LIC’s Jeevan Lakshya is an individual life assurance plan that combines protection and savings. It offers an Annual Income benefit to support the family, particularly for the benefit of children, in the event of the policyholder’s untimely death before maturity. Additionally, it provides a lump sum amount at maturity, regardless of the policyholder’s survival. This plan also offers a loan facility to address liquidity needs.
Death Benefit
If the policy is in force and all due premiums are paid, in the event of the Life Assured’s death during the policy term, the Death Benefit comprises the ‘Sum Assured on Death,’ vested Simple Reversionary Bonuses, and any Final Additional Bonus. The ‘Sum Assured on Death’ is the higher of either 7 times the annual premium or 110% of the Basic Sum Assured, paid at maturity, along with an Annual Income Benefit of 10% of the Basic Sum Assured from the policy anniversary following the date of death until the policy anniversary just before maturity. The vested bonuses, if any, are paid at maturity, and the Death Benefit is not less than 105% of the total premiums paid. Premiums mentioned do not include taxes, extra premiums, or rider premiums, if any.
Maturity Benefit
If the policy remains in force and the Life Assured survives the policy term, they will receive the ‘Sum Assured on Maturity,’ which includes the Basic Sum Assured, along with any vested Simple Reversionary Bonuses and a Final Additional Bonus, if applicable.
Participation in Profits
The policy shares in profits if in force, with Simple Reversionary Bonuses. In the event of death under an in-force policy, profits continue until maturity, and vested Bonuses are paid at maturity, regardless of survival.
Non-payment of premiums results in loss of future profit participation, except for policyholders who die during the grace period.
Final Additional Bonuses are not available for reduced paid-up policies. The allocation of surplus is approved by the Central Government under the LIC Act, 1956.
Eligibility Conditions
| a) Minimum Basic Sum Assured | Rs 100,000 | |
| b) Maximum Basic Sum Assured | No Limit | |
| (The Basic Sum Assured shall be in multiples of Rs 10,000/-) | ||
| c) Policy Term | 13 to 25 years | |
| d) Premium Paying Term | (Policy Term – 3) years | |
| e) Minimum Age at entry | 18 years (last birthday) | |
| f) Maximum Age at entry | 50 years (nearer birthday) | |
| g) Maximum Maturity Age | 65 years (nearer birthday) | |
Payment Options Available
| Mode of Instalment payment | Minimum instalment amount | |
| Monthly | Rs 5,000/- | |
| Quarterly | Rs 15,000/- | |
| Half-Yearly | Rs 25,000/- | |
| Yearly | Rs 50,000/- | |
Exclusion:
Suicide: The policy becomes void in two scenarios:
i. If the Life Assured, whether sane or insane, commits suicide within 12 months from the commencement of risk, the Corporation will not entertain any claims except for refunding 80% of the total premiums paid, provided the policy is in force.
ii. If the Life Assured commits suicide within 12 months from the date of revival, the payout will be the higher of 80% of the total premiums paid until the date of death or the surrender value available as of the date of death. In both cases, no other claims will be entertained.
This clause does not apply to policies that have lapsed without acquiring paid-up value, and no payouts will be made for such policies. Note that premiums mentioned above do not include taxes, extra premiums, and rider premiums, except for the Term Assurance Rider, if any.
