Jeevan Lakshya – (Plan No: 933 UIN: 512N297V02) (Details on LIC Site)
| Name of Plan & Plan Table Number | Jeevan Lakshya 933 |
| Product Type | Non Linked Product |
| Premium Payment | Limited Premium Payment |
| With Profit Plan | Vested Reversionary Bonus + Final Addition Bonus |
| On Death of Insurer | 10% of Sum Insurance as Regular Income And Maturity Amount at the time of Maturity |
| Tax Benefit | Premium Paid Exempted Under Section 80C |
| Maturity and Death Claim | Tax Free Under 10(10 D ) |
| Premium Paying Mode | Yearly, Half Yearly, Quarterly, Monthly |
| Grace Period (Extra Time to Pay Premium) | Full Coverage during Grace Period |
| Grace Period | For Monthly – 15 Days and for Yearly, Half Yearly, Quarterly – 30 Days |
| Revival of Policy (Closed Policy to Restart) | With in 5 Years can be restart after closing |
| Paid up Value | If Policy paid for two years and closed then the policy coverage will be continue with reduced sum insured value. And can be surrender. |
| Minimum age at entry | 18 Years |
| Maximum age at entry | 50 Years |
| Maximum age at Maturity | 65 Years |
| Policy Term Period | 13 Years to 25 Years |
| Premium Payment Term | ( Policy Term – 3 Years ) If Policy Term =13 Years Then -3 Years = Payment Term is 10 Years |
| Minimum and Maximum Sum Assured | 1 Lakhs and Maximum No Limit |
| Riders | 1- Accidental Death and Disability Benefit Rider |
| 2- Accident Benefit Rider | |
| 3- New Term Assurance Rider | |
| 4- New Critical Illness Benefit Rider | |
| Settlement Options for Maturity and Death Benefit | 1.Lump-Sum Payment – Single payment of all benefit amount. |
| 2. In Installment – In Installment over the chosen period 5 or 10 or 15 years | |
| 3. Full or part payment and rest remaining in installment. Only policy holder can choose these options. Nominee can not change these options chosen by policy holder. | |
| Benefits by example | |
| Age at Entry | Age = 30 Years |
| Sum Insured & Premium Monthly Payment | Rs.5,00,000/ Rs.1770/ &
Yearly Premium Rs. 20787/ |
| Policy Term & Premium Payment Term | 25 Years and (25-3) = 22 Years |
| Total Premium payment in 22 Years | Rs.4,57,772/ |
| Maturity Benefit Return after 25 Years | Sum Assured + Vested Revisionary Bonus + Final Addition Bonus = 5 Lakh +6,12,500*+2.25* Lakhs=13,37,500/ *Bonus calculated on present rate it May Change . |
| Death Benefits Death After 5 Years | |
| Premium Payment | Premium will be paid by LIC itself (or Stopped) |
| On Death immediate payment | Case 1** Accident Death – Rs.5.00 Lakhs** ( **If Accident Term Rider Taken)
Case 2* – 110% of Sum Assured = Rs.5.500 Lakhs* On Natural Death ( *If Term Rider Taken ) Case 3*** – If Term Rider Not Taken – No Immediate payment on death in case of Natural death. |
| Regular Income | 10% of SA( 5 Lakh) Rs.50,000/ Per year up to Next 19 Years (24th Years of Term) Total Rs.9.50 lakhs |
| On Completion of Policy Term (After 25 Years) | Case 1 – Sum Assured 110%+ Vested Revisionary Bonus + Final Addition Bonus = 5.5Lakh +6,12,500*+2.25* + Lakhs=13,87,500/ *Bonus calculated on present rate it May Change .
Case 2 – Sum Assured 110%+ Vested Revisionary Bonus + Final Addition Bonus = 5.5Lakh +6,12,500*+2.25* + Lakhs=13,87,500/ *Bonus calculated on present rate it May Change . Case 3 – Sum Assured 110%+ Vested Revisionary Bonus + Final Addition Bonus = 5.5Lakh +6,12,500*+2.25* + Lakhs=13,87,500/ *Bonus calculated on present rate it May Change . |
| NOTE – The above example is calculated on present rate of bonus declared by LIC, but it may change time to time depending on rate of bonus declared by LIC | |
2 Comments
Blanca Akhtar
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Ranjeet Singh Rana
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Thanks and regards