LIC Jeevan Lakshya is a traditional non-linked participating endowment plan offered by Life Insurance Corporation of India (LIC). This plan provides financial protection along with savings and investment opportunities to help you achieve your financial goals. It is designed for individuals who want to secure their future and plan for various life stages.
LIC Jeevan Lakshya benefits and advantages:
1. Life Cover: LIC Jeevan Lakshya provides a life cover, which means that in case of the policyholder’s death, the nominee will receive the sum assured along with the bonuses.
2. Maturity Benefit: On survival of the policyholder till the end of the policy term, the policyholder will receive the maturity amount, which is the sum assured along with bonuses.
3. Bonus: The policyholder is eligible for reversionary bonuses, which are declared by LIC from time to time, and terminal bonuses, if any, at the time of maturity or death of the policyholder.
4. Tax Benefits: LIC Jeevan Lakshya provides tax benefits under section 80C and 10(10D) of the Income Tax Act, 1961.
How to apply for LIC Jeevan Lakshya:
1. Visit the nearest LIC branch: You can visit the nearest LIC branch and meet with an insurance advisor. The advisor will assist you in filling out the application form and provide you with the relevant information.
2. Online Application: You can also apply for LIC Jeevan Lakshya online by visiting the LIC website. Fill out the online application form, select the sum assured, and pay the premium online.
Who can apply for LIC Jeevan Lakshya:
1. Age Limit: LIC Jeevan Lakshya is available for individuals aged between 8 years and 55 years.
2. Medical Exam: The policyholder is required to undergo a medical exam, depending on the age and sum assured chosen.
Example for LIC Jeevan Lakshya:
Suppose a 35-year-old individual, Mr. Raj, wants to buy LIC Jeevan Lakshya. He opts for a sum assured of Rs. 5 lakhs and a policy term of 20 years. The annual premium for this policy is Rs. 35,000. Mr. Raj decides to pay the premium annually. In case of his death, his nominee will receive Rs. 5 lakhs as the sum assured along with the bonuses. If he survives till the end of the policy term, he will receive the maturity amount, which is the sum assured along with the bonuses.