This plan provides high insurance benefits compared to ordinary endowment plans. As the name of the plan Lakshya – which means Aim – implies it can be used as an effective tool to ensure all the future needs of your child is met even if some thing unfortunate happens in between.
Download a Power Point Presentation of Jeevan Lakshya to know its features.
1. No Premium Waiver Rider required.
Insurance protection is to the parent even if it is taken to meet the educational expenses of the child. So there is no need to spend additional amount to add premium waiver benefit to the plan.
A lump sum maturity amount guaranteed at maturity date irrespective of the survival or death of the parent(Proposer). Maturity benefit payable will be equal to the Sum Assured + bonus + Final Additional bonus in case of survival of proposer.
An enhanced Sum Assured equal to 110% of Sum Assured along with Bonus and final additional bonus will be paid in case of unfortunate death of the parent.
3. Limited premium paying term.
Premium paying term is lesser than the term of the policy by three years. This will help in reducing the financial burden as the child grows up and expenses are increasing.
Another advantage is that the limited premium paying term helps this plan to reduce the total premium paid compared the endowment plans.
4. Riders available under the plan compliments the benefits available nicely
- Term Rider Benefit: Term rider benefit which is optional adds a new dimension to this plan by providing a death benefit equal to the term rider amount in case of unfortunate death of the parent.
- Accidental death and disability rider: Additional death coverage equal to the Sum Assured will be provided if the unfortunate death is occurring due to an accident. An inbuilt disability rider will help to tide over the difficult situation of disability due to accident. An amount equal to 10 percent of Sum Assured will be provided as half yearly instalments up to the date of maturity.
5. Three pronged benefits in case of unfortunate death of the parent (Proposer).
a) All further premiums waived till maturity.
Basic Conditions of the plan
Age at entry : 18-50 Age nearer birth day.
Policy Term : 13-25 years
Premium Paying Term: Policy Term – 3
Minimum Sum Assured : 100000
Premium and maturity benefit of Jeevan Lakshya plan
on the other hand if you want online premium and benefit calculator click here.
- Download a Free Software to Manage All Your Clients
- Download a software to calculate the revival amount of LIC policies
- Health Insurance plan – Jeevan Arogya- Benefit calculator.
- How to use LIC’s e-Services to track your policies
- Know more about LIC’s New plan Jeevan Labh.
- How much insurance coverage do I need
Latest posts by Anish L J (see all)
- All about LIC’s New Critical Illness Benefit Rider - February 15, 2017
- Five myths of Indians about Insurance – which cannot be uprooted - March 8, 2016
- All about Income Tax rules applicable for Life Insurance policies. - February 20, 2016