
Half Yearly                                       1% of tabular premium
Quarterly                                          Nil
Monthly                                            Nil

High SA Rebate                             Rebate per Rs.1000 BSA
Rs. 100000 to 190000                      Nil
Rs. 200000 to 490000                       2
Rs. 500000 to Above                        3

SURRENDER VALUE:

The policy can be surrendered at any time during the policy term, provided at least two full years
the premium has been paid 
Surrender Value equal to higher of Guaranteed Surrender Value or Special Surrender Value shall be
payable.
Guaranteed Surrender Value : (Total Premiums paid, excluding any extra premiums or riders x
Surrender Value Factor ) + (Vested bonuses x Surrender Value Factor for Vested bonuses)
Special Surrender Value : (Maturity paid-up Sum Assured + Vested bonuses) x Special Surrender
value factor
Discounted Value of the sum of paid-up sum assured and the vested bonuses

LOAN:

1. At least two full years of premium payment to apply for a loan facility
2. The loan is a percentage of the Surrender Value
3. For In-force policies: Up to 90% of Surrender value
4. For Paid-up policies: Up to 80% of Surrender value
5. The rate of interest for the loan amount shall be determined from time to time by the Corporation.

Income Tax Benefits :

1. All premiums paid to LIC Jeevan Lakshya Plan can be claimed for Income Tax Saving under section 80C. The total limit for 80C is Rs. 1,50,000/- only.
2. Benefits from this plan like Maturity, Death benefits etc are 100% Tax-Free under section 10 (10 C).