LIC ENDOWMENT PLANS

New Endowment Plan
New Jeevan Anand
Jeevan Rakshak
Limited Premium Endowment
New Jeevan Lakshya
Jeevan Labh
Jeevan Pragati
Aadhar Stambh (for Male)
Aadhar Shila (For Female)


LIC Money Back POLICIES

 New Money Back Plan - 20 Yrs
New Money Back Plan - 25 Yrs
New Bima Bachat
Bima Diamond


LIC SINGLE PREMIUM PLANS

 Single Premium Endowment Plan
New Bima Bachat
New Jeevan Nidhi Single Premium
Pradhan Mantri Senior Citizen


LIC TERM INSURANCE

 Anmol Jeevan II
Amulya Jeevan II


LIC POLICIES FOR CHILDREN

New Children Money Back (0-12 age)
Jeevan Tarun (0-12 years of age)
Single Premium Endowment (0-65 age)
Bima Diamond (14-50 years of age)
Aadhar Stambh (8-55 years of age)
Aadhar Shila (8-55 years of age)


LIC PENSION PLANS

New Jeevan Nidhi
 Jeevan Akshay-VI
Pradhan Mantri Senior Citizen

Jeevan Lakshya - Life Insurance Policy

LIC's Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.

1.Benefits:

Death Benefit: 
On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force by paying upto-date premiums, Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as the sum of:

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  1. Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.
  2. Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and

 

The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.

The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.

Premiums referred above exclude tax, extra premium and rider premium(s), if any.

Maturity Benefit: “Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.

In case of death under a policy which is in full force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured.

In case the premiums are not duly paid (except in case of death of the Life Assured under inforce policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as inforce on death during the grace period.

Final Additional Bonus shall not be payable under reduced paid-up policies.

2.Optional Benefits:
The policyholder has an option of availing the following Rider benefit(s):

» LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
» LIC’s New Term Assurance Rider (UIN: 512B210V01)

Rider Sum Assured cannot exceed the Basic Sum Assured.

For more details on the above Riders, refer to the Rider brochure or contact LIC’s nearest Branch Office.

  1. Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.
  2. Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity;

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