Under LIC Jeevan Lakshya policy, if the policyholder dies, then the family will get ten percent of the sum assured every year as a pension. During this the premium will stop and on completion of 25 years, the benefit of maturity will also be available.
Life Insurance Corporation’s Kanyadan Policy is a very popular scheme for daughters. The objective of this scheme is to provide a means of savings to the parents for the education and marriage of the daughter. Actually this is a customized version of LIC’s Jeevan Lakshya Scheme, but the company’s agents sell it under the name of Kanyadaan policy.
This policy of LIC is beneficial for people with both low and high income. In these, the security of capital is guaranteed with fixed income. In this, on depositing Rs 125 daily, you will get Rs 27 lakh. The most important thing about this policy is that this plan is for 25 years, but you have to pay the premium only for 22 years. In case of death of the insured in the middle of the policy, the family will not have to pay any premium. At the same time, the daughter will get 10 percent of the sum assured every year during the remaining years of the policy.
The scheme will continue for free even after the death of the father
Under the Jeevan Lakshya scheme, the policy target does not expire after the commencement of the policy. This is the reason that in the event of the death of the insured, the family will not have to pay any premium. At the same time, the daughter gets 10 percent of the sum assured every year during the remaining years of the policy.
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.
Rs 13.50 lakh will be available on 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. 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. If A takes Sum Assured of 10 lakhs, then annual premium with accidental benefit rider will be Rs 43011, half yearly premium Rs 21738 and quarterly premium Rs 10986. Monthly premium will be Rs 3663.
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