LIC’s Jeevan Lakshya (933)


LIC’s Jeevan Lakshya is a life insurance product of LIC (Life Insurance Corporation of India). This is an endowment or traditional plan- which means it is not linked to stock market. The return on investment will be based on the profit of LIC and thereafter the declaration of bonus rate for the particular product. This is a limited premium endowment- which means you pay less in number of years than the term of policy. To know about this policy let us start with its features.

 Premium paying term: 10-22 years (3 years less than policy term)

 Policy term (time until your policy matures): 13-25 years

 Minimum Sum Assured: 100000

 Maximum Sum Assured: unlimited (with special medical reports and income proof)

 Minimum Entry Level Age: 18 years completed

 Maximum Entry Level Age: 50 years in nearest birthday

 Maximum Maturity Age: 65 years

Maximum Accidental Death and Disability benefit rider applicable up to age of 65 years

 Maturity Benefit: Sum assured + Bonus + Final Additional Bonus (for illustration keep on reading)

 Minimum years to pay premium: 2years (after paying premium for 2 years one can stop paying premium; your money will be safe to withdraw or for loan

 Loan and Surrender: after 2 years of policy period considering there is no unpaid premium in first 2 years of policy period.

 Revival: Policy can be revived within 5 years of lapsation.

 Benefit illustration:

Mr. Manoj Jha a School Teacher has purchased Jeevan Lakshya of Sum assured 1000000 INR at the age of 30 years for 25 years term after considering following benefit illustration:-

Policy Term 13 21 25
Premium Paying term 10 18 22
Sum Assured 1000000 1000000 1000000

Per Day Premium

(1st Year/after 1st year)

278/272 148/145 119/116

Monthly Premium

(1st Year/after 1st year)

8661/8474 4620/4520 3714/3634

Quarterly Premium

(1st Year/after 1st year)

25982/25422 13860/13561 11143/10903

Half Yearly Premium

(1st Year/after 1st year)

51434/50326 27432/26842 22053/21578

Yearly Premium

(1st Year/after 1st year)

101810/99618 54289/53120 43638/42699

Total Premium Paid

(Based on Yearly Mode)

998372 957329 940317
Sum Assured 1000000 1000000 1000000
Bonus 494000 966000 1150000
Final Additional Bonus 0 100000 450000
Total 1494000 2066000 2600000

All of these maturity is tax free under income tax act 10 (D)

*all maturity projection is based on current rate of bonus paid by LIC.

 Death Benefit:

1. Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity. For this feature of the policy it can be considered as Child Plan because it gives assured annual income to family member in case of death of policy holder and that money can provide financial security for upbringing of child(ren).

2. The sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. This will be paid at Policy Maturity.

3. Plus the benefit of any term rider opted for as per the rider's feature.