Jeevan Lakshya

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

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