Car Insured - Yes, Phone Insured - Yes, What About Your Life ? Save Rs 4000/M & Get Life Cover + Maturity Benefit of Rs. 39 Lac + Tax Benefit.
For the financial security of children and family, LIC Jeevan Lakshya Plan (Plan No: 933) is the most suitable one. It is a collection of savings plus it covers the risk factor. It is a limited premium paying plan which is not at all linked and classified With- Profits Endowment Assurance plan. This plan started in the month of March in the year 2015. In the case of death of the policyholder, this plan will provide an annual income which could be beneficial to the family of the deceased. A lump sum amount is also given at the end of maturity period regardless if the policyholder is alive or not. This plan is not available online so to buy this plan agents and brokers are to be contacted. One can even buy this plan by visiting the branch offices of the company or visiting their executives.
Maturity Benefit:
There are maturity benefits associated with this plan. If the policyholder has paid all the premiums that is the full amount and survives till the end term of the policy than the Maturity Benefit will be included in the Sum quoted on the maturity plus the vested Simple reversionary benefits and the Final Additional Bonus if any is there will be added. The Sum quoted on Maturity is the same as the basic sum assured.
Death Benefit:
There is death benefit as well. Under this benefit, in case the holder of the policy dies within the term of the policy than the sum assured on death plus simple reversionary bonuses and the Final Additional Bonus is there then it will be given. for this policy, even tax benefits are there. Premium paid for the plan is acceptable for availing the rebate on income tax under 80C and the maturity amount is free from tax as per section 10D.
The policy by the Life Insurance Corporation of India has a set of very simple rules and system and as such, no exclusions are provided. There is, however, a clause for suicide which is appropriate to Jeevan Lakshya. If the life assured or the policyholder commits suicide within 12 months from the date of the commencement/risk, 80% of the single premium paid (excluding taxes) and extra premium (if any) will be returned.
To buy LIC's Jeevan Lakshya Plan following documents are to be submitted.
The plan proposal form should be there which should be duly filled and signed. Other than this the cheque or the cash for the first period has to be submitted along. You need to submit a passport size photograph plus a valid identity proof which gives the details of your residential address your date of birth and so on. An income proof document has to be attached along.
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Last updated on July, 2020