LIC Jeevan Lakshya is a Non-Linked plan
designed to provide Protection as well as saving benefit to the Policy holder. This
plans provides Financial benefits to the family of policy holder in case of
unfortunate death of the policy holder and a lump sum amount is payable for
survival of the Policy holder at the time Maturity. This Plan also provide the
financial help by providing Loan facility to the Policy holder. More Details
regarding this plan is as under –
1. Plans Details:-
Particulars
|
Details
|
Payment Mode
|
Yearly, Half-Yearly,
Quarterly, Monthly
|
Term
|
10 to 20 Years
|
Minimum Entry Age
|
8 Years (Completed)
|
Maximum Entry Age
|
55 Years (Nearest
Birthday)
|
Maximum Maturity Age
|
70 Years (Nearest
Birthday)
|
Minimum Sum Assured
|
Rs. 75000
|
Maximum Sum Assured
|
Rs. 200000
|
Maximum Accidental Death and Disability Benefit Rider
|
Up to the Maximum age of Maturity (i.e. 70 Years)
|
2.
Policy Benefits:-
Ø On
Death –
Sum Assured on Death shall be highest of following-
ü
Basic Sum Assured, or
ü
10 times of annualized premium, or
ü
105% of all the premiums paid till the death of
the policy holder.
Note- Above
mentioned Premiums does not include Taxes, Rider Premium and Extra Premium as
well. Loyalty addition, if any, shall also be payable in addition to above in
case death occurs after completion of 5 years.
Ø On
Survival –
Basic Sum Assured along Loyalty Addition, if Any, shall be
payable
Ø
On Surrender-
Policy can be
surrendered provided atleast three full years Premium has been paid. The
Percentage of surrender value depends upon the Policy Term and year in which
such policy has been surrendered.
3. Loan facility-
Under this plan LIC provide facility to the policy holder subject to the
following conditions-
Ø Policy Premium has been paid for
atleast 3 fully completed Years,
Ø
Maximum
amount of Loan will be 70% (in case of inforce policies) and 60 % (in
case of paid-up policies) of surrender value.
Ø
Rate
of Interest to be charged shall be depended on the Corporation and can be vary
time to time.
4. Benefits under Income Tax-
Following Benefits are
available in regards to Income Tax-
Ø Amount of Premium Paid is eligible
for deduction u/s 80C
Ø Amount received on maturity is
exempt u/s 10(10D)
0 Comments