By Priya Mehta 
LIC Jeevan Lakshya (Plan No. 933, UIN No. 512N297V02) is a Non-linked, Participating, Individual, Life Assurance plan specifically designed to create a steady stream of income since it has introduced Annual Income Benefit to protect you and your family from the vagaries of life. In this policy, not only can you enjoy maturity benefit with lump sum amount but you can also receive death benefit prior to the maturity period, in the event of untimely and unfortunate death of the life assured. This plan provides you with a bag full of other benefits to cater to your future needs, particularly for your children.
Eligibility Criteria of LIC Jeevan Lakshya Policy
If you want to avail of this policy, have a look at the following table to know about the eligibility criteria.
| Parameters | Facts |
| Age at entry | Minimum – 18 yearsMaximum – 50 years |
| Maximum maturity age | 65 years |
| Policy term | Minimum – 13 yearsMaximum – 25 years |
| Policy Paying Term | Policy Term minus 3 years |
| Policy type | Endowment plan |
| Rider benefit | Available |
| Sum assured | Minimum – Rs. 1 lakhMaximum – No upper limit(The Basic Sum Assured will be in multiples of ` 10,000/-) |
LIC Jeevan Lakshya Policy Benefits
LIC Jeevan Lakshya Policy has come up with a bunch of benefits to offer you protection and savings facilities. To more about its benefits in detail, have a look at the below mentions.
Death Benefit:
In case of unfortunate demise of the Life Assured before the maturity date of an active policy, the beneficiary or nominee is entitled to get the death benefits. The amount of death benefit will not be less than 105% of total premiums paid up to the date of death of the insured person. The death benefits include the following:
- Sum Assured on Death. It refers to either 7 times of annualized premium or Sum of 110% of Basic Sum Assured and Annual Income Benefit equal to 10% of the Basic Sum Assured, whichever is higher.
- Vested Simple Reversionary Bonuses and,
- Final Additional Bonus
It has to be remembered that Simple Reversionary Bonuses and Final Additional Bonus will be paid only on the due date of maturity.
Maturity Benefit:
In case of survival of the Life Assured through the entire policy period of an active policy, he/she is entitled to receive the maturity benefits. The maturity benefit refers to the following in total.
- Sum Assured on Maturity. It is equal to the Basic Sum Assured.
- Vested Simple Reversionary Bonuses and,
- Final Additional Bonus
Participation in Profit:
This policy will take part in different types of profits of the Corporation. As the Corporation will reap, according to that, the Life Assured will also get the profits as Simple Reversionary Bonuses while the policy has to be an active one. In case of the untimely demise of the Life Assured, the policy will keep on participating in profits up to the date of maturity. In total, the entire vested Simple Reversionary Bonuses and Final Additional Bonus will be paid by the insurer on the due date of maturity. In that case, whether Life Assured survives the policy term or not, that does not matter.
Riders Benefits Available Under LIC Jeevan Lakshya Policy
LIC Jeevan Lakshya plan offers four optional riders.
- Accidental Death and Disability Rider
- New Term Assurance Rider
- Critical Illness Rider
- LIC’s Accident Benefit Rider
Note: Policyholders can opt between either the LIC’s Accidental Death and Disability Benefit Riders or LIC’s Accident Benefit Riders. In short, a maximum of three riders can be availed under the policy.
Premium Chart
| Age (In years) | 13(PPT = 10) | 15(PPT = 12) | 20(PPT = 17) | 25(PPT = 22) |
| 20 | 9873 | 8114 | 5645 | 4253 |
| 30 | 9918 | 8163 | 5718 | 4366 |
| 40 | 10118 | 8399 | 6047 | 4787 |
| 50 | 10775 | 9109 |
Note: All the premiums are exclusive of taxes.
Frequently Asked Questions
Que 1. Do I have to pay an additional premium for riders?
Ans. Yes! If you opt for riders, you have to pay an additional premium. However, it is suggested to include those riders for better security.
Que 2. What is the grace period under the plan?
Ans. A grace period of 30 days is available for the LIC Jeevan Lakshya plan.
Que 3. Can I surrender the LIC Jeevan Lakshya Policy?
If the premiums for at least two full policy years are fully paid, you can surrender the policy.
Que 4. What is the maximum sum assured available under the LIC Jeevan Lakshya policy?
There is no limit to the maximum sum assured. Although it is subject to financial underwriting terms & conditions.
Hinal Sojitra