LIC Jeevan Lakshya is a non-linked, with-profits, limited premium payment life insurance policy offered by Life Insurance Corporation of India (LIC). It is a participating policy, which means that policyholders can receive bonuses in addition to the basic sum assured.
The policy provides financial support to the policyholder’s family in case of his/her unfortunate death during the policy term. Additionally, it provides survival benefits to the policyholder at regular intervals during the policy term, which can be used to meet various financial goals such as funding children’s education, marriage expenses, or other long-term financial commitments.
The policy term for Jeevan Lakshya ranges from 13 to 25 years, and the premium payment term is limited to a maximum of 3/4th of the policy term. The minimum sum assured under the policy is Rs. 1,00,000 and there is no maximum limit on the sum assured. The policy also offers the option of taking a loan against the policy after it acquires a surrender value.
Overall, LIC Jeevan Lakshya is a popular life insurance policy offered by LIC, which provides both life cover and savings benefits to the policyholder.
Key features and highlights of LIC Jeevan Lakshya:
- Limited premium payment term: The premium payment term for this policy is limited to a maximum of three years minus the policy term. This means that the policyholder can enjoy life coverage for a longer period while paying premiums for a limited time.
- Maturity Benefit: The policy provides a lump sum amount at the end of the policy term, which includes the sum assured along with any bonuses accumulated during the policy term.
- Death Benefit: In the event of the policyholder’s unfortunate death during the policy term, 10% of the sum assured will be paid to the nominee every year till the end of policy term. and at the end of the term , nominee will get sum assured plus bunus as well.
- Optional riders: The policyholder can enhance the coverage of the policy by opting for additional riders such as accidental death and disability benefit rider, critical illness rider, and term rider.
- Tax benefits: The premiums paid towards the policy are eligible for tax benefits under Section 80C of the Income Tax Act, and the maturity/death benefits are tax-free under Section 10(10D) of the Income Tax Act.
- Loan facility: The policy offers the facility of taking a loan against the policy after it acquires a surrender value.
LIC Jeevan Lakshya is a comprehensive life insurance policy that provides a combination of life coverage and savings benefits to the policyholder.
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