Jeevan Lakshya - Life Insurance Policy
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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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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.
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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.
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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.
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Assured Absolute Amount equal to 110% of Basic Sum Assured,
which shall be payable on due date of maturity;
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