- About Coverfox
LIC Jeevan Lakshya is a saving plan which offers a combination of both protection and savings. The plan was introduced in March 2015.
This plan is a combination of both protection and savings.
The plan provides a regular income to take care of your family’s needs as a death benefit. The plan has survival benefits and also has bonus component in the plan. It’s a participating non-linked plan that fulfils your savings and financial protection requirements.Loan facility can also be availed on surrender value in this plan.
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.
|Policy Name/Criteria||LIC Jeevan Lakshya||Accidental Death & Disability Rider||New Term Assurance Rider|
|Minimum Entry age||18 years||18 years||18 years|
|Maximum Entry age||50 years||>5 years of PPT of Jeevan Lakshya||50 years|
|Maximum Maturity Age||65 years|
|Sum Assured||Minimum - Rs. 1,00,000||Minimum - Rs. 10,000||Minimum - Rs. 1,00,000|
|Maximum - No limit||Maximum - Equal to the Basic SA < Rs. 100 lakh||Maximum - Rs. 25 lakhs|
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.
Revival period : The policy can be revived if lapsed. The revival period is less than 2 consecutive years since the last date of premium.
Free Look period : Free look period of 15 days is offered in this plan from the date of receipt of the policy bond. The policy can be returned to the corporation stating the reasons of objection. On receipt of the same, the policy will be cancelled and amount of premium paid will be returned minus the expenses incurred.
Surrender Value : To build the surrender value, the policy needs to be active for at least three years in which full premiums have been paid. Guaranteed surrender value will be percentage of total premiums paid excluding extra premiums and premiums for riders
Loan on Policy : A loan can be availed on policy after a payment of 3 years of premiums after which it accumulates surrender value.
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.
This is a traditional endowment plan which is simple to understand. The plan offers both savings and financial protection for loved ones of the policyholder. The protection can be further enhanced with the inclusion of two useful riders at a nominal cost. It is a very good cost effective plan offer by Life Corporation of India.