LIC Jeevan Lakshya (Plan No. 833)
A Limited Premium Paying, Non-Linked, With-Profits Endowment Plan specifically designed to provide a financial safety net for the family, particularly for children, in the event of the policyholder's death before maturity.
About This Policy
LIC Jeevan Lakshya is a limited premium paying, conventional, with-profits endowment plan. Its primary feature is the dual benefit on death: the nominee receives an Annual Income Benefit (10% of Basic Sum Assured) every year from the date of death until the year before maturity, AND a guaranteed lump sum (110% of Basic Sum Assured plus all accrued bonuses) is paid on the original maturity date. This ensures continuous income and a final corpus for the family's future goals. On survival, the policyholder receives the Sum Assured on Maturity plus bonuses.
Key Features
Policy Benefits
Death Benefit
Sum Assured on Death (higher of 7 times annualized premium or 110% of BSA payable at maturity) + Annual Income Benefit (10% of BSA annually until maturity) + Vested Bonuses + Final Additional Bonus (FAB) on maturity date. Total benefit is guaranteed to be at least 105% of all premiums paid.
Maturity Benefit
Sum Assured on Maturity (equal to Basic Sum Assured) + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB).
Survival Benefit
Not applicable (Maturity Benefit is paid on survival).
Tax Benefits
Premium paid is eligible for deduction under Sec 80C. Maturity/Death benefit is tax-free under Sec 10(10D).