LIC's Jeevan Lakshya (Plan No. 933, UIN No. 512N297V02) is a non-linked, participating individual life assurance plan that combines protection and savings. It offers annual income benefits to support your family's financial needs, particularly for children, in the event of the policyholder's untimely demise. Additionally, it provides a lump sum payment at maturity if the policyholder survives the policy term.
Key Features:
- Policy Term: 13 to 25 years.
- Premium Payment Term (PPT): Policy Term minus 3 years.
- Entry Age: Minimum 18 years; Maximum 50 years.
- Maturity Age: Maximum 65 years.
- Sum Assured: Minimum ₹1,00,000; no maximum limit.
Benefits:
- Death Benefit: In the unfortunate event of the policyholder's death during the policy term:
- Annual Income Benefit: 10% of the Basic Sum Assured is paid annually from the policy anniversary following the date of death until one year before maturity.
- At Maturity: 110% of the Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, is paid.
- Maturity Benefit: If the policyholder survives the policy term, 110% of the Basic Sum Assured plus accrued bonuses are paid.
- Participation in Profits: The policy participates in the corporation's profits and is eligible for Simple Reversionary Bonuses declared during the policy term.
Riders:
Optional riders such as LIC's Accidental Benefit Rider, LIC's Accidental Death and Disability Benefit Rider, LIC's New Term Assurance Rider, and LIC's New Critical Illness Benefit Rider can be added for enhanced protection.
Maturity Amount Calculation:
The maturity amount depends on factors like the Basic Sum Assured, policy term, accrued bonuses, and Final Additional Bonus (FAB). For example, for a Basic Sum Assured of ₹5,00,000 over a 25-year term, the estimated maturity amount could be approximately ₹13,37,500, considering accumulated bonuses and FAB.
Example Calculation:
Assuming a Basic Sum Assured of ₹10,00,000 with a 21-year policy term:
- Sum Assured (A): ₹10,00,000
- Accumulated Bonuses (B): Approximately ₹12,25,000
- Final Additional Bonus (C): Approximately ₹4,50,000
- Total Maturity Amount (A+B+C): Approximately ₹26,75,000
Please note that these figures are indicative and actual amounts may vary based on the corporation's performance and bonus declarations.
For precise calculations tailored to your specific details, it's advisable to use LIC's official calculators or consult with an LIC agent.
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