LIC Jeevan Lakshya Plan: Jeevan Lakshya Yojana of Life Insurance Corporation of India (LIC) is a traditional savings plan, which at the same time provides savings along with security. During this plan, the death benefit to the policyholder is given in the annual installment, which meets the financial needs of the family after the death of the policyholder. In addition to the annual payment in case of death of the policyholder, the cover amount of additional 110% is also paid to the nominee at the end of the policy term. In this plan, every year the bonus announced by LIC is also given. You can also take two additional riders (accident death rider and Divyang Benefit rider) with this plan.
How does a life goal plan work?
While purchasing the policy, the policyholder selects the cover amount (Sum Insured) and the duration of the policy. In this plan, premium has to be paid for three years less than the policy term (policy term – 3 years). If the policy holder survives till the completion of the policy term, on maturity, the policyholder gets back the sum assured and the accumulated bonus. If the policyholder dies during the policy term, the nominee is given 10% of the Sum Assured as an annual installment as death benefit. In addition, 110% of the Sum Assured (along with Reversionary Bonus and Final Edition Bonus) is given to the nominee at the end of the policy term.
Benefits of the scheme
Maturity (Maturity) Benefit: If the policyholder has paid all the remaining premiums and is alive, then he gets paid the Sum Assured as well as Simple Reversionary Bonus and Final Addition Bonus (if any) when the policy matures. Will go.
Death Benefit: If the policy holder dies during the policy term and has paid all the premiums till his / her death, he / she will be paid the Simple Reversionary Bonus and Final Addition Bonus (if any) along with the Sum Assured on the death. Will be by LIC. Here the Sum Assured on death means 10% of the Sum Assured as an annual income benefit to the nominee every year. It starts from the next year of death and continues till one year before maturity.
