Jeevan Lakshya gives 10% of Sum Assured to the nominee every year, in case of absence of policyholder. Very good plan to secure the future of loved ones especially Children
Key Features of LIC New Jeevan Lakshya
- LIC Jeevan Lakshya is a Limited premium paying, non-linked plan.
- This plan doubles up as a child plan as well.
- Premium payment is 3 years lesser than the policy term.
- Death benefit 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.
- Maturity benefit is Sum Assured + Bonus.
- Policy holder can take a loan against the policy after paying a premium for three years.
Jeevan Lakshya 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.
Premiums paid towards New Jeevan Lakshya is eligible for Tax rebate under Section 80C each year upto Rs.1,50,000. The Maturity/ Death claim paid under Jeevan Lakshya is 100% Tax-free under Section 10(10d)
Eligibility Conditions And Restrictions
- Minimum Age : 18 Years Completed
- Maximum Age : 50 years
- Maximum Maturity Age : 65 years
- Policy Term : 15 years to 25 years
- Premium Payment Term : Policy term - 3 years
- Minimum Sum Assured : Rs,1,00,000
- Maximum Sum Assured : No limit
- Premium Payment : Yearly/Half yearly/Quarterly/Monthly/(Through Bank)
- Loan : Eligible After 3 years
- On Death Before Maturity 1.25% sum assured + Bonus Payable
- On Maturity Sum Assured + Bonus Payable