LIC's Jeevan Lakshya is a complete Family Protection Plan which provides security and saving together in a single plan. It gives high risk cover, in case of the death of the policy holder, the nominee gets the Sum Assured under natural death, in case of accident death, additional accident rider pays the amount equivalent to sum assured. The nominee start getting an annual pension equal to 10% of the Sum Assured till the plan term and on completion of the plan term, he/she gets 110% of the Sum Assured. During the plan term, LIC waives off all the future premiums. In case of survival, policy holder gets Sum Assured + Bonus + Final Addition Bonus.
LIC's Jeevan Lakshya offers annual income benefit that helps in easing the liquidity position. In addition to this, the loan facility is available on the policy. Jeevan Lakshya, a participating non-linked plan, thus offers an ideal combination of protection and savings. In addition to the maturity benefit, the policy holder can take two additional riders under this plan; Accidental Death and Disability Benefit Rider and LIC's New Term Assurance Rider.
If Mr Smart decides to take LIC's Jeevan Lakshya for 25 years plan term at age 30 for a Basic Sum Assured of 25,00,000, the annualized premium to be paid by him is 112066/-+GST. During the course of the 25-year policy tenure, Mr Smart would have paid 25,23,436/- as premium. At the time of maturity, he will receive the BSA of 25,00,000 plus 28,75,000/- as Bonus and 11,25,000 as Final Addition Bonus. The overall amount received by Mr Smart in this scenario would thus be 65,00,000/-. In case of the death of Mr. Smart during the plan term, the nominee will get Rs.25 Lakh immediately under natural death, Rs.50 Lakh in case of Accident Death, all future premiums will be waived, 10% of SA ie Rs.2,50,000 will be paid to the nominee till 24th year of the policy, and in the 25th year, nominee will get Rs.67,50,000/-.
In case of any clarification, information or to buy LIC Jeevan Lakshya Policy, please contact us at +91-9230091000.