LIC Jeevan Lakshya Scheme: Features, Benefits & Eligibility Criteria
LIC Jeevan Lakshya is a participating non-linked plan that offers a combination of savings and protection. It provides financial support to the family of the policyholder in case of their unfortunate demise and ensures the policyholder receives regular income during the policy term and a lump sum amount at the end of the policy term.
What is LIC Jeevan Lakshya?
LIC Jeevan Lakshya is a participating non-linked life insurance policy offered by the Life Insurance Corporation of India (LIC). The policy offers a combination of savings and protection, ensuring the financial security of the policyholder and their family.
Under the policy, the policyholder receives a fixed percentage of the basic sum assured as a survival benefit at the end of every policy year during the policy term and a lump sum amount at the end of the policy term. The policy term can range from 13 to 25 years, and the premium payment term can be shorter than the policy term. The policy also offers the option to receive the survival benefit as a lump sum at the end of the policy term.
 |
| LIC Jeevan Lakshya Plan: Features, Benefits & Eligibility Criteria |
In case of the policyholder's demise during the policy term, the death benefit is payable to the nominee, which includes a basic sum assured, vested simple reversionary bonuses, and a final additional bonus (if any). The policy also offers an optional rider, the LIC's Accidental Death and Disability Benefit Rider, which provides additional protection in case of accidental death or disability.
The policy offers tax benefits on the premiums paid and benefits received under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively. The policy also offers the option to avail of a loan against the policy after it acquires a surrender value.
Overall, LIC Jeevan Lakshya is a good option for those who want to secure their financial future and ensure the financial security of their family. It's always recommended to consult with a LIC agent or a financial advisor to understand the policy benefits in detail and make an informed decision.
Which is the best LIC policy?
The best LIC policy for an individual would depend on their specific financial goals, risk appetite, and insurance needs. LIC offers various types of policies, including traditional plans, unit-linked plans, and pension plans, each designed to meet different financial needs.
Some of the popular LIC policies are:
LIC Jeevan Anand - This is a traditional endowment plan that offers both savings and protection. The policy provides a death benefit and a maturity benefit, making it a good option for those looking for long-term savings and protection.
LIC New Endowment Plan - This is also a traditional endowment plan that offers a guaranteed lump sum amount at maturity and death benefit in case of the policyholder's demise during the policy term.
LIC Jeevan Labh - This is a non-linked, with-profit endowment plan that offers both savings and protection. The policy offers a lump sum amount at maturity and a death benefit.
LIC Jeevan Umang - This is a non-linked, with-profit whole life insurance plan that offers a guaranteed survival benefit of 8% of the basic sum assured every year after the premium payment term is over. The policy also provides a death benefit, making it a good option for long-term savings and protection.
It's always recommended to consult with a LIC agent or a financial advisor to understand the policy benefits in detail and choose the best LIC policy that suits your financial goals and insurance needs.
What is the benefit of LIC Jeevan Lakshya?
LIC Jeevan Lakshya provides several benefits to the policyholder, including:
Death Benefit: In case of the policyholder's unfortunate demise during the policy term, the death benefit is payable to the nominee.
Maturity Benefit: At the end of the policy term, the policyholder receives the maturity benefit, which includes a basic sum assured, vested simple reversionary bonuses, and a final additional bonus (if any).
Survival Benefit: The policyholder receives a fixed percentage of the basic sum assured as a survival benefit at the end of every policy year during the policy term.
Loan Facility: The policyholder can avail of a loan against the policy after it acquires a surrender value.
Tax Benefits: The premiums paid and benefits received under the policy are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.
Overall, LIC Jeevan Lakshya provides a good combination of savings and protection, ensuring the financial security of the policyholder and their family.
Is LIC Jeevan Lakshya a good policy?
LIC Jeevan Lakshya can be a good policy for those who are looking for a combination of savings and protection. It provides financial support to the policyholder's family in case of their unfortunate demise during the policy term, along with regular income during the policy term and a lump sum amount at the end of the policy term. Additionally, it offers tax benefits on the premiums paid and benefits received.
However, whether LIC Jeevan Lakshya is a good policy or not depends on an individual's financial goals, risk appetite, and overall financial situation. It's always a good idea to consult with a financial advisor to determine if this policy fits your needs and goals.
