LIC Jeevan Lakshya is also called Kanyadaan Policy. In this, if the policyholder dies, the future premium is waived. Every year 10% of the Sum Assured will be available and on maturity the full benefit of maturity will also be available.
LIC Jeevan Lakshya: The objective of LIC’s Jeevan Lakshya policy is to provide financial security to the children and the family. Its table number is 933. This policy covers savings as well as risk. Under this scheme, if the policyholder dies, then some amount is given annually to the family. Along with this, the nominee also gets a lump sum amount on maturity. The benefit of maturity is available both in case of survival and death of the policyholder.
This is a non-linked plan. Meaning, its money is not invested in the stock market. The most important thing about this policy is that if the policyholder dies, all future premiums are waived off. Also, 10 percent of the sum assured is available every year as regular income. Maturity amount is also available on maturity. This policy of LIC is also known as Kanyadaan Policy. The minimum sum assured for this scheme is Rs 1 lakh. The maximum can be anything. Any sum assured will be in multiples of 10 thousand.
Policy term 13-25 years
The policy term for this scheme is 13-25 years. Premium can be deposited on monthly, quarterly, half yearly and yearly basis. Talking about the eligibility, the minimum entry age for this is 18 years and the maximum entry age is 50 years. The maximum maturity age is 65 years.
The premium paying term is three years less than the policy term
Talking about the premium paying term, it is 3 years less than the policy term. With this, LIC offers two types of riders – Accidental Death and Disability Rider. The second rider is the New Term Assurance Rider.
Loan facility after two years
Talk about Maturity Benefit On the survival of the policyholder, you will get the benefit of Sum Assured as well as Simple Revisionary Bonus. Apart from this, the benefit of additional bonus is also available. Apart from this, the benefit of loan is also available on completion of two years of the policy.
Tax benefit
The benefit of deduction under 80C is available on payment of premium for this policy. Maturity amount is tax free under section 10D.
Monthly Premium 1842
If A is a policyholder whose age is 30 years and he buys Sum Assured of Rs.5 lakh and the policy term is 25 years then the premium paying term for this will be 22 years. His monthly premium including accidental rider and tax will be Rs 1842, quarterly premium Rs 5526, half yearly premium Rs 10934 and annual premium Rs 21634. All premium amount is inclusive of rider and tax.
13.50 lakh will be available
In 22 years, he will deposit around 4.60 lakh as premium and will get a total of Rs 13.50 lakh on maturity. There is a sum assured of 5 lakhs, revisionary bonus is close to 6.20 lakhs and additional bonus is close to 2.25 lakhs.
