Life Insurance Corporation (LIC) of India, the country’s largest life insurance organisation, offers a whole host of insurance products like pension plans, money back plans, whole life insurance policies, endowment plans and micro insurance plans among others. The LIC is offering Jeevan Lakshya insurance policy which is a participating non-linked plan and offers a combination of protection and savings, LIC noted on its website https://www.licindia.in. The LIC plan can be purchased for a minimum sum assured of Rs 1 lakh and it does not have any maximum limit for the sum assured, according to LIC. (Also Read: LIC Jeevan Shanti Plan: Premiums, Pensions, Other Benefits Here)
Here are details of eligibility, sum assured, premium payments and benefits of LIC’s Jeevan Lakshya plan:
LIC Jeevan Lakshya policyholders get an annual income benefit of 10 per cent of the basic sum assured, payable from the policy anniversary, according to LIC.
On maturity of the LIC plan, an assured absolute amount – equal to 110 per cent of basic sum assured – is payable along with vested simple reversionary and final additional bonuses, if any, according to LIC.
LIC Jeevan Lakshya premium:
Below are some sample premium rates per Rs 1,000 of the basic sum assured, as listed by LIC:
|AGE/TERM (in years)||13 (PPT = 10 years)||15 (PPT = 12 years)||20 (PPT = 17 years)||25 (PPT = 22 years)|
PPT= Premium paying term
LIC Jeevan Lakshya Eligibility:
LIC’s Jeevan Lakshya plan can be purchased by any individual between the age group of 18 and 50 years, according to LIC. The policy term of LIC Jeevan Lakshya is between 13 and 25 years with a maximum maturity age of 65 years.
Premiums for the LIC Jeevan Lakshya policy can be paid regularly during the premium paying term at yearly, half-yearly, quarterly or monthly intervals.