Features of LIC Jeevan Lakshya Policy
Here are some of the features of the LIC Jeevan Lakshya Policy:
Premium Payment: The policyholder can choose the premium payment term, which can range from 3 years to the policy term.
Policy Term: The policy term can be between 13 to 25 years
Death Benefit: In case of the policyholder's unfortunate demise during the policy term, the death benefit is payable to the nominee, which includes a basic sum assured, vested simple reversionary bonuses, and a final additional bonus (if any).
Maturity Benefit: At the end of the policy term, the policyholder receives the maturity benefit, which includes a basic sum assured, vested simple reversionary bonuses, and a final additional bonus (if any).
Survival Benefit: The policyholder receives a fixed percentage of the basic sum assured as a survival benefit at the end of every policy year during the policy term.
Loan Facility: The policyholder can avail of a loan against the policy after it acquires a surrender value.
Surrender Value: The policy acquires a surrender value after the payment of at least three full years' premiums.
Tax Benefits: The premiums paid and benefits received under the policy are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.
Overall, LIC Jeevan Lakshya is a participating non-linked plan that provides a combination of savings and protection, making it an ideal option for those who want to secure their financial future.
LIC Jeevan Lakshya Policy Criteria
Here are the criteria for LIC Jeevan Lakshya Policy:
Entry Age: The minimum entry age for the policy is 18 years, and the maximum entry age is 50 years.
Policy Term: The policy term can be between 13 to 25 years.
Premium Payment Term: The policyholder can choose the premium payment term, which can range from 3 years to the policy term.
Minimum Basic Sum Assured: The minimum basic sum assured under the policy is Rs. 1,00,000.
Premium Payment Mode: The policyholder can pay the premium on a yearly, half-yearly, quarterly, or monthly basis.
Grace Period: A grace period of one month is provided for the payment of the premium.
Surrender Value: The policy acquires a surrender value after the payment of at least three full years' premiums.
Loan Facility: The policyholder can avail of a loan against the policy after it acquires a surrender value.
Revival Period: The policy can be revived within two years from the date of the first unpaid premium.
It's always recommended to consult with a LIC agent or a financial advisor to understand the policy criteria and whether it's suitable for your financial needs and goals.
LIC Jeevan Lakshya Policy Details and KYC
LIC Jeevan Lakshya is a participating non-linked plan that provides financial support to the family of the policyholder in case of their unfortunate demise during the policy term. The policy offers a combination of savings and protection, ensuring the financial security of the policyholder and their family. The policyholder receives a fixed percentage of the basic sum assured as a survival benefit at the end of every policy year during the policy term and a lump sum amount at the end of the policy term. Additionally, the policy offers tax benefits on the premiums paid and benefits received.
KYC for LIC Jeevan Lakshya Policy:
To buy a LIC Jeevan Lakshya policy, the policyholder needs to complete the Know Your Customer (KYC) process. The policyholder needs to submit the following documents as part of the KYC process:
Identity Proof: Any one of the following - PAN card, Aadhaar card, Passport, Voter ID, or Driving License.
Address Proof: Any one of the following - Aadhaar card, Passport, Voter ID, Driving License, or utility bills.
Age Proof: Any one of the following - PAN card, Aadhaar card, Passport, Voter ID, or Driving License.
Passport Size Photographs: The policyholder needs to submit a recent passport-size photograph.
It's important to note that the documents required for KYC may vary depending on the policyholder's age and other factors. It's always recommended to check with a LIC agent or visit the LIC website for the latest and most accurate information.
Benefits of Availing of LIC Jeevan Lakshya Policy
Here are some of the benefits of availing LIC Jeevan Lakshya Policy:
Financial Protection: The policy offers financial protection to the policyholder's family in case of their unfortunate demise during the policy term. The death benefit is payable to the nominee, which includes a basic sum assured, vested simple reversionary bonuses, and a final additional bonus (if any).
Regular Income: The policyholder receives a fixed percentage of the basic sum assured as a survival benefit at the end of every policy year during the policy term, ensuring a regular income.
Maturity Benefit: At the end of the policy term, the policyholder receives the maturity benefit, which includes a basic sum assured, vested simple reversionary bonuses, and a final additional bonus (if any).
Tax Benefits: The premiums paid and benefits received under the policy are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.
Loan Facility: The policyholder can avail of a loan against the policy after it acquires a surrender value.
Surrender Value: The policy acquires a surrender value after the payment of at least three full years' premiums.
