About Plan:-

LIC Jeevan Lakshya Policy was introduced on March, 2015 as a With-Profits Endowment Assurance plan. Lic Jeevan Lakshya plan is a limited premium paying conventional plan. Jeevan Lakshya policy provides Annual Income benefit to fulfils the needs of the family. It is mainly beneficial for children, in case of unfortunate death of policyholder during the policy term i.e., any time before maturity. Jeevan Lakshya Lic new plan also provides a lump sum amount at the time of maturity regardless of survival of the policyholder.

Lic Jeevan Lakshya UIN (Unique Identification Number) is 512N297V01. This UIN has to be quoted in all relevant documents furnished to the policyholders and other users.

Eligibility Conditions:-

• Entry Age                       :              Minimum: 18 years, Maximum: 50 years

• Maximum Maturity Age :              65 years

• Policy Term                    :              Minimum: 13 years, Maximum: 25 years

• Premium Paying Term   :              (Policy term – 3) years

• Sum Assured                 :               Minimum: 1,00,000/-  Maximum: No limit
  (Basic SA shall be in multiples of Rs. 10,000/- only)

• Premium paying modes:               Yearly, Half-yearly, Quarterly and Monthly mode

Rebates:-

There are two types of rebates, they are

1. Mode Rebate

2. High Basic Sum Assured Rebate

Mode Rebate:-

• Yearly Mode           :        2% of tabular premium

• Half Yearly Mode   :        1% of tabular premium

• Quarterly Mode     :              Nil

• Monthly Mode       :              Nil

Sum Assured Rebate:-

•      Sum Assured                   Rebate (in Indian Rupee)

• 1,00,000 to 1,90,000      –          Nil

• 2,00,000 to 4,90,000      –      2% of Basic Sum Assured

• 5,00,000 and above       –      3% of Basic Sum Assured

Maturity Benefit:-

“Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Death Benefit:-

On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force by paying up-to-date premiums, Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Where “Sum Assured on Death” is defined as the sum of:

• Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.

• Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and

The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.

The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.

Premiums referred above exclude tax, extra premium and rider premium(s), if any.

Optional Benefits:-

Jeevan Lakshya Policy provides optional riders with the payment of additional premium. There are 2 optional riders available under Jeevan Lakshya Policy, they are

• Accidental Death and Disability Benefit Rider

• New Term Assurance Rider

Accidental Death and Disability Benefit Rider:-

Accidental Death and Disability Benefit can be opted for at any time within the Premium Paying Term (PPT) of the Basic Plan provided the outstanding PPT is atleast 5 years. If Accidental Death and Disability Benefit is opted for, then

• On death due to an accident, an additional amount equal to the Accident Benefit Sum Assured is payable, provided the rider is inforce at the time of accident.

• In case of accidental permanent disability, an amount equal to the Accident Benefit SA will be paid in equal monthly installments spread over 10 years. Future premiums for Accident Benefit SA and premiums for the portion of Basic SA (which is equal to Accident Benefit SA), shall be waived.

Eligibility Conditions for Accidental Death and Disability Benefit Rider:-

• Minimum Entry Age:18 years (Last Birthday)

• Maximum Entry Age:This cover can be opted for at inception provided the minimum PPT left under the Basic plan is 5 years.

• Maximum cover ceasing Age:65 years (Nearer Birthday)

• Accident Benefit Sum Assured :   Minimum: Rs. 10,000/-, Maximum: An Amount equal to Basic SA subject to the maximum of Rs.100 lakh overall limit.
  (Accident Benefit SA shall be in multiples of Rs. 10,000/- only.)

Term Assurance Rider:-

Lic New Term Assurance Rider is available at the beginning of the policy on payment of additional premium. It is to be paid along with the premium of the basic plan and any other rider (if opted for), during the PPT of the Lic Jeevan Lakshya policy. If this rider is opted for,

On death of the Life Assured during the policy term, an additional amount equal to Term Assurance Rider Sum Assured shall be payable provided the rider cover is inforce.

Eligibility Conditions for New Term Assurance Rider:-

• Entry Age: Minimum- 18 years (Last Birthday), Maximum: 50 years (Nearest Birthday)

• Policy Term: Same as Basic plan i.e.

• Premium Paying Term: Same as Basic plan i.e.

• Term Assurance Rider Sum Assured:  Minimum: Rs. 100,000/-, Maximum: Rs. 25 lakhs.
  (Term Assurance Rider SA can be taken in multiples of Rs. 10,000/- only.)

Paid-Up Value:-

If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, Lic Jeevan Lakshya Policy will acquire Paid-Up Value.

• The Sum Assured on Maturity under paid-up policy shall be reduced to such a sum called “Maturity Paid-up Sum Assured”. Maturity Paid-up Sum Assured = Sum Assured on Maturity * (no. of premiums paid / no. of premiums payable).

• The benefit payable in case of death under a paid-up policy, called “Death Paid-up Sum Assured”, shall be equal to the sum of:

  • Reduced Income Benefit i.e. 10% of Basic SA x (No. of premiums paid/Total No. of premiums payable) shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured till the policy anniversary prior to maturity date.

  • [(No. of premiums paid/Total No. of premiums payable) x Absolute amount assured to be paid on death] which shall be payable on the date of maturity.

Surrender Value:-

Jeevan Lakshya  can be surrendered at any time during the policy term provided at least three full years’ premiums have been paid.

• Guarenteed Surrender Value: The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) – any extra premiums and premiums for riders, if opted for.

• Special Surrender Value: The Special Surrender Value will be the discounted value of the sum of Maturity Paid-up Sum Assured and the vested Simple Reversionary bonuses, if any.

Revival:-

If Jeevan Lakshya policy has lapsed, it may be revived during the lifetime of the Life Assured, but within a period of 2 consecutive years from the date of first unpaid premium.

Loan:-

Loan Facility is available under Lic Jeevan Lakshya policy after payment of premiums for at least 3 full years.

Suicide clause:-

If the life assured commits suicide before 12 months from the date of commencement of risk, he/she will be returned back with 80% of single premium paid excluding any taxes and extra premium, if any.

Taxes:-

Taxes, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

Cooling-off Period:-

If Policyholder is not satisfied with the Terms and Conditions of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

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