LIC jeevan Lakshya Plan is one of the most popular plans of LIC. As the name suggests, this plan is designed to achieve the goals set by the family. Earlier the table number of this plan was 833 which was changed to 933 on 1 February 2020.
What is LIC Jeevan Lakshya Plan?
Jeevan Lakshya is a non linked plan means this plan is not linked to the share market. This policy provides both savings and protection to the insured. Here is a limited premium plan means the policyholder has to pay less premium for 3 years over the chosen policy term.
Here is a With Profit Plan under which LIC provides its profit in the form of bonus to the policyholder. There are 2 types of bonuses here.
- Vested Simple Reversionary Bonuses
- Final Additional Bonus
LIC Jeevan Lakshya Plan special thing :-
The special thing about this plan is that if something untoward happens to the insured, all future premiums are waived off. Apart from this, the nominee of the insured gets 10% of the sum assured every year. At the time of maturity of the policy, the maturity amount of the policy is also available. LIC’s Jeevan Lakshya plan is also known as Kanyadan policy.
Tax Benefit in LIC Jeevan Lakshya Plan :-
Premium- Whatever premium you pay for this policy is exempted under section 80C of Income Tax.
Death Benefit – The amount of death benefit in this policy is fully exempt under section 10 (10D) of Income Tax.
Premium payment mode in Jeevan Lakshya plan:-
There are 4 premium payment modes under this policy, you can choose any mode as per your convenience.
Monthly
Quarterly
Half-yearly
Yearly
Grace Period in LIC Jeevan Lakshya Plan:-
Here Grace Period means the additional time that is available to pay the premium and all the coverage of the policy continues. That is called Grace period. If the claim comes during the grace period, LIC will pay it.
The grace period depends on the mode of premium payment you have taken:-
If you have taken your Monthly turn, then you get a Grace Period of 15 days.
If you have diverted your Quarterly, Half Yearly, Yearly premium payment, then you get a Grace Period of 30 days.
Surrender period in LIC Jeevan Lakshya Plan:-
Under the Jeevan Lakshya plan, the policy can be got done after paying the premium for 2 years. But remember, surrendering the policy can result in loss, so take this decision after thinking carefully.
Loan facility in Jeevan Lakshya plan:-
Loan facility is available in this policy after paying premium for 2 years. The policy amount depends on how many years the policy has run and what is its surrender value.
90% of the loan surrender value is available for In force Policy.
80% of the loan surrender value is available for the Paid-Up policy.
Revival in Jeevan Lakshya Policy:-
Policy revival means that the closed policy has to be started again. For example, if you have paid premiums for a policy for a few years and later stop paying, then how long can you get such a policy revived? Under this policy, a revival time of 5 years is available, in which you can get your total premium and late fee deposited together and get it started.
Paid up value in Jeevan Lakshya policy:-
Under this policy, if you have paid the premium of the policy for 2 years Fully Pay, and after that for some reason you are not able to pay the premium of the policy, then the coverage of this policy will continue as it is but with reduced Sum Assured.
Eligibility for LIC Jeevan Lakshay Plan-933:-
Minimum age – Must be at least 18 years in this policy. This means that this policy can be given to the policyholder who has attained the age of 18 years.
Maximum Age – The maximum age for this policy should be 50 years. Means this policy is not given to a person above 50 years of age.
Maximum age of maturity – The maximum age of maturity should be 65 in this policy. Means this plan can be given to a person of 50 years for 15 years. And if the age of the person is 45 years, then the policy cannot be given for more than 20 years.
Policy Term – The policy term in this plan is minimum 13 years and maximum 25 years.
Premium Payment Term (PPT) – The premium payment term means that in this plan, the policy term is less than 3 years, that is, if the policy term of the person is 13 years, then his premium payment term will be 10 years.
Sum Assured – The minimum sum assured in this policy is Rs.1,00,000 and there is no limit on the maximum but it depends on the income of the insured.
Riders in Jeevan Lakshya Policy:-
There are 4 types of riders available in this policy.
Accidental Death and Disability benefits Rider
Accidental benefits rider
You can choose any one rider from these two riders.
- New term assurance rider
- Critical Illness Rider
- Premium Waiver benefits Riders are already present in this policy.
- Maturity and death benefit options in Jeevan Lakshya policy
There are 2 options available in this policy to get maturity and death benefits.:-
Lump-Sum Payment – In this option, maturity and death benefit are paid at the same time. In case of maturity, the entire payment is made to the policy holder and in case of death benefit, the entire payment is made to the nominee.
Payment in Instalment – In this option maturity and death benefit payment can be taken for 5, 10, 15 years or monthly, half yearly, yearly.
I sincerely hope that I have given you complete information about what is LIC Jeevan Lakshya Plan -Table Number 933 and I hope you people have understood about LIC Jeevan Lakshya Plan.
