LIC Jeevan Lakshya Plan (733)

How secure is your family’s future if something unexpected happens? LIC’s Jeevan Lakshya Plan is here to help you answer that question with confidence. This unique life insurance plan offers a perfect combination of protection and savings, especially for those with children.

LIC Jeevan Lakshya Plan Maturity Calculator

Are you looking to explore more LIC plans and calculate their benefits? Check out our range of LIC Premium Calculators below to find the perfect plan for your needs:

1. LIC Single Premium Endowment Plan Calculator
2. LIC New Endowment Plan Premium Calculator
3. LIC New Jeevan Anand Plan Calculator
4. LIC Jeevan Labh Plan Premium Calculator
5. LIC Amritbaal Plan Premium Calculator
6. LIC Bima Jyoti Plan Premium Calculator

Eligibility and Key Features

This plan is good for you if you earn money. You do not need to earn a lot. The plan suits people of different ages. And the best part is that anyone in your family can buy it.

• Minimum age at entry: 18 years (last birthday).
• Maximum age at entry: 50 years (nearer birthday).
• Minimum maturity age: 31 years (nearer birthday).
• Maximum maturity age: 65 years (nearer birthday).
• Policy term: 13 to 25 years.
• Premium paying term: Policy term minus 3 years.
• Sum assured:
  • Minimum: ₹2,00,000.
  • Maximum: No limit (subject to underwriting approval).

Key Features:

• Annual income benefit for your family in case of your untimely demise.
• Lump-sum payment at maturity, irrespective of survival.
• Flexibility to enhance protection with riders tailored to your needs.
• Loan facility to meet urgent financial needs without disrupting your long-term savings plan.
• High-sum assured rebates for larger policies, making it more cost-effective for higher coverage.

Premium Details

Paying for this policy is easy and flexible. You can choose to pay premiums yearly, half-yearly, quarterly, or monthly (via NACH). The plan is affordable and rewards consistent payments with rebates:

• Mode rebates:
  • Yearly: 2% discount.
  • Half-yearly: 1% discount.
  • Quarterly/Monthly: No rebate.
• Sample Premium Rates:
  • For a 25-year-old with a 25-year policy term and a sum assured of ₹2,00,000, the yearly premium starts at ₹9,006 (exclusive of taxes).

Benefits of LIC Jeevan Lakshya

This plan offers comprehensive benefits to cater to various scenarios:

1. Death Benefit:

• If the policyholder passes away during the policy term, the family receives:
  • Annual Income Benefit: 10% of the Basic Sum Assured every year until one year before policy maturity that ensures steady financial support for ongoing needs.
  • Lump-Sum Benefit: 110% of the Basic Sum Assured, payable at maturity.
• Minimum Death Benefit: 105% of all premiums paid, guaranteeing a return on investment even in unforeseen circumstances.

2. Maturity Benefit:

• If the policyholder survives the policy term, the following is paid:
  • Basic Sum Assured.
  • Vested Simple Reversionary Bonuses.
  • Final Additional Bonus (if declared), boosting the overall payout.

3. Bonuses:

• Simple Reversionary Bonus: Declared annually and added to the policy.
• Final Additional Bonus: Paid on maturity or death, depending on LIC’s performance

Illustration Table

To better understand the financial benefits of this policy, let’s look at the official illustration for a standard case:

Key Notes:

• The table assumes a basic sum assured of ₹2,00,000 with a premium payment term of 22 years.
• Non-guaranteed benefits are based on assumed rates of return and may vary.
• Guaranteed benefits include the Basic Sum Assured and bonuses accrued during the term.

Riders and Options

To enhance the coverage, you can add optional riders that provide additional security and peace of mind:

• Accidental Death and Disability Benefit Rider: Provides financial support in case of accidental death or disability.
• Accident Benefit Rider: Offers a lump sum in case of accidental death.
• New Term Assurance Rider: Provides additional cover during the policy term.

Flexible Benefit Options:

• Choose to receive the Death Benefit in instalments over 5, 10, or 15 years instead of a lump sum.
• Opt for a Settlement Option to receive the Maturity Benefit in staggered payments, tailored to your future financial needs.

Surrender and Loan Provisions

1. Surrender Value:

• Guaranteed Surrender Value is available after paying premiums for two years. It provides liquidity if you need to exit the plan.
• The Special Surrender Value is reviewed annually and is usually higher which also gives better returns if you choose to surrender your policy later.

2. Loan Facility:

• Loans can be availed after one year, provided at least one premium is paid.
• Loan amount:
  • Up to 75% of surrender value for in-force policies.
  • Up to 65% for paid-up policies.

This ensures that you can access funds in emergencies without compromising the long-term benefits of the policy.

Real-Life Example

Let’s look at an example for better clarity:

• Age at entry: 30 years.
• Policy term: 25 years.
• Sum Assured: ₹2,00,000.
• Yearly Premium: ₹9,222 (excluding taxes).

Scenario 1: Policyholder survives the term

• Maturity Benefit:
  • Basic Sum Assured: ₹2,00,000.
  • Bonuses (assuming 8% return): Approximately ₹2,00,000.
  • Total: ₹4,00,000.

Scenario 2: Policyholder’s demise in the 10th year

• Death Benefit:
  • Annual Income: ₹20,000/year for 15 years.
  • Lump Sum at maturity: ₹2,20,000.
  • Total: Over ₹5,00,000, ensuring substantial financial support for the family.

Who is this Policy Best Suited For?

LIC Jeevan Lakshya is ideal for:

• Parents: Looking to secure their children’s education and future expenses without disruption.
• Young Professionals: Planning long-term financial security for their families while building wealth.
• Individuals with Dependents: Ensuring their loved ones are financially stable in their absence.
• People Seeking Regular Income Support: Providing steady income for family needs during critical times.

This plan is perfect for anyone who values financial stability and wishes to safeguard their loved one’s future against uncertainties.

How to Buy LIC Jeevan Lakshya

1. Contact a licensed LIC agent or visit the nearest LIC branch to start your journey.
2. Fill out the proposal form and provide necessary documents like age proof, ID proof, and income proof.
3. Select the sum assured and policy term based on your specific needs and goals.
4. Pay the first premium to initiate the policy and secure your family’s future.

Claiming Benefits

Death Claims:

• Inform LIC and submit the death certificate, policy document, and nominee’s ID proof promptly.
• Opt for lump-sum or instalment payments as per the policyholder’s instructions, ensuring seamless financial support.

Maturity Claims:

• Submit the maturity claim form, policy document, and ID proof well in advance of the term end, ensuring timely payouts.

Conclusion

LIC has made the Jeevan Lakshya plan to keep your family safe. This plan gives you fixed returns. You do not need to worry about market changes. The money will help your family in hard times.

Your children can study without any money problems. This plan gives them the money they need. You get to pick how you want the money to come to your family. LIC is a company you can trust. Many Indian families believe in LIC.

The plan takes away your tension about money. Your family will have support when they need it. You do not want to wait and think too much about this. Start the plan now. It will give you peace. Your family can live their dreams with this plan. You can make their future better with LIC Jeevan Lakshya.