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.
a) Maturity Benefit – If the policyholder survives till the maturity period, then the policyholder will get, Sum Assured on Maturity + vested Simple Reversionary Bonuses + Final Additional Bonus provided all the premiums have been paid and the policy is active. Where Sum Assured on Maturity is equal to Basic Sum Assured.
b) Death Benefit – If the policyholder dies before the maturity period, then the nominee of the policyholder will get “Sum Assured on Death” + vested Simple Reversionary Bonuses + Final Additional Bonus, provided all the due premiums have been paid and the policy is active.
Where “Sum Assured on Death” is defined as the sum of –
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
c) Rider Benefit – The policyholder has the option of availing the following Rider benefit(s) on paying an additional premium. Rider Sum Assured cannot exceed the Basic Sum Assured.
Like every LIC Policy, this policy also has some eligibility conditions. Here are they in the below table:
|Minimum and Maximum Entry Age
18 yrs and 50 yrs
|Minimum and Maximum Sum Assured
Rs 1 lac and No Limit
|Maximum Maturity Age
13 to 25 yrs
Can the policy be revived if it gets lapsed?
Lapsed Policy can be revived within a period of 2 consecutive years from the date of the first unpaid premium provided all the premiums have been paid with interest. Revival of Rider(s), if opted for, will only be considered along with the revival of the Basic Policy and not in isolation.
Can I surrender the policy anytime?
No one cannot surrender the policy anytime one desires. The policy can be surrendered only if the policy is active and has completed 3 full years with all due premiums paid.
Can I get loan against this policy?
Yes, one can get a loan against this policy provided at least three full years’ premiums have been paid.
Can I return the policy if I didn’t like it’s terms and conditions?
Yes, If the policyholder doesn’t like the terms and conditions of the policy, then the policy can be returned within 15 days from date of receipt of the same to the Corporation stating the reason of objections. These 15 days period is called the Free Look Period.
Is there any exclusions in the policy?
This policy will be considered invalid in terms of Suicide. Let’s see 2 cases –
This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies.
As you all have come to know each and every detail about this policy, now it is up to you all to decide if this policy is fulfilling your future goals or not. Do let us know your views regarding this review. If you have any doubts regarding this policy then please let us know in the comment section.
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