Saturday, November 10, 2018

LICI/JVNL/833/ENGLISH

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LIC Jeevan Lakshya Plan (Table No:833)


LIC’s Jeevan Lakshya policy is a combination of risk cover and saving plan which is most suitable for the purpose of providing financial security of children and family. This policy provides life cover during the policy term and Sum Assured + Bonuses on survival as maturity. In case of death of policy holder during the policy term, this policy provides 10% of sum assured every year till maturity and on maturity it again provides 110% of Sum Assured + Bonuses as maturity.

Key Features

  • Annual Income in case of death
  • Sum assured + Simple Reversionary Bonus + Final Addition Bonus as maturity.
  • Annual Income feature can be used as child education in case of death
  • Paid premiums are exempted from income tax under 80C
  • Maturity amount is tax free under 10 (10D)

Plan Parameters

Age of Entry18 to 50 years
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Premium Paying ModeYearly, Half Yearly, Quarterly, Monthly (ECS Only)
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Policy Term13 to 25 years
Premium Paying Term(Policy Term - 3) years
Sum Assured100000 and above (in multiples of 10000)
Premium Mode Rebate2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
High Sum assured Rebate0% of SA on 0 to 2,00,000
2% of SA on 2,00,000 to 4,90,000
3% of SA on 5,00,000 and above
LoanAfter 3 Years
SurrenderAfter 3 Years [ Surrender Value Calculator]
RevivalWithin 2 Years of Lapse

Death benefits

  • In case of death of policy holder during policy term, 10% of Sum Assured will be provided to nominee every year till one year prior to maturity, and
  • On maturity, 110% of Sum Assured + Simple Reversionary Bonus + Final Addition Bonus will be payable as maturity amount.

Maturity benefit

  • Sum Assured + Simple Reversionary Bonus + Final Addition Bonus will be payable as maturity amount. 

Illustrations with Example

To understand Jeevan Lakshya Plan, Lets take an example of a person who is purchasing Jeevan lakshya Plan with following details.

Sum Assured: Rs. 10,00,000
Policy Term: 21 Years
Premium Paying Term: 18 Years
Policy Purchase Year: 2015
Age: 28 Years
Yearly Premium: Rs. 52455

Calculate premium other than above, Click Here
Since Premium paying term is 3 year lesser than policy term, so premium will be payable for 18(21-3) years in this case.

Maturity benefit illustration

At maturity, Jeevan Lakshya provides Sum Assured + Simple Reversionary Bonus + Final Addition as maturity amount on survival of policy holder. Following table indicates the maturity details.
YearSum Assured (Guaranteed)Bonues (Variable)Maturity Amount (Approx)
203610,00,00011,08,00021,08,000

Death benefit illustration

In case of unfortunate death of policy holder during policy term, this plan proivides 10% of sum assured every year till maturity and again at competion of policy term maturity amount is also payable. To understand this benefit, let's suppose death happens 10 year after taking this policy, age of the policy holder and year at time of death will 38 and 2024 repectively. 10% of sum assured will be payable from year of death till maturity and on completion of the policy term maturity benefit will be also provide. Following table provides year-wise details.
End of YearYearPremium PaidReturn in case of deathRemarks
12015524550
22016524550
32017524550
42018524550
52019524550
62020524550
72021524550
82022524550
92023524550
1020240100000Unfortunate death happens
1120250100000
1220260100000
1320270100000
1420280100000
1520290100000
1620300100000
1720310100000
1820320100000
1920330100000
2020340100000
21203502108000Maturity Amount
Total5245503208000Maturity + Yearly Income
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