Jeevan Lakshya (Plan No. 833)
LIC's Jeevan Lakshya is another savings cum protection endowment plan. This
plan 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.
Features
- Annual Income Benefit @ 10% of Basic Sum Assured
- 110% of Basic Sum Assured along with accrued bonuses is payable at maturity
- Life risk cover for the policy holder
- Premium Paying Term is 3 years less than the Policy Term
- Additional Accidental Sum Assured
- Loan can be taken against the policy
- Double tax benefit (u/s 80C and u/s 10D)
Eligibility Conditions
Minimum age at entry
|
18 years
|
Maximum age at entry
|
50 years
|
Maximum age at maturity
|
65 years
|
Minimum policy term
|
13 years
|
Maximum policy term
|
25 years
|
Premium paying term
|
(Policy Term – 3) years
|
Minimum sum assured
|
Rs 1,00,000/-
|
Maximum sum assured
|
No higher limit
|
Double Tax Benefit
U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)
Possible Events during policy duration
On Death
If the policy holder dies during the policy term, his/her nominee will receive following benefits:
1. Annual income benefit @ 10% of Basic Sum Assured till the maturity due date
2. 110% of Basic Sum Assured at maturity
3. Simple Reversionary Bonus
4. Final Additional Bonus (if any)
If the policy holder dies during the policy term, his/her nominee will receive following benefits:
1. Annual income benefit @ 10% of Basic Sum Assured till the maturity due date
2. 110% of Basic Sum Assured at maturity
3. Simple Reversionary Bonus
4. Final Additional Bonus (if any)
On Accidental Death
In case, the policy holder dies due to an accident, the nominee will get following benefits:
1. Annual income benefit @ 10% of Basic Sum Assured till the maturity due date
2. 110% of Basic Sum Assured at maturity
3. Additional Accidental Sum Assured equal to the Basic Sum Assured
4. Simple Reversionary Bonus
5. Final Additional Bonus (if any)
In case, the policy holder dies due to an accident, the nominee will get following benefits:
1. Annual income benefit @ 10% of Basic Sum Assured till the maturity due date
2. 110% of Basic Sum Assured at maturity
3. Additional Accidental Sum Assured equal to the Basic Sum Assured
4. Simple Reversionary Bonus
5. Final Additional Bonus (if any)
On Survival / Maturity
The policy holder will get following benefits on maturity:
1. Basic Sum Assured
1. Basic Sum Assured
2. Simple Reversionary Bonus
3. Final Additional Bonus (if any)
Understand Jeevan Lakshya Plan with an example
Mr. Yogesh aged 32 years, plans to take Jeevan Lakshya for 20 years and the sum assured of Rs 12,00,000/- (Rupees Twelve Lakhs only).
He is required to pay an annual premium of Rs 45,680.00 (Rupees Forty Five Thousand Six Hundred and Eighty only).
Possible Events
On Death
If Mr. Yogesh dies during the policy term, his nominee will receive following benefits:
1. Annual Income of Rs 1,20,000/- every year till maturity
2. 110% Basic Sum Assured ie Rs 13,20,000/- at maturity
3. Simple Reversionary Bonus at maturity
4. Final Additional Bonus at maturity
* If the death occurs due to an accident, an additional accidental sum assured will also be payable along with above mentioned benefits.
1. Annual Income of Rs 1,20,000/- every year till maturity
2. 110% Basic Sum Assured ie Rs 13,20,000/- at maturity
3. Simple Reversionary Bonus at maturity
4. Final Additional Bonus at maturity
* If the death occurs due to an accident, an additional accidental sum assured will also be payable along with above mentioned benefits.
On Survival till maturity
If Mr. Yogesh survives till the end of policy term, he will get following benefits:
3. Final Additional Bonus (if any)
1. Basic Sum Assured i.e Rs 12,00,000/-
2. Simple Reversionary Bonus3. Final Additional Bonus (if any)
No comments:
Post a Comment