Flexible-Premium Payment Term: The policyholder can choose the premium payment term, which can range from 3 years to the policy term.
Overall, LIC Jeevan Lakshya is a participating non-linked plan that provides a combination of savings and protection, making it an ideal option for those who want to secure their financial future. It's always recommended to consult with a LIC agent or a financial advisor to understand the benefits of the policy and whether it's suitable for your financial needs and goals.
lic jeevan lakshya calculator
LIC Jeevan Lakshya Calculator is an online tool that helps you to estimate the premium amount, maturity benefit, and death benefit of the policy based on the basic details entered by you. The calculator takes into consideration the age of the policyholder, policy term, premium payment term, and the basic sum assured to provide an estimate of the benefits.
You can use the LIC Jeevan Lakshya Calculator available on the official LIC website or other trusted online platforms. Here are the steps to use the LIC Jeevan Lakshya Calculator:
Visit the official LIC website or any trusted online platform that offers the LIC Jeevan Lakshya Calculator.
Enter your age, policy term, premium payment term, and the basic sum assured you are looking for.
Click on the "Calculate" button
The calculator will provide an estimate of the premium amount, maturity benefit, and death benefit based on the details entered by you.
It's important to note that the results provided by the calculator are only estimates, and the actual benefits may vary depending on various factors. It's always recommended to consult with a LIC agent or a financial advisor to understand the policy benefits in detail and make an informed decision.
lic jeevan lakshya child plan
LIC Jeevan Lakshya policy can be considered a child plan as it offers financial support to the policyholder's family, especially children, in case of their unfortunate demise during the policy term. The policy offers a combination of savings and protection, ensuring the financial security of the policyholder and their family.
Under the policy, the policyholder receives a fixed percentage of the basic sum assured as a survival benefit at the end of every policy year during the policy term and a lump sum amount at the end of the policy term. The policy term can range from 13 to 25 years, making it suitable for those who want to secure their child's future.
In case of the policyholder's demise during the policy term, the death benefit is payable to the nominee, which includes a basic sum assured, vested simple reversionary bonuses, and a final additional bonus (if any). The death benefit can help the policyholder's family to meet their financial needs, especially their child's education and other expenses.
The policy also offers tax benefits on the premiums paid and benefits received under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.
Overall, LIC Jeevan Lakshya's policy can be a good child plan option for those who want to secure their child's future in case of their unfortunate demise. It's always recommended to consult with a LIC agent or a financial advisor to understand the policy benefits in detail and make an informed decision.
Conclusion
In conclusion, LIC Jeevan Lakshya is a participating non-linked life insurance policy offered by the Life Insurance Corporation of India (LIC) that offers a combination of savings and protection. The policy offers a fixed percentage of the basic sum assured as a survival benefit at the end of every policy year during the policy term and a lump sum amount at the end of the policy term. The policy also provides a death benefit, and an optional rider, the LIC's Accidental Death and Disability Benefit Rider, that provides additional protection in case of accidental death or disability. The policy is a good option for those who want to secure their financial future and ensure the financial security of their family, especially their children. However, the best LIC policy for an individual would depend on their specific financial goals, risk appetite, and insurance needs, and it's always recommended to consult with a LIC agent or a financial advisor to make an informed decision.
FAQ About the LIC Jeevan Lakshya
Sure, here are some frequently asked questions about LIC Jeevan Lakshya:
Q: What are the minimum and maximum ages to apply for the LIC Jeevan Lakshya policy?
A: The minimum age to apply for the policy is 18 years, and the maximum age is 50 years.
Q: What are the minimum and maximum policy terms for LIC Jeevan Lakshya policy?
A: The policy term can range from 13 to 25 years.
Q: What are the minimum and maximum sum assured for the LIC Jeevan Lakshya policy?
A: The minimum sum assured for the policy is Rs. 1,00,000, and there is no upper limit on the maximum sum assured.
Q: What is the premium payment term for the LIC Jeevan Lakshya policy?
A: The premium payment term can be shorter than the policy term and can range from 3 to 18 years.
Q: What is the mode of premium payment for the LIC Jeevan Lakshya policy?
A: The premium can be paid yearly, half-yearly, quarterly, or monthly.
Q: What is the grace period for premium payment under the LIC Jeevan Lakshya's policy?
A: The grace period for premium payment is 30 days for yearly, half-yearly, and quarterly modes, and 15 days for monthly modes.
