LIC'S Jeevan LAKSHYA T-833.
Today LIC Jeevan
Lakshya Policy, plan no 833, is introduced as a With-Profits Endowment
Assurance plan. Lic Jeevan Lakshya plan is a limited premium paying
conventional plan. Jeevan Lakshya benefit to fulfill the needs of the
family. It is mainly beneficial for children, in case of unfortunate
death of policyholder during the policy term i.e., any time before
maturity. Jeevan Lakshya Lic new plan also provides a lump sum
amount at the time of maturity regardless of survival of the
policyholder.
Key Features and Parameters:-
Maximum Age at
Entry: 50 years
Maximum Maturity
Age: 65 years
Minimum Term: 13
years
Maximum Term: 25
years
Premium Term: (Policy term –
3) years
Minimum Policy
Value: 1 Lakh
Maximum Policy
Value: No limit
Basic SA shall
be in multiples of Rs. 10,000/- only.
Jeevan Lakshya Lic
Plan Maturity Benefit:-
On survival of the
policyholder till the end of the policy term provided all due
premiums have been paid, Maturity Benefit = “Sum Assured on
Maturity” + vested Simple Reversionary bonuses + Final Additional
bonus, if any. Where ‘Sum Assured on Maturity’ is equal to Basic
Sum Assured (SA).
Lic Jeevan Lakshya
plan Death Benefit:-
On death of the
policyholder during the policy term, Death Benefit = “Sum Assured
on Death” + vested Simple Reversionary Bonuses + Final Additional
Bonus (FAB), if any.
Where ‘Sum Assured
on Death’ = Annual Income Benefit * + **Assured Absolute Amount
*Annual Income
Benefit = 10% of the Basic SA, which shall be payable from the policy
anniversary coinciding with or following the date of death of Life
Assured, till the policy anniversary prior to the maturity date.
**Assured Absolute
Amount = 110% of Basic SA, which shall be payable on due date of
maturity.
The vested Simple
Reversionary Bonuses and FAB, if any, included in the Death Benefit,
shall be payable on due date of maturity.
The Death Benefit
shall not be less than 105% of all the premiums paid as on date of
death.
Lic Jeevan Lakshya
833 Riders (Optional Benefits):-
Lic Jeevan Lakshya
833 Policy provides optional riders with the payment of additional
premium. There are 2 optional riders available under Lic Jeevan
Lakshya Policy, they are
1. Accidental
Death and Disability Benefit Rider.
2. New Term
Assurance Rider.
Loan:-
Loan Facility is
available under Lic Jeevan Lakshya policy after payment of premiums
for at least 3 full years.
Assignments and
Nominations :-
Assignments and
Nominations is possible under this Lic Jeevan Lakshya Policy plan no
833.
Documents requirements:-
1.Proposal form 300 along with photo.
2.Address proof
3.Age proof
4.Medical reports
(if required)
