 |
 |
|
|
LIC's Jeevan Lakshya is a participating non-linked plan
which offers a combination of protection and savings. This plan
provides for Annual Income benefit that may help to fulfill the needs
of the family, primarily for the benefit of children, in case of
unfortunate death of Policyholder any time before maturity and a lump
sum amount at the time of maturity irrespective of survival of the
Policyholder. This plan also takes care of liquidity needs through its
loan facility.
- Benefits:
Death Benefit:
On death of the Life Assured
before the stipulated Date of Maturity provided the policy is in full
force by paying upto-date premiums, Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Where “Sum Assured on Death” is defined as the sum of:
- Annual Income Benefit
equal to 10% of the Basic Sum Assured, which shall be payable from the
policy anniversary coinciding with or following the date of death of
Life Assured, till the policy anniversary prior to the date of
maturity.
- Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and
The vested Simple Reversionary
Bonuses and Final Additional Bonus, if any, included in the Death
Benefit, shall be payable on due date of maturity.
The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.
Premiums referred above exclude tax, extra premium and rider premium(s), if any.
Maturity Benefit:
“Sum Assured on Maturity” equal to Basic Sum
Assured, along with vested Simple Reversionary bonuses and Final
Additional bonus, if any, shall be payable in lump sum on survival to
the end of the policy term provided all due premiums have been paid.
Participation in Profits:
The policy shall participate in
profits of the Corporation and shall be entitled to receive Simple
Reversionary Bonuses declared as per the experience of the Corporation,
provided the policy is in full force.
In case of death under a policy
which is in full force, the policy shall continue to participate in
profits upto the date of maturity and the entire vested Simple
Reversionary Bonuses and Final Additional Bonus, if any, shall be
payable on due date of maturity. Hence, the Simple Reversionary Bonus
and Final Additional Bonus, if any, shall be payable under the policy on
due date of maturity irrespective of survival of the Life Assured.
In case the premiums are not
duly paid (except in case of death of the Life Assured under inforce
policy), the policy shall cease to participate in future profits
irrespective of whether or not the policy has acquired paid up value.
However, the policy shall be considered as inforce on death during the
grace period.
Final Additional Bonus shall not be payable under reduced paid-up policies.
- Optional Benefits:
The policyholder has an option of availing the following Rider benefit(s):
- LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
- LIC’s New Term Assurance Rider (UIN: 512B210V01)
Rider Sum Assured cannot exceed the Basic Sum Assured.
For more details on the above contact ANKIT RANA-M.9714194743
|
|
|
