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LIC’s New Endowment Plan

Updated: Jul 21, 2020

LIC’s Jeevan Lakshya Plan

LIC’s Jeevan Lakshya Plan is another beneficial plan which comes under non-linked (not related to share market means no risk and assured return benefit), participating (means we will get dividend against policy activation after definite time), individual plan.

The main advantage of this policy is that it comes with three benefits which not only covers death through financial support but also provide full income which any survivor would get at the time of maturity. On the other hand during maturity, you will get maturity income along with some additional benefit and with that this plan also provide annual income in order to support needs of family every year, especially for children. You can also get loan against this policy.

Benefits of different types: -


A). Benefit on death of policy holder: -

Here death benefit will be provided to the family or nominee of the late policy holder which include sum assured on death + vested simple reversionary bonuses + final additional bonuses if any

NOTE: - Here Sum Assured on Death can be calculated as

a). 7 Times of annualised premium paid.


Or


110% of Basic Sum Assured which would have been paid at the date of maturity along with Annual Income Benefit which is equal to 10% of the Basic sum assured. Here vested Simple Reversionary Bonuses and Final additional income will also be paid to family of policy holder which he/she might have gotten at the time of maturity.


B). Benefit on Maturity: -

On attaining Maturity, Sum Assured on Maturity + Vested Simple Reversionary bonuses + Final Additional bonus will be paid to the assured person. Here Sum Assured on Maturity is equal to Basic Sum Assured.

Eligibility Conditions and Restrictions: -

a). Basic Sum Assured (Minimum):- Rs. 100,000

b). Basic Sum Assured (Maximum): - No Limit.

(Note: - Here Basic Sum Assured shall be in multiple of Rs. 10,000/-)

c). Policy Period: 13 to 25 years.

d). Premium paying period: (Policy Term – 3 years)

e). Age at the time of entry (Minimum): 18 years (running)

f). Age at the time of entry (Maximum): 50 years (on upcoming birthday)

g).Maturity Age (Maximum): 65 years (on upcoming birthday)

C). Riders Available with these plans: -

a). LIC’s Accidental Death and Disability Benefit Rider.

b).LIC’s Accident Benefit Rider.

c).LIC’s New Term Assurance Rider.

d).LIC’s New Critical Illness Benefit Rider.

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