LIC Jeevan Lakshya plan is a participating non-market-linked, limited premium paying conventional profit linked Endowment Assurance plan which provides Annual Income Benefit to fulfill the education support requirements. This plan is considered to be the best plan for Children Education and marriage planning.
In case of death of the policy holder takes place prior to the maturity, 10% of the basic sum assured will be paid on every policy anniversary, further it also provides a lump sum amount at the time of maturity regardless of survival of the policyholder. The Life Insurance benefit provided under LIC Jeevan Lakshya is considered to be the best available among all Children Education plans in India.
Policy Benefits :
On Death :
Sum Assured on Death + Bonuses & Final Additional Bonus, if any, shall be payable in following manner. Annual Income Benefit equal to 10% of the Basic Sum Assured (till policy anniversary prior to date of maturity) Assured Absolute Amount of 110% of Basic Sum Assured, payable (on due date of maturity) Along with Bonuses & Final Additional Bonus, if any, on maturity. (on due date of maturity)
On Maturity of the policy, survival Basic Sum Assured + Vested Bonus + FAB if any.
Premium Payment Mode: Yearly, Half yearly, Quarterly, Monthly(ECS)
Under LIC Jeevan Lakshya minimum term is 13 yrs and maximum is 25 Years
For any term the premium paying term would be maturity minus 3 years.
Minimum Entry Age would be 18 Year Completed and maximum entry age is 50 years.
Maximum Maturity Age :65 Year (Nearest Birthday)
Minimum Sum Assured is Rs. 1,00,000/- and there is no limit on maximum sum assured
Maximum Accidental Death and Disability Benefit Rider up to age 65.
Income Tax Benefit :
- Premium paid under this plan is eligible for TAX rebate under section 80c.
- Maturity under this plan is free under sec 10(10D).
- Best for planning children education and marriage.