LIC Jeevan Lakshya Plan 2024 Benefits, Features, Details, Reviews

LIC Jeevan Lakshya Plan Details

What are the salient features of LIC Jeevan Lakshya Plan?

LIC Jeevan Lakshya Plan is one of the most popular insurance products in India. It offers a range of benefits to its policy holders, including accident, liability, maternity, and health coverage. In this article, we’ll provide you with an overview of the plan and its salient features.

Following are the salient features of LIC’s Jeevan Lakshya Plan :

• This policy provides a double benefit in the event of the insured person’s death during the policy’s term.
• The minimum amount that can be claimed under this plan is Rs. 1,000,000, and the basic amount that can be claimed can only be increased by multiples of Rs. 10,000.
• The LIC Jeevan Lakshya Plan has a policy term of 13 to 25 years. There are four ways to pay for premiums: annually, semiannually, quarterly, and monthly. You must select the preferred method of premium payment.
• The plan is a participating plan, so bonuses like the Simple Reversionary Bonus and Final Additional Bonus, if any, are added and paid at the time of maturity.
• The premium-paying term is three years shorter than the policy term. The plan offers two optional additional riders: LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider.
• The minimum age to take out the policy is 18, while the maximum age is 50.
• The maximum maturity age under this plan is 65.

What advantages does the LIC Jeevan Lakshya Plan provide?

LIC Jeevan Lakshya is one of the most popular insurance products in India. It offers a range of benefits to its policy holders, including medical reimbursement, accidental death and dismemberment coverage, and a host of other benefits. Here’s a look at the advantages of LIC Jeevan Lakshya.

The following advantages are provided by the LIC Jeevan Lakshya Plan:

Death Benefit

The death benefit can be distributed to the nominee in the event of the insured’s untimely passing during the term of the policy. The following are the specifics of the LIC Jeevan Lakshya Plan’s death benefit to the nominee:

• Pays an annual income benefit equal to 10% of the basic amount insured on each policy anniversary following the death of the life insured until the last policy anniversary before the policy’s maturity date.
• On the date of maturity

1. The Guaranteed Outright Sum comparable to every available ounce of effort of Fundamental Aggregate Guaranteed is payable;
2. together with any applicable Final Additional Bonus and Simple Reversionary Bonuses.

Maturity Benefit

refers to the amount due to the policyholder when the due date arrives. The “Maturity Sum Assured,” which is the sum assured by the base plan plus any vested Simple Reversionary Bonuses and Final Additional Bonuses, if any, is the maturity benefit. If the policy is in full force, i.e. all premiums have been paid, the entire sum assured on maturity is paid out in one lump sum if you survive at the end of the policy term.

Participatory Plan

The LIC Jeevan Lakshya policy is a participatory plan, which means that the plan will share in LIC’s profits and that policyholders can get bonuses, if any, as long as the policy is in effect.

• If the policyholder dies while the policy is still in effect, the Assured Absolute Amount and all bonuses, if any, will be paid out on the maturity date, and the policy will end.
• Policies that have expired will no longer be eligible to share in future profits. However, bonuses that have already been earned would be paid out.
• The plan’s Maturity Assured Amount and any bonuses earned will be due upon plan maturity.

Additional optional Benefits

Under the LIC Jeevan Lakshya Plan, the policyholder is allowed to take advantage of an additional optional benefit like the rider benefit. The policyholder has the option of selecting either one of the two riders included in this plan:

• LIC’s Accidental Death and Disability Benefit Rider
• LIC’s New Term Assurance Rider

Flexibility in payment of premium

The plan offers flexibility in paying the premium amount. Premiums can be paid at Yearly, Half-yearly, Quarterly or monthly basis as per the convenience of the policyholder.

Attractive Rebates

Alluring refunds and limits are accessible on premium installment mode and high aggregate guaranteed as under :

For High Sum Assured rebate allowed is as under :

What are the LIC Jeevan Lakshya plan’s eligibility requirements?

