LIC New Jeevan Lakshya - Table No 833

LIC's Jeevan LakshyA (Table no 833)

LIC's Jeevan Lakshya is Traditional nonlinked plan, which offers protection and savings both. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.


Benefits in Jeevan Lakshya
Death Benefit: In case of unfortunate death of the Life Assured before the Date of Maturity provided the policy is in full force by paying all premiums, 
1. Nominee will get 10% of Sum Assured on every policy anniversary till the date of Maturity
2. On Maturity, Nominee will get 110% of Sum Assured + The vested Simple Reversionary Bonuses and Final Additional Bonus.


Survival Benefits: 
In Case of survival of the Life Assured, provided all premiums paid. Policy holder will get Basic Sum Assured + The vested Simple Reversionary Bonuses and Final Additional Bonus.


Optional Benefits:
The policyholder has an option of availing the following Rider benefit(s):


1. LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01) 
2. LIC’s New Term Assurance Rider (UIN: 512B210V01) 


Rider Sum Assured cannot exceed the Basic Sum Assured.

Eligibility and Other Conditions:


Minimum Basic Sum Assured        : 100000 /-
Maximum Basic Sum Assured        : No Limits
 
 (The Basic Sum Assured shall be in multiples of Rs. 10,000/-)

* Policy Term                   ;  13 - 25 Years
* Premium Paying Terms   : Policy Term - 3 Years
* Entry Age                       : 18 - 50 Years
* Maximum Maturity Age  : 65 Years


Premium Payment Options :  Jeevan Lakshya

Yearly, Half Yearly, Quarterly, Monthly 
  (Only ECS is allowed in case of monthly)


Mode and High S.A. Rebates:Mode Rebate:
    Yearly mode                               -       2% of Tabular Premium
    Half-yearly mode                       -       1% of Tabular premium
    Quarterly & Salary deduction   -      NIL

    High Sum Assured Rebate: 
           Basic Sum Assured                                 Rebate (Rs.)
    1,00,000 to 1,90,000               -           Nil
    2,00,000 to 4,90,000               -           2%o Basic Sum Assured
    5,00,000 to and above                       -           3%o Basic Sum Assured

    • Revival:
    If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.

    Revival of rider(s), if opted for, will be considered along with revival of the Basic Policy, and not in isolation.

    • Paid-up Value:
    If after at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall subsist as a paid-up policy.

    The benefit payable in case of death under a paid-up policy called “Death Paid-up Sum Assured”, shall be equal to the sum of:

    • [(Number of premiums paid/Total Number of premiums payable) x Absolute amount assured to be paid on death] which shall be payable on the date of maturity; and
    • Reduced Income Benefit i.e. 10% of Basic Sum assured x (Number of premiums paid/Total Number of premiums payable)  shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured till the policy anniversary prior to date of maturity.
    The Sum Assured on Maturity under paid-up policy shall be reduced to such a sum called “Maturity Paid-up Sum Assured” and shall be equal to Sum Assured on Maturity * (no. of premiums paid / no. of premiums payable).

    A paid-up policy will not accrue any further bonuses. However, the vested simple reversionary bonuses, if any, shall remain attached to the reduced paid up policy and shall be payable only on the date of maturity.

    Rider(s) do not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

    • Surrender Value:
    The policy can be surrendered provided atleast three full years’ premiums have been paid. The Guaranteed Surrender value shall be percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for rider(s), if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered 

Tax Benefits:
Income Tax Benefit is Available in this Jeevan Lakshya policy under section 80 (C) and Maturity is also Tax Free under section 10 (10 D)

Loan: 
Loan is available after 3 years only in Jeevan Lakshya, which is 90 % of the total surrender value.

Call : Manish Raghav 9818837008 for more details


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