LIC Jeevan Lakshya endowment plan No.833 is launched by LIC. It is a limited premium paying endowment plan. It is a profit endowment assurance plan that provides profit as per the company experience inform the final additional bonus and simple reversionary bonus. These bonuses are provided at the time of maturity. This policy plan mainly considers the minors and gives annual income benefits to the family. If the policyholder dies within the policy term the sum assured amount is paid to the child of the policyholder. It also provides maturity benefit if the policyholder survives throughout the policy term. The identification number of the Jeevan Lakshya endowment plan is 512N297V01.
Features and details of LIC Jeevan Lakshya endowment plan.
- The minimum sum that can be assured is 1 lakh and there is no limit for the maximum amount.
- Policy terms can be chosen between 13 years to 25 years.
- Premium paying mode is annually, half-yearly, quarterly and monthly. The policy can be paid by the ECS system.
- As the plan is a limited premium paying plan the policyholder will have to pay the premium 3 years less than the policy term.
- The minimum age for entry on this plan is 18 years and the maximum age for entry on this plan is 50 years.
- The maximum age at the time of maturity is 65 years.
- There are two optional benefits that are LIC accidental death and disability benefit and LIC new term Assurance benefit can be added to this plan.
Eligibility Conditions and Other Restrictions:
- Minimum Basic Sum Assured : Rs. 100,000
- Maximum Basic Sum Assured : No Limit (multiples of Rs. 10,000/-)
- Policy Term : 13 to 25 years
- Premium Paying Term : (Policy Term – 3) years
- Minimum Age at entry : 18 years (last birthday)
- Maximum Age at entry : 50 years (nearest birthday)
- Maximum Maturity Age : 65 years (nearest birthday)
Benefits provided under LIC Jeevan Lakshya endowment plan.
- Maturity benefit
If the policy survives throughout the policy term the maturity benefit is provided to the policyholder. The maturity benefit that is provided is the sum assured on maturity plus a simple reversionary bonus plus a final additional bonus if any.
Sum assured on maturity is equals to the basic sum assured at the time of policy purchasing.
- Death benefit
In case of policyholder meet to an unfortunate death, then the death benefit is provided to the policyholder’s child. Sum assured on death benefit is 110% of the premium paid plus simple reversionary bonus plus a final additional bonus if any.
- Tax benefit
According to Income tax act 89 C. The premium which is paid to this plan is tax-free and as per section 10 D, the maturity amount is also tax-free that means you can file an income tax return on the amount which is paid as the premium.
- Optional benefits
There are two optional benefits that are accidental death and disability benefit and new term Assurance benefit. These two benefits can be taken as add-on benefits after paying the extra premium.
- Loan benefit
The policyholder can take a loan up to the premium amount if the policy attains a surrender value as per the terms and conditions of the corporation.
Document required for LIC Jeevan Lakshya endowment plan.
- Fully filled application form with photographs
- Age proof of policy buyer.
- Address proof.
- PAN card and Aadhar card for KYC document
- Accurate medical history
- Medical examination report if required.
Other information that the policy buyers should know.
Cooling off period
After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can be return after the receipt of the policy document.
There is a grace period of 15 days for the payment of the monthly mode of premium and 30 days for the half-yearly and early mode of premium payment. If the premium would not be paid within the grace period the policy will lapse.
If the policy gets lapsed then it can be revived within the 2 years from the last premium paying date. If the policy will not be revived within 2 years then the policy will get terminated.
There is a discount allotted on the half-yearly and early mode of premium payment. 1% for half yearly premium payment and 2% for early premium payment.
The policy attains a surrender value after the completion of 2 years of the policy as per the terms and conditions of the corporation.