What’s Great About LIC Jeevan Lakshya Investment Plan?

What are the salient features of LIC Jeevan Lakshya Plan?

LIC Jeevan Lakshya Plan is a comprehensive health insurance plan that covers both medical expenses and other benefits. It provides comprehensive coverage for hospitalization, medical expenses, maternity, childbirth, domestic violence, TB & AIDS, surgery, and maternity care. It also has a critical illness cover of Rs 2 lakhs per annum. The plan has an annual premium of Rs 550.

The most notable aspects of LIC’s Jeevan Lakshya Plan are as follows:

• During the policy’s term, this policy provides double benefits in the event of the insured’s death.
• This plan allows for a minimum assured amount of Rs. 1,000,000, and the basic assured amount can only be increased in multiples of Rs. 10,000.
• The LIC Jeevan Lakshya Plan’s policy term ranges from 13 to 25 years.
• There are four payment options for the policy’s premiums: annually, semiannually, quarterly, and monthly. You must select the preferred method of premium payment.
• The policy is available to people as young as 18 and as old as 50.
• This plan allows for a maximum maturity age of 65 years.
• Because it is a participating plan, bonuses like the Simple Reversionary Bonus and the Final Additional Bonus, if any, are added at maturity and paid out at that time.
• The policy term is longer than the premium-paying term by three years.
• The Accidental Death and Disability Benefit Rider and the New Term Assurance Rider are two optional additions to the plan.

What are the benefits offered by LIC Jeevan Lakshya Plan?

If you’re struggling to make ends meet, LIC Jeevan Lakshya Plan may be a good option for you. LIC Jeevan Lakshya Plan is a government-sponsored health insurance program that provides coverage for medical expenses incurred by individuals who are below the poverty line. It’s a great way to get affordable health insurance without having to worry about premiums, copays, or any other associated costs. Here are three reasons why LIC Jeevan Lakshya Plan is a good option for you.

The LIC Jeevan Lakshya Plan offers the following benefits :

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 Sum Assured on each policy anniversary following the death of the Life Assured until the last policy anniversary before the policy’s maturity date + On the date of maturity, the Assured Absolute Amount equal to 110% of the Basic Sum Assured is paid out; alongside
• Straightforward Reversionary Rewards and Last Extra Reward, if pertinent.

Please be advised that the plan’s Death Benefit must be at least 105 percent of all premiums paid up to the time of death.

Maturity Benefit

The benefit is the amount due to the policyholder on the due date. The “Development Total Guaranteed,” which is the aggregate guaranteed by the base arrangement in addition to any vested Straightforward Reversionary Rewards and Last Extra Rewards, if any, is the development benefit. Assuming the strategy is in full power, for example all charges have been paid, the whole aggregate guaranteed on development is paid out in one singular amount in the event that you get by toward the finish of the approach 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. The plan’s Maturity Assured Amount and any bonuses earned will be due upon plan maturity.

Additional optional Benefits

The policyholder can take advantage of an additional optional benefit like the rider benefit under the LIC Jeevan Lakshya Plan. The policyholder can pick from one of the two riders that are included in this plan, namely

Flexibility in payment of premium

The plan allows for a variety of payment options for the premium. The policyholder can choose to pay their premiums on a yearly, half-yearly, quarterly, or monthly basis.

Attractive Rebates

On high sum assured and premium payment mode, there are attractive rebates and discounts available as follows:

For premium payment mode rebate is as under :

For High Sum Assured rebate allowed is as under :

What are the eligibility criteria of LIC Jeevan Lakshya plan?

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

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

Are you looking to purchase a life insurance policy but don’t know where to start? Don’t worry, we have you covered! In this post, we will provide you with the necessary documents to purchase a LIC Jeevan Lakshya policy. Lic Jeevan Lakshya policies are one of the most popular types of life insurance policies in India and offer a number of benefits that may be appealing to you. We’ll also provide you with tips on how to choose the right policy for you and answer any questions that you may have. Get ready to take the first step in ensuring your family is taken care of!

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

What aspects of the LIC Jeevan Lakshya Plan are excluded?

The LIC Jeevan Lakshya Plan is a comprehensive insurance product offered by LIC India Ltd. It covers a wide range of risks, including medical, travel, personal accident, and property risks. However, there are a few aspects of the plan that are not covered. In this post, we’ll discuss these exclusions in detail and answer any questions you might have. Ready to get started? Let’s get started!

The main prohibition under the LIC Jeevan Lakshya plan is suicides.

• If the insured dies as a result of suicide, the insurer will receive the following death benefit:
• 80% of the premiums paid if the insured dies within one year of the policy’s renewal;
• 80% of the premiums paid or the plan’s surrender value, whichever is higher.

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

Jeevan Lakshya policy premium rates are applicable to all the life insurance policies issued by LIC. Jeevan Lakshya policy premium rates are applicable to all the life insurance policies including term, whole of life, and universal life insurance policies. LIC Jeevan Lakshya policy premium rates are applicable to all the individual, joint family and company policy holders who reside in India. Jeevan Lakshya policy premium rates for small employers is applicable to companies with up to 50 employees.

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

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

The LIC Jeevan Lakshya Plan covers two types of claims: claims for maturity and death claims. A payment due at policy maturity is referred to as a maturity claim. The process for making a maturity claim under the LIC Jeevan Lakshya Plan is simple; The proceeds of the maturity claim will be credited to you after you submit a properly signed claim form and proof of identity. When making a maturity claim or surrendering the policy, the following documents must be submitted:

Completed discharge form Original policy document Copy of identity proof Completed NEFT mandate form The procedure for making a claim is different if the claim is a death claim, which means that the payment will be made because the policyholder passed away. Informing the insurance company of the life assured is the first step in filing a death claim.

Document required for claim

Sending LIC all of the required documents is the next step. The following is a list of the documents that must be submitted when submitting a standard death claim to LIC.

• A completed claim form,
• the original policy document,
• the NEFT mandate for receiving direct credit in the nominee’s bank account,
• proof of title,
• proof of death,
• details about the nominee’s medical care.

In the event of a coincidental death or inability to guarantee, the insurance company may require additional documents such as the following:

• A certified copy of the Police Inquest Report Punchanama
• Post Mortem Report Hospital T
• reatment Reports and Records, etc.

How to purchase LIC Jeevan Lakshya Policy?

• Online channel: You can purchase the LIC Jeevan Lakshya Plan from the company’s website or from a number of online agents and aggregators. The online channel is very convenient because you can buy the plan at any time and from anywhere. The process is made simple and quick by the fact that even the online channel offers a selection of premium payment options from which to choose.
• Disconnected Channel : The traditional method for purchasing the LIC Jeevan Lakshya plan is through an offline channel. You can purchase the policy through this channel from the LIC Office or authorized LIC agents.

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