LIC Jeevan Lakshya

Maturity Benefit : The plan comes with maturity benefit. If the policyholder has paid regular premiums thought out the plan and survives the policy term then he/she will be eligible for maturity benefit. The final sum will be the basic sum assured plus the vested simple revisionary bonus and final additional bonus if any will be added to the maturity amount.

Death Benefit: If the unfortunate event of death of policyholder during the policy term, the plan pays out 10% of basic sum assured as annual income benefit on every policy anniversary. On the due date of maturity, the assured absolute amount will be 110% of basic sum assured will be paid. On maturity, Simple Reversionary Bonuses and Final Additional Bonus, if any, will also be included in the death benefit.

Tax benefits : Premium paid in this plan and maturity amount received carry income tax benefit under section 80c and 10D of the Income Tax Act.

LIC’s Accidental Death and Disability Benefit Rider : This rider can be attached to the base plan anytime during the premium paying term. The rider pays benefit in case of accidental death during the policy period, an additional sum assured is offered to the nominee. This rider can be opted by paying an extra premium over and above the base policy premium anytime during the policy term.

LIC’s New Term Assurance Rider : This rider provides life cover in case of unfortunate death of the insured during the policy term. The rider can be attached to the base policy for extra premium at the inception of the policy. The payout in this rider is equal to sum assured of the term assurance rider as long as the rider is active.

Suicide : If the policyholder commits suicide within 12 months from the date of start of policy then no death benefit amount mentioned in the policy is payable. The company will only return 80% of the premiums paid excluding any taxes, extra premium and rider premium other than Term Assurance Rider if and only if the policy is in force.