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Overview
The LIC Jeevan Lakshya Plan (Plan No: 933) is a suitable savings and investment plan for the financial security of children and families. It is a limited premium paying, non-linked, With-Profits Endowment Assurance plan, launched in March 2015.
In the event of the policyholder's death, this plan provides an annual income to benefit the deceased's family. A lump sum amount is also paid at the end of the maturity period, regardless of whether the policyholder is alive or not.
This plan is not available online. To buy this plan, you must contact agents and brokers, visit the company's branch offices, or meet with their executives.
Key Benefits of LIC Jeevan Lakshya Plan
LIC Jeevan Lakshya Plan offers a range of benefits, including:
- Death Benefits
- Maturity Benefits
- Rider benefits
- High sum assured rebates
- Participation in profits
How to Buy LIC Jeevan Lakshya Plan Online via PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of LIC Jeevan Lakshya Plan
There are various benefits to buying the LIC Jeevan Lakshya Plan. Let's understand each of them in detail:
- Death Benefit: On death during the first five policy years, a benefit is payable in case of the insured person's death before the maturity time. Before the date of commencement of risk, a refund of premium(s) paid without interest will be payable.
- Maturity Benefits: If the insured survives till the end of the policy period, provided all due premiums have been paid, Sum Assured on Maturity along with Loyalty Addition, will be payable.
- Participation in Profits: If the insured has completed five years and paid all premiums, then depending upon the Corporation's experience, policies under this plan will be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity.
- Additional Rider Benefits: You can avail of additional rider benefits with this plan.
Other Features of LIC Jeevan Lakshya Plan
Available Online
You can purchase LIC Jeevan Lakshya Plan online either through the official website of LIC or PolicyX.com.
Loan Facility
You can avail of a loan against your LIC Jeevan Lakshya Plan for a certain period at the prevailing interest rate.
Free Look Period
This plan offers you a 30-day free look period to cancel the policy if you are not satisfied.
Tax Benefits
LIC Jeevan Lakshya Plan offers term insurance tax benefits under Section 80C of the Income Tax Act, 1961, for up to 1.5 lakhs of the total premium paid in the same financial year.
How to Buy LIC Jeevan Lakshya Plan Online via LIC Website
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on 'LIC Jeevan Lakshya Plan'.
- Click on 'Buy Online' and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy LIC Jeevan Lakshya Plan
Here is the list of documents required to buy the LIC Jeevan Lakshya Plan:
Photo ID Proof
Photo ID Proof (either of one) - Passport, Aadhaar card, PAN card, Driving license.
Age Proof
Age Proof (either of one) - Passport, Aadhaar card, PAN card, Driving license.
Address Proof
Address Proof (either of one) - Utility bill, passport, voter ID, ration card.
Medical Records
Medical Records of the policyholder if requested.
Income Proof
Income Proof (either of one) - bank statement, last three months' salary slips (if you are salaried).
Plan At a Glance
| What's Good Here | What's Missing |
|---|---|
| Death Benefits | Premium Offset |
| Maturity Benefits | High sum assured rebate |
| High sum assured rebates | Auto cover continuance |
| Profit Participation | Top-up premium |
