DAY-5 WITH JEEVAN LAKSHYA- 933
Jeevan Lakshya (Plan No. 933) is a popular insurance plan offered by LIC (Life Insurance Corporation of India) designed to ensure the financial security of a child’s future. Here is a detailed description of the Jeevan Lakshya plan:
Key Features:
Financial Protection: Offers financial support to the family in case of the unfortunate demise of the policyholder.
Annual Income Benefit: In the event of the policyholder's death, 10% of the Sum Assured is payable every year until one year before the policy term ends.
Maturity Benefit: On surviving the policy term, the policyholder receives the Sum Assured along with bonuses.
Premium Waiver: All future premiums are waived off in case of the policyholder’s death, ensuring no financial burden on the family.
Participating Plan: This plan participates in the corporation's profit, making the policyholder eligible for bonuses.
Benefits:
Death Benefit:
If the policyholder passes away during the policy term, the nominee receives:
Annual income benefit equal to 10% of the Sum Assured every year until one year before the policy term ends.
Assured Sum (Sum Assured on Death + Simple Reversionary Bonuses + Final Additional Bonus, if any) on the policy's maturity date.
Maturity Benefit:
On survival of the policyholder till the end of the policy term, the policyholder receives:
Sum Assured on Maturity (which is 110% of the Basic Sum Assured) plus accrued bonuses.
Tax Benefits: Premiums paid under this policy are eligible for tax benefits under Section 80C of the Income Tax Act. The maturity proceeds are also tax-free under Section 10(10D).
Eligibility Criteria:
Entry Age: Minimum 18 years, Maximum 50 years.
Policy Term: 13 to 25 years.
Maximum Maturity Age: 65 years.
Minimum Sum Assured: INR 1,00,000 (no limit on the maximum sum assured, subject to underwriting).
Premium Payment:
Premium Payment Mode: Yearly, Half-yearly, Quarterly, Monthly (ECS mode only).
Premium Waiver: In the case of death, all future premiums are waived off, and the policy continues to provide the benefits.
Additional Riders:
Accidental Death and Disability Benefit Rider: Provides additional coverage in case of accidental death or disability.
New Term Assurance Rider: Offers additional term insurance cover.
Example Scenario:
Suppose a policyholder, aged 30, opts for a Jeevan Lakshya plan with a sum assured of INR 10,00,000 for a term of 20 years. In case of the policyholder's death after 5 years, the nominee will receive:
10% of the Sum Assured (i.e., INR 1,00,000) annually for the next 14 years.
On maturity, the nominee will get the Sum Assured on Death along with accumulated bonuses.
Conclusion:
Jeevan Lakshya is an excellent choice for parents looking to secure their child’s future. It not only provides financial security but also ensures the child’s needs are taken care of through the annual income benefit. With the added advantage of participating in LIC’s profit, policyholders can also look forward to attractive bonuses.
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