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LIC Jeevan Lakshya -Plan 833

Plan Number: 833

Plan name:LIC Jeevan Lakshya

 

Survival Benefits:

LIC Jeevan Lakshya Policy Eligibility conditions

Eligibility criteria
Details
Entry Age

Minimum: 18 Years (LBD)

Maximum: 50 Years (NBD)

Premium paying term
(Policy Term – 3) yearsFor Ex: Policy term: 20 Years, then Premiumpaying term : 20 years -3 years = 17 years
Basic Sum Assured

Minimum: Rs 1,00,000/-

Maximum: No Limit

Max Maturity Age
65 Years (NBD)
Policy Term
13 to 25 Years
Premium Paying Mode
Monthly(ECS), Quarterly, Half Yearly, Yearly.

 

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Policy Benefits:


Death Benefits:

If Death Occurs during the policy term 10% of the basic sum Assured will be paid to nominee every year from the year of death till the date of maturity.

At end of policy term/ maturity date Nominee will be paid Sum Assured on death(110% of sum assured) + Vested simple Revisionary Bonuses + Final Additional Bonus (If Any). 

 

 

Maturity Benefits:

On survival of policy holder till the end of the policy term provided all due premiums have been paid,

Maturity Amount = Sum Assured + vested Simple Revisionary bonuses + Final Additional bonus (if any)

Where Sum Assured on Maturity is equal to Basic Sum Assured.

 

 

LIC Jeevan Lakshya Policy Riders:

LIC Jeevan Lakshya Policy provides the following optional riders by payment of additional premium:

1. LIC Accidental Death and Disability Benefit Rider : This rider can be opted at any time within the premium paying term of the Basic Plan. The benefit cover under this rider shall be available during the policy term.

If this rider is opted:

In Case of death during the policy term: Amount equal to the “Accident Benefit Sum Assured” will be payable.

In case of accidental permanent disability : Accident Benefit SA will be paid in the form of dividing the amount into equal monthly instalments spread over 10 years and all Future premiums for Accident Benefit rider are waived off.

2. LIC New Term Assurance Rider: This rider can be opted only at the time of taking LIC Jeevan Lakshya policy. we have to pay small additional premium for opting this rider along with regular premium. suppose policy holder has more than one policy if total term assurance rider sum assured on all his policies exceeds more than 25 lakhs then LIC pays only 25 lakhs as it is a ceiling amount in term assurance rider.

     

    Participation in Profits:


    The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.

    In case of death under a policy which is in full force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured.

    In case the premiums are not duly paid (except in case of death of the Life Assured under inforce policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as inforce on death during the grace period.

    Final Additional Bonus shall not be payable under reduced paid-up policies. 

 

 

 

 

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