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01

Cost-Effective Plans

PLAN 733: LIC's Jeevan Lakshya Plan

DETAILS:

This is a limited premium, non-linked, with profits Endowment Plan. Premiums are payable for 3 years less than policy term.

💰SUM ASSURED ON DEATH:

Income Benefit (10% of basic SA Payable from Policy anniversary after death till policy anniversary before maturity) + 110% of Basic SA Payable on Maturity.

💰DEATH BENEFIT:

SA on Death + Bonus for full term + FAB, if any, Payable on Maturity.

💰MATURITY BENEFIT:

Basic Sum Assured + Vested Bonus + FAB if any.

💡Maturity/Death Claim in Installments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount:

Option to be exercised 3 months before Maturity and for Death Claim during lifetime by Life Assured.

Example Illustration

📌 Age: 35 years | Sum Assured: ₹5,00,000 | Policy Term: 25 years | PPT: 18 years (21-3)

Entry at Age 35:

  • In case of Death at Age 40 (6th Policy Year):
    • Income Benefit: 10% of S.A. i.e. ₹50,000 will be paid from 7th to 21st Policy Anniversary i.e. for 15 years.
      • ₹50,000 × 15 = ₹7,50,000
    • At Maturity: 110% of S.A + Vested Bonus for 21 years + FAB
      • ₹5,50,000 + ₹4,83,000 (46×500×21) + ₹50,000 (100×500)
      • = ₹10,83,000
    • Total Death Benefit: ₹7,50,000 + ₹10,83,000 = ₹18,33,500

Additional Death Benefit If Term Rider and ADDB Rider of 5 Lacs each are opted:

  • Natural Death: ₹5,00,000 of Term Rider will be paid immediately.
  • Accidental Death: ₹5,00,000 of Term Rider and ₹5,00,000 of ADDB Rider will be paid immediately.

Eligibility & Policy Terms

📌 Entry Age: Min: 18 years | Max: 50 years
📌 Maturity Age: Max: 65 years
📌 Policy Term: 13 to 25 years
📌 Premium Paying Term: Policy Term – 3 years
📌 Minimum Sum Assured: ₹2,00,000
📌 Maximum Sum Assured: No limit

Available Riders:

✔ Accidental Death & Disability Benefit (ADDB) Rider
✔ Term Rider
✔ Critical Illness Rider

Premium Payment Modes & Rebates

📌 Payment Modes: Yearly, Half-Yearly, Quarterly, Monthly (SSS & NACH)
📌 Mode Rebate:

  • Yearly: 2% | Half-Yearly: 1%

📌 High Sum Assured Rebate:

  • ₹2,00,000 to ₹5,00,000 → Nil
  • ₹5,00,000 to ₹10,00,000 → 4% of Basic SA
  • ₹10,00,000 & above → 5% of Basic SA

Additional Benefits & Conditions

Grace Period: 15 days (monthly) | 30 days (other modes)
Policy Loan: Available after 1 full year of premium payments
Surrender/Paid-Up Value: Available after 1 year
Revival: Allowed within 5 years of First Unpaid Premium (FUP)
Backdating: Allowed within the same financial year

Tax Benefits 💰

Premium Paid: Deduction under Section 80C
Maturity & Death Benefits: Exempt under Section 10(10D)

📢 Secure Your Family’s Future with LIC’s Jeevan Lakshya!
👉 Contact us today to know more!