Life Insurance Corporation (LIC)’s Jeevan Lakshya plan is a participating non-linked plan which offers a combination of protection and savings. LIC, which offers a variety of products such as term insurance plans, endowment plans and unit-linked plans, provides annual income benefit under its Jeevan Lakshya plan. The LIC plan can be purchased for a minimum sum assured of Rs. 1 lakh and does not have any maximum limit for the sum assured, according to LIC’s website – licindia.in. (Also Read: LIC Jeevan Shanti Plan: Premiums, Pensions, Other Benefits Here)
LIC Insurance Policy: Here are details about the premium, sum assured and benefits applicable to LIC’s Jeevan Lakshya plan:
Who can subscribe to LIC’s Jeevan Lakshya plan?
LIC’s Jeevan Lakshya plan can be purchased by any individual between the age group of 18 and 50 years, according to LIC. The policy term of LIC Jeevan Lakshya is between 13 and 25 years with a maximum maturity age of 65 years.
LIC Jeevan Lakshya policy benefits
LIC Jeevan Lakshya policyholders get an annual income benefit of 10 per cent of the basic sum assured, payable from the policy anniversary, according to LIC.
On maturity of the LIC plan, an assured absolute amount – equal to 110 per cent of basic sum assured – is payable along with vested simple reversionary and final additional bonuses, if any, according to LIC.
LIC Premium Payments for Jeevan Lakshya
Here are some sample premium rates per Rs. 1,000 of the basic sum assured, as listed by LIC:
|AGE/TERM (in years)||13 (PPT = 10)||15 (PPT = 12)||20 (PPT = 17)||25 (PPT = 22)|
Premiums for the LIC Jeevan Lakshya policy can be paid regularly during the premium paying term at yearly, half-yearly, quarterly or monthly intervals.