The LIC Jeevan Lakshya plan is an insurance policy that offers accidental death benefits to individuals who are covered by a LIC policy. The plan has a few eligibility requirements, but the most important one is that the individual must have been insured under the LIC policy at the time of their death.

The eligibility requirements for the LIC Jeevan Lakshya Plan are as follows:

What are the necessary documents to purchase a LIC Jeevan Lakshya policy?

If you are thinking of getting a LIC Jeevan Lakshya policy, it’s important to familiarize yourself with the relevant documents that you’ll need to purchase the policy. In this post, we will list the essential documents and explain what they mean. By reading this article, you’ll be better prepared to make an informed decision about whether or not a LIC Jeevan Lakshya policy is the right insurance option for you.

The required documents for purchasing an LIC Jeevan Lakshya Policy are listed below.

• Photo identity proof
• Address proof
• A recent passport sized photograph
• Age proof
• A duly filled proposal form

What are the exclusions of the LIC Jeevan Lakshya Plan?

If you are an individual or a small business owner in India, you would be aware of the LIC Jeevan Lakshya Plan. LIC (Life Insurance Corporation of India) is one of the largest insurance companies in the world, and they offer a range of insurance products to its customers. One such product is the LIC Jeevan Lakshya Plan, which is an insurance policy that covers your family in the event of your death.

Suicides are the only thing that the LIC Jeevan Lakshya plan doesn’t cover. The death benefit is as follows if the insured person committed suicide.

• If the insured commits suicide within a year of the policy’s renewal, the higher of 80 percent of the premiums paid or the plan’s surrender value applies.
• If the insurer takes their own life within the first year of purchasing the policy.

What are the LIC Jeevan Lakshya policy’s premium rates?

LIC Jeevan Lakshya policy’s premium rates are applicable for new customers who are coming into the market for the first time. For customers who have been with the company for a while, the rates are applicable only if they meet certain terms and conditions. Policyholders who do not meet these conditions may face a penalty or even loss of their policy.

The following are the LIC Jeevan Lakshya policy’s premium rates:

Here are some sample annual tabular premium rates for each one thousand rupees of the basic amount insured. The service tax charge is not included in the aforementioned premium rates. An illustration of how premium rates are used to determine the amount of a premium can be found here.

What is the procedure to make claim under LIC Jeevan Lakshya Plan?

There are two kinds of claims under the LIC Jeevan Lakshya Plan: claims for maturity and claims for death. A maturity claim is a payment due under the policy for maturity. The LIC Jeevan Lakshya Plan maturity claim process is straightforward; all you need to do is submit a properly signed claim form and proof of identity, and the proceeds of the maturity claim will be credited to you. The list of documents that must be submitted when making a maturity claim or surrendering the policy is as follows:

• Duly filled discharge form
• Original policy document
• Copy of Identity Proof
• Duly filled and signed NEFT mandate form

The process for making a claim is different if the claim is a death claim, which means that the payment will be made because the policyholder died. The first step in filing a death claim is to inform the insurance company of the life assured.

Document required for claim

The next thing to do is send LIC all of the documents that are required. A list of the documents that must be submitted when filing a normal death claim with LIC is provided below.

• A duly filled claim form
• Original policy document
• NEFT mandate for receiving direct credit in the nominee’s bank account
• Proof of title
• Proof of death
• Details of medical treatment, if any
• A certified copy of First Information Report (FIR)
• A certified copy of Police Inquest Report
• Punchanama
• Post Mortem Report
• Hospital Treatment Reports and records etc.

How to purchase LIC Jeevan Lakshya Policy?

The procedure for purchasing LIC’s Jeevan Lakshya Plan has been simplified. The policy can be purchased in the following ways:

• Online Channel :The LIC Jeevan Lakshya Plan can be purchased directly from the company’s website or from a variety of online agents and aggregators. Because you can purchase the plan at any time and from any location, the online channel is very convenient. Even the online channel provides a variety of premium payment options from which to choose, making the process simple and quick.
• Offline Channel : The traditional method for purchasing the LIC Jeevan Lakshya plan is through an offline channel. Under this channel, you can buy the strategy from the LIC Office or from approved specialists of LIC.

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