LIC Jeevan Lakshya Plan (833)

LIC Jeevan Lakshya Plan (Table No:833):

LIC’s Jeevan Lakshya policy is a combination of risk cover and saving plan which is most suitable for the purpose of providing financial security of children and family. This policy provides life cover during the policy term and Sum Assured + Bonuses on survival as maturity. In case of death of policyholder during the policy term, this policy provides 10% of sum assured every year till maturity and on maturity, it again provides 110% of Sum Assured + Bonuses as maturity.

Key Features:

• Annual Income in case of death
• Sum assured + Simple Reversionary Bonus + Final Addition Bonus as maturity.
• Annual Income feature can be used as child education in case of death
• Paid premiums are exempted from income tax under 80C
• Maturity amount is tax-free under 10 (10D)

Plan Parameters:

Age of Entry	18 to 50 years  Calculate your Age
Premium Paying Mode	Yearly, Half Yearly, Quarterly, Monthly (ECS Only) Calculate Premium
Policy Term	13 to 25 years
Premium Paying Term	(Policy Term - 3) years
Sum Assured	100000 and above (in multiples of 10000)
Premium Mode Rebate	2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
High Sum Assured Rebate	0% of SA on 0 to 2,00,000 2% of SA on 2,00,000 to 4,90,000 3% of SA on 5,00,000 and above
Loan	After 3 Years
Surrender	After 3 Years [ Surrender Value Calculator]
Revival	Within 2 Years of Lapse

Death benefits:

• In case of death of policyholder during the policy term, 10% of the Sum Assured will be provided to nominee every year until one year prior to maturity, and
• On maturity, 110% of the Sum Assured + Simple Reversionary Bonus + Final Addition Bonus will be payable as maturity amount.

Maturity benefit:

• Sum Assured + Simple Reversionary Bonus + Final Addition Bonus will be payable as maturity amount.

Illustrations with Example:

To understand Jeevan Lakshya Plan, Let's take an example of a person who is purchasing Jeevan lakshya Plan with following details.

Sum Assured: Rs. 10,00,000
Policy Term: 21 Years
Premium Paying Term: 18 Years
Policy Purchase Year: 2015
Age: 28 Years
Yearly Premium: Rs. 52455 

Calculate premium other than above, Click Here

Since Premium paying term is 3 years lesser than policy term so premium will be payable for 18(21-3) years in this case.

Maturity benefit illustration:

At maturity, Jeevan Lakshya provides Sum Assured + Simple Reversionary Bonus + Final Addition as maturity amount on the survival of policyholder. Following table indicates the maturity details.

Year	Sum Assured (Guaranteed)	Bonus (Variable)	Maturity Amount (Approx)
2036	10,00,000	11,08,000	21,08,000

Death benefit illustration:

In case of unfortunate death of policyholder during the policy term, this plan provides 10% of sum assured every year till maturity and again at the completion of policy term maturity amount is also payable. To understand this benefit, let's suppose death happens 10 years after taking this policy, the age of the policyholder and year at the time of death will 38 and 2024 respectively. 10% of the sum assured will be payable from the year of death till maturity and on completion of the policy term maturity, the benefit will be also provided. Following table provides year-wise details.

End of Year	Year	Premium Paid	Return in case of death	Remarks
1	2015	52455	0
2	2016	52455	0
3	2017	52455	0
4	2018	52455	0
5	2019	52455	0
6	2020	52455	0
7	2021	52455	0
8	2022	52455	0
9	2023	52455	0
10	2024	0	100000	Unfortunate death happens
11	2025	0	100000
12	2026	0	100000
13	2027	0	100000
14	2028	0	100000
15	2029	0	100000
16	2030	0	100000
17	2031	0	100000
18	2032	0	100000
19	2033	0	100000
20	2034	0	100000
21	2035	0	2108000	Maturity Amount
Total		524550	3208000	Maturity + Yearly Income

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