The LIC Jeevan Lakshya policy offers a complete package with life coverage and maturity benefits, accrued reversionary bonus and loyalty benefits. Experts deem this as a low risk, high returns policy suitable for those planning marriage, family and children’s education.
The premium payment term is 3 years lesser than the policy term. For example, if a policyholder opts for a 15-year term, he/she will pay the premium for only 12 years and avail maturity benefits at the completion of 15 years. To understand this policy in detail, read further.

Key Features of LIC Jeevan Lakshya Policy Plan

  • The policy term for LIC Jeevan Lakshya is a minimum of 13 and maximum of 25 years. Individuals in the age group of 18-50 years are eligible to apply. The maximum maturity age is 65 years. 
  • The minimum Sum Assured is INR 100,000/- and above in increasing counts of 10,000/- (100,000/-, 110,000/-, 120,000/- and so on).

Premium Payment modes can be either monthly/quarterly/half yearly/annually. 

  • Policyholders who choose to pay half yearly premiums can avail 1% rebate (discount) on premium amount
  • A 2% rebate is provided on premium payments made annually
  • Tax is exempted on premium payments (under section 80C) and on amount received as maturity benefits (under section 10D of IT Act)
  • Loan benefit can be availed after 3 years of policy term.

The rebate on premium payment on high Sum Assured is as follows:
  • 3% of the sum assured on INR 500,000/- and more
  • 2% of the sum assured on INR 200,000/- to 490,000/-
Here is a link to LIC Jeevan Lakshya policy Premium Calculator.
Maturity Benefits of Jeevan Lakshya Policy
  • If a policyholder is alive after the policy matures he/she is entitled to receive the Sum Assured, a loyalty bonus (accrued every year after 5 years of policy term) and Reversionary Bonus (yearly, declared each year by LIC).
  • Upon policy maturity, the policyholder has a choice to invest the entire amount to purchase annuity. Annuity is the amount given out every year in the form of old age pension. This is optional and at the sole discretion of policyholder.
Death Benefits
In the case of premature death of policyholder within the policy term, premium payment is waived and 10% of the Sum Assured is given to the nominee every year till the completion of the policy term. After the policy matures, the nominee also receives a lump sum amount in the form of Sum Assured, Reversionary bonus and Loyalty bonus (if applicable as loyalty bonus starts accumulating only after 5 years of policy term)
Additional Riders in the LIC Jeevan Lakshya
  • The LIC New Term Assurance Rider assures payment of a higher assured sum upon the death of policyholder prior to completion of policy term along with the other maturity benefits.
  • An additional premium needs to be paid along with the regular premium to benefit from this rider. Under New Term Assurance Rider, the sum assured is INR 100,000 to 2,500,000/- max.
  • The LIC Accidental Death and Disability Benefit Rider can be opted for any time during the policy term by paying an additional premium alongside regular premium. 
  • The maximum coverage under this rider is INR 10,000,000/- In this case, if a policyholder dies an accidental death within the policy term or is disabled, future premium payments are waived the Sum Assured is paid in 10 equal installments for the next 10 years.
  • Upon maturity, the Accident/Disability Sum Assured is payable along with accrued bonus.
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Policy Revival
If policy holder fails to pay policy premium past the grace period the policy lapses, but can be revived within 2 consecutive years calculated from the date of first pending premium payment.
Surrender Value of Jeevan Lakshya Plan
  • A policyholder can cancel the LIC Jeevan Lakshya policy within 15 days (cooling off period) from the date of policy sanction.
  • In case the policy is surrendered after the cooling off period and before 3 years of the policy term, no surrender value will be paid to the policyholder.
  • After 3 years of the policy term, Surrender value is guaranteed but only if the policyholder has paid full premiums till date.
  • The amount given as surrender value is calculated as the percentage of total premiums paid and varies with the policy term and age of individual policyholder.
  • The more the number of premiums paid, higher the percentage of surrender value given.
If a policyholder commits suicide within a year of policy sanction, the status of the policy stands canceled and a sum of 80% of premium paid is returned after deducting the taxes and additional premiums paid for riders.
So, Here is the LIC Jeevan Lakshya Policy Plan Details and Review. We have tried to bring the Points and Features of Jeevan Lakshya Policy which will help you to understand its features and benefits. We have tried here to bring you the authenticated data, but It is a suggestion from us that Check the same plan on LIC website.
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