The LIC Jeevan Lakshya Plan is categorized as a With-Profits Endowment Assurance plan. This is a limited premium paying, non-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. In case the policyholder survives 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 until 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.
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 Policyholder, a full Sum assured is paid to the nominee & if Term Rider option is chosen than Double the Sum assured is paid immediately. Plus 10% of Sum assured is paid each year till maturity.
|Eligibility Conditions & Restrictions|
|Minimum age||18 years (Completed)|
|Maximum age||50 years|
|Maximum maturity age||65 years|
|Policy Term||13 years to 25years|
|Premium paying term||Policy term -3years|
|Minimum Sum Assured||Rs.1,00,000|
|Maximum Sum Assured||No limit|
|Premium payment mode||Yearly / Half yearly / Quarterly / Monthly (Thru Bank)|
|Loan||Eligible after 3 years|
|Surrender||Eligible after 3 years|