LIC Jeevan Lakshya Policy: Worried about your children's education or marriage? There is one LIC scheme that may end your woes at an small investment of as little as Rs 120 per day (or Rs ₹ 43,639 annually, including GST). By investing this amount in the LIC Jeevan Lakshya Scheme for 22 years, starting from the day your child attains the age of 1, you can get up to over Rs 26 lakh when you child turns 25. The only condition, however, is that you should start early. 

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The official LIC website says, "Jeevan Lakshya is a participating non-linked plan 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."

Suppose you start investing at the age of 30 years for your 1-year-old child, you will likly not have to worry about your children's higher education or wedding when they turn 25. 

Jeevan Lakshya Benefits

- The 'Sum Assured on Maturity' under the schem is equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, in lump sum if the subscriber has paid all due premiums.

 -Death benefits under this scheme: If the subscriber dies before the date of maturity after having paid all due premiums, the LIC pays “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus. The “Sum Assured on Death” includes  - Annual Income Benefit equal to 10% of the Basic Sum Assured,  which is payable from the policy anniversary coinciding with or following the date of death of the subscriber, till the policy anniversary prior to the date of maturity; The assured absolute amount equals to 110% of Basic Sum Assured and it ispaid on due date of maturity; the death benefit is not less than 105% of all the premiums paid as on date of death of the subscibers; and vested simple reversionary bonuses and final additional bonus, if any, included in the Death Benefitis paid on due date of maturity. 

- The Jeevan Lakshya policy participates in profits of the Corporation. The subscribers are, hence, entitled to receive simple reversionary bonuses declared as per the experience of the Corporation when the policy is in full force. 

- Jeevan Lakshya subscribers can avail loan in lieu of the policy after it acquires a surrender value. 

- Subscribers can also nominate a person or persons to whom the money secured by the policy shall be paid in the event of his death. The nonmination can be done at the time of effecting the policy or at any time before the policy matures for payment.

Note: Read the insurance document carefully before investing in the scheme. Online calculators have been used for this article.