LIC Jeevan Lakshya (Plan No. 933)

LIC Jeevan Lakshya (Plan No. 933)

Here are the detailed features and benefits of the Jeevan Lakshya (Plan No. 933) offered by LIC:

Key Features and Benefits of Jeevan Lakshya (Plan No. 933)

1. Maturity Benefit:
   • On survival to the end of the policy term, the Sum Assured on Maturity along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, will be paid.
   • The Sum Assured on Maturity is equal to the Basic Sum Assured.
2. Death Benefit:
   • In case of the policyholder’s death during the policy term, provided all due premiums have been paid, the Death Benefit, defined as the sum of:
     • Annual Income Benefit: 10% of the Basic Sum Assured, payable from the policy anniversary coinciding with or following the date of death till the policy anniversary prior to the date of maturity.
     • Assured Absolute Amount: 110% of the Basic Sum Assured, payable at the end of the policy term.
     • Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
   • The Death Benefit shall not be less than 105% of all premiums paid as on the date of death.
3. Participation in Profits:
   • The policy participates in the corporation’s profit and is eligible for Simple Reversionary Bonuses declared per annum during the policy term, provided the policy is in force.
4. Optional Riders:
   • Accidental Death and Disability Benefit Rider
   • New Term Assurance Rider
   • New Critical Illness Benefit Rider
5. Policy Term and Premium Payment Term:
   • Policy Term: 13 to 25 years
   • Premium Payment Term: Policy Term minus 3 years
6. Premium Payment Modes:
   • Yearly, Half-Yearly, Quarterly, and Monthly (ECS)
7. Loan Facility:
   • Loan can be availed against the policy, subject to terms and conditions.
8. Surrender Value:
   • The policy can be surrendered at any time during the policy term provided premiums have been paid for at least three full years. The Guaranteed Surrender Value will be a percentage of total premiums paid.
9. Grace Period:
   • A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly, or quarterly premiums and 15 days for monthly premiums.
10. Revival:
    • If the policy has lapsed, it can be revived within a period of 5 consecutive years from the date of the first unpaid premium.
11. Free Look Period:
    • If the policyholder is not satisfied with the terms and conditions of the policy, they may return the policy to the corporation within 15 days from the date of receipt of the policy document.

Eligibility Criteria

• Minimum Age at Entry: 18 years (completed)
• Maximum Age at Entry: 50 years (nearest birthday)
• Minimum Basic Sum Assured: ₹1,00,000
• Maximum Basic Sum Assured: No limit (The Basic Sum Assured shall be in multiples of ₹10,000)
• Policy Term: 13 to 25 years

Example

Consider a person aged 30 years opting for a Basic Sum Assured of ₹10,00,000 with a policy term of 20 years. The person would pay premiums for 17 years (policy term minus 3 years). In case of the policyholder’s death during the term, the nominee would receive an annual income benefit (10% of Basic Sum Assured) till the end of the policy term and the Assured Absolute Amount (110% of Basic Sum Assured) along with bonuses. If the policyholder survives the term, they receive the Basic Sum Assured along with the accrued bonuses.

For detailed illustrations and premium calculations based on individual requirements, it’s advisable to contact (7231814845) an LIC agent or visit the LIC official website.