LIC Jeevan Lakshya is an endowment assurance plan where nominee will get annual income option, in case of unfortunate death. This feature looks totally different compared to other lic endowment plan where your family will get 10% of sum assured value every year till policy end and also the also the sum assured value after policy term. Kind of a double income plan.
In this article I will try to analyse the policy and also share LIC Jeevan Lakshya benefits, key features, how to calculate maturity value using the lic online premium calculation and complete review of Jeevan Lakshya plan.
Key Highlights of LIC Jeevan Lakshya Plan – Table No. 833
As I have mentioned already, there is only one striking feature which may attract you to get this policy and that is the death benefit of jeevan lakshya policy. Let’s see whether there is any alternative possible or not after sharing the features of Jeevan lakshya policy.
- This is a limited period premium payment endowment plan that means you don’t have to pay premium till the end of the policy term.
- One will get Sum assured value + Simple re-visionary bonus + FAB if any at the end of the policy term, as maturity value.
- In case of of unfortunate death, your nominee will get 10% of sum assured every year till the end of the policy year and also the promised maturity value at the end.
- The policy can have two optional riders : LIC Accidental Death and Disability Benefit Rider and LIC New Term Assurance Rider
- Premium paid for this plan is admissible for availing rebate on income tax under 80C and the maturity amount is free from tax as per section 10 D
- You have to pay 3 year premium to get eligible for surrender this policy or apply for a loan.
Eligibility Conditions of LIC Jeevan Lakshya
|Maximum Maturity Age:|
|Premium paying modes:|
How To Calculate the Premium of LIC Jeevan Lakshya Policy
You can easily use the lic online premium calculator to find out how much premium you need to pay for your desired sum assured value. Here is a simple table for elaborating the premium paying terms with riders.
|Policy Name||LIC Jeevan Lakshya||Accidental Death & Disability Rider||New Term Assurance Rider|
|Premium Paying Term||Policy Term – 3 years||Same as Jeevan Lakshya (Policy Term – 3 years)||Same as Jeevan Lakshya (Policy Term – 3 years)|
Should I Buy LIC Jeevan Lakshya Plan?
Now if you ask me whether I will buy this policy or not, then here is my reason not to buy this policy. There are other alternatives to get your insurance need and investment targets.
- Although the death benefit option may attractive, but still then I will prefer a pure term insurance policy. The reason is very simple, the premium that I am going to pay to get a higher life cover for this lic plan, need to pay much lower for a term plan and the benefit will be even much higher. And the 10% of sum assured value will be paid directly without adding any interest. But yes, compared to other LIC endowment plan this is definitely better.
- Regarding return on investment point of view, I think there are better alternatives. If you use the Jeevan lakshya premium chart you will find that the return of this kind of policy will mainly depend up on the bonus rate declared by LIC of India time to time. Although they are stressing on guaranteed return, but in practical it is not as the bonus rate is changing every year.
- Regarding the 2 riders, I think the amount of premium one need to pay with that one can get a better term plan or special accidental benefit & disability benefit policy.
- From income tax saving point of view also, I think an insurance cum savings plan is perfect for those people who are happy to get moderate return without taking much risk.
Do you think LIC Jeevan Lakshya will help you to achieve your life’s target or Lakshya? Share your thoughts and experience here by writing a simple comment. If you find this article useful, then feel free to share in Facebook, Twitter and other social media to get people aware about the same.