LIC Jeevan Lakshya Yojana Plan 2023 Application & Registration
By participating in one of the various savings programs offered by LIC, consumers may safeguard their own futures as well as the futures of their families. The LIC Jeevan Lakshya policy is one such insurance plan. The Jeevan Lakshya Policy from LIC is a non-linked, restricted premium plan that prioritizes protection and savings. The program offers a yearly financial benefit that can assist in supplying the family’s necessities. Through its lending facility, the plan also addresses the issue of liquidity. The first month of this plan’s implementation was March of 2015.
LIC Jeevan Lakshya Yojana Plan
Can I purchase a LIC Jeevan Lakshya plan?
- This policy is available to those who are at least 18 years old and up to 50 years old.
- The maximum maturity age for this plan is 65 years old.
- While the initial three years of premium payments are not required, the policy’s term can range from 13 to 25 years.
- You can pay the premium on an annual, half-annual, quarterly, or monthly basis.
Principal Elements of LIC’s Jeevan Lakshya Plan
- The policy can cover amounts as little as Rs. 1,000,000 and as high as any cap.
- The timeframe for paying premiums is 3 years shorter than the length of the insurance. You will be required to pay premiums for 17 years if the insurance duration is 20 years.
- Only multiples of Rs. 10,000 can make up the Basic Sum Assured.
- The Sum Assured will be paid out to the policyholder’s next of kin, together with any Bonuses and Final Additional Bonuses (if any), if the policyholder passes away before it matures.
- After three years, you can also obtain a loan against the insurance.
LIC Jeevan Lakshya Plan documents
- complete and signed form for a program proposal
- To pay the initial premium, use a check or cash.
- passport-sized image
- genuine ID card
- address verification
- birth certificate date
- Income amount
Benefits of LIC Jeevan Lakshya Plan Death
- After death, 10% of the sum guaranteed is paid out yearly until the policy’s maturity, which is one year away.
- Additionally, the insurance matures with a payout of 100% of the sum insured. This also comes with bonuses.
- The bonus includes a final additional bonus and a vested simple reversionary bonus.
Benefit of LIC Jeevan Lakshya Plan Maturity
Total Assured plus Vested Reversionary bonuses that are straightforward plus a final bonus Simple Reversionary Bonuses – You receive this benefit in addition to your Sum Assured. Each Rs. 1,000 of the Sum Assured is worth a bonus. Every year, this incentive is advertised, and there is no payout. Only when the policy matures do you receive the full sum. Only in the year of maturity or death is the last additional bonus eligible.
Example of LIC Jeevan Lakshya Yojana
Let’s say a 30-year-old person purchases a Jeevan Lakshya plan for Rs. 5 lakh with a 30-year policy duration. 27 years (30 years minus 3 years) will make up the premium-paying term. Imagine that the policyholder passes away after ten years. In this case, the holder’s family would receive Rs 50,000 (5 lakh * 10%) per year from the 11th policy year until the 27th policy year (from the 11th policy year to the 27th policy year). 5.5 lakh at maturity of the insurance, plus bonus. In the event that the policy declares an annual bonus of Rs 69 per Rs 1,000 Sum Assured, your bonus at maturity would be equal to: 30*5 lakhs/1000 * 69 = Rs 10.35 lakhs. Let’s also suppose that there would be a final additional bonus of Rs. 200 for every Rs. 1000 in total assured. Your bonus in this instance is 1 lakh rupees (5 lakh * 200/1000). You will receive a total of Rs. 16.85 Lakh ($5.5 Lakh + Rs. 10.35 Lakh + Rs. 1 Lakh). Your family will receive the following if you pass away after 10 years: Rs. 50,000 per year from your 11th policy year to your 27th policy year; Rs. 16.85 lakhs when your insurance matures in your 30th year.
LIC exclusions Yojana Jeevan Lakshya
- The nominee will only get 80% of the premium paid back if the policyholder dies by suicide within a year of acquiring the insurance.
- If the “Accidental Death Rider” and the “Disability Benefit Rider” are selected, and the decedent dies as a result of self-inflicted wounds, suicide, riots, hostilities, abuse of alcohol or drugs, or other problems within 180 days after the accident, the rider’s benefit won’t be accessible.
The policyholder may also surrender the insurance if, for whatever reason, he decides not to continue with the plan. After you’ve paid the first three premiums, you can do this whenever you want. However, experts advise against surrendering the insurance because doing so would result in a deduction from the policyholder’s payout.
How to Purchase the LIC Jeevan Lakshya Yojana
It is possible to purchase this offline plan via the company’s agent or broker. Additionally, you may buy it by going to one of the company’s locations or by contacting any employee. Please take note that the goal of our website is to inform you of all government initiatives. Share this information with others if you believe it to be accurate. If there is an error, please let us know.
Important FAQs about the program
What is the LIC Jeevan Lakshya Plan’s shortest duration of coverage?
The minimum insurance term for the LIC Jeevan Lakshya plan is 13 years.
How long may an insurance be in effect under the LIC Jeevan Lakshya Plan?
The maximum insurance term for the LIC Jeevan Lakshya plan is 25 years.
How old must you be to apply for the LIC Jeevan Lakshya plan?
The Jeevan Lakshya plan has an age range of 18 to 50 for applicants.
By participating in one of the various savings programs offered by LIC, consumers may safeguard their own futures as well as the futures of their families. The LIC Jeevan Lakshya policy is one such insurance plan. The Jeevan Lakshya Policy from LIC is a non-linked, restricted premium plan that prioritizes…