LIC Jeevan Lakshya (Plan No. 733)
Key Features
- Plan Type: Participating (with profits) Term Assurance Plan
- Purpose: Family income protection with money-back benefits
- Premium Payment Term: (Policy Term - 3) years
- Minimum Age at Entry: 18 years
- Maximum Age at Entry: 50 years
- Minimum Policy Term: 13 years
- Maximum Policy Term: 25 years
- Minimum Sum Assured: ₹1,00,000 (No upper limit)
Benefits
Survival Benefits:
- 10% of Basic Sum Assured paid every year from 11th policy year till policy term minus 1 year
- Maturity Benefit: 110% of Basic Sum Assured + Loyalty Addition (if any) at maturity
Death Benefit:
- If death occurs during policy term: Annual Income Benefit (10% of Basic Sum Assured) paid every year till policy term ends
- Sum Assured on Death (Basic Sum Assured + Loyalty Addition) paid at the end of policy term
- Death benefit is higher of:
- 10 times annual premium (subject to 105% of total premiums paid)
- Absolute amount assured to be paid on death
Example Illustration
Parameter | Value |
---|---|
Policyholder's Age | 30 years |
Policy Term | 20 years |
Premium Payment Term | 17 years (20 - 3) |
Sum Assured | ₹10,00,000 |
Annual Premium (approx.) | ₹65,000 (varies by age) |
Survival Benefits | ₹1,00,000 (10% of SA) annually from 11th to 19th year |
Maturity Benefit | ₹11,00,000 + Loyalty Addition at 20th year |
Death Benefit | ₹1,00,000 annually till 20th year + ₹10,00,000 at end |
Additional Features
- Loan: Available after 3 years
- Grace Period: 30 days for monthly mode, 15 days for other modes
- Surrender Value: Available after 3 years
- Tax Benefits: Premiums eligible under Section 80C, benefits under Section 10(10D)
Suitability
This plan is ideal for:
- Primary earners wanting to secure family's financial future
- Parents planning for children's education/marriage
- Those seeking regular income along with life cover
Note: Exact benefits depend on age, term and sum assured. Loyalty additions are not guaranteed.
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