Jeevan Lakshya -933

JEEVAN LAKSHYA :

(A Non-Linked, Participating, Individual, Life Assurance Savings Plan) 

LIC’s Jeevan Lakshaya is a Non-linked, Participating, Individual, Life Assurance plan which offers a combination of protection and savings. 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.

1. Benefits: 

A. Maturity Benefit: On Life Assured surviving the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

B. Death Benefit: Death benefit payable in case of death of the Life Assured during the policy term provided the policy is in-force shall be defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Where “Sum Assured on Death” is defined as higher of: - 7 times of annualised premium or, - Sum of 110% of Basic Sum Assured, which shall be payable on date of maturity and 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. The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity. The Death Benefit defined above shall not be less than 105% of total premiums paid upto the date of death. Premiums referred above exclude taxes, extra premium and rider premium(s), if any.

C. Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in-force.In case of death under a policy which is in-force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured. In case the premiums are not duly paid (except in case of death of the Life Assured under in-force policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as in-force on death during the grace period. Final Additional Bonus shall not be payable under reduced paid-up policies.

2. Eligibility Conditions and Other Restrictions:

a) Minimum Basic Sum Assured :  100,000. 

b) Maximum Basic Sum Assured : No Limit (The Basic Sum Assured shall be in multiples of 10,000/-). 

c) Policy Term : 13 to 25 years

d) Premium Paying Term : (Policy Term – 3) years. 

e) Minimum Age at entry : 18 years (last birthday). 

f) Maximum Age at entry : 50 years (nearer birthday). 

g) Maximum Maturity Age : 65 years (nearer birthday)

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