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Monday, July 13, 2015

LIC Jeevan Lakshya Plan (No.- 833)

LIC Jeevan Lakshya is plan designed to provide benefit or financial assistance to the beneficiary as regular Annual Income. This plans provides annual benefits to the family of policy holder in case of unfortunate death of the policy holder and a lump sum amount is payable irrespective of survival of the Policy holder at the time Maturity. Related information regarding this plan is as under –

   1.       Plan's Details:-

Payment Mode
Yearly, Half-Yearly, Quarterly, Monthly
13  to 25 Years
Premium Paying Terms
(Policy Terms -3) Years
Minimum Entry Age
18 Years (Completed)
Maximum Entry Age
50 Years (Nearest Birthday)
Maximum Maturity Age
65 Years (Nearest Birthday)
Minimum Sum Assured
Rs. 100000
Maximum Sum Assured
No Limit
Maximum Accidental Death and Disability Benefit Rider
Up to the Maximum age of Maturity (i.e. 65 Years)

   2.       Policy Benefits:-

  Ø  On Death –
Sum Assured on Death + Bonuses & Final Additional Bonus, if any, shall be payable in following manner-

  • Assured Absolute Amount of 110% of Basic Sum Assured, Along with Bonuses & Final Additional Bonus, if any, payable  (on due date of maturity)
  • Annual Income Benefit equal to 10% of the Basic Sum Assured (till policy anniversary prior to date of maturity)

  Ø  On Survival –
Basic Sum Assured along with Bonus and Additional Final Bonus, if Any

  Ø  On Surrender-
Policy can be surrendered provided atleast three full years Premium has been paid. The Percentage of surrender value depends upon the Policy Term and year in which such policy has been surrendered.

   3.       Benefits under Income Tax-

Following Benefits are available in regards to Income Tax-
  Ø  Amount of Premium Paid is eligible for deduction u/s 80C
  Ø  Amount received on maturity is exempt u/s 10(10D)

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