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 LIC of India: The Life Insurance Corporation (LIC) Jeevan Lakshya Plan is a limited premium paying conventional life insurance plan.

ZeeBiz WebTeam | May 09, 2020, 05:08 PM IST

LIC of India: The Life Insurance Corporation (LIC) Jeevan Lakshya Plan is a limited premium paying conventional life insurance plan. This LIC policy is non-linked and classified as a 'With-Profits Endowment Assurance plan', which means if you invest in this LIC of India plan, your money will remain insulated from the stock market volatility. This LIC of India policy provides an annual income to the investor, which can be beneficial towards the needs of the family, especially the minors, in case of the death of the LIC policyholder before the maturity of this LIC plan. A lump sum amount is also made available at the end of the maturity period in this LIC of India policy, regardless of the survival of the LIC policyholder. Most importantly, this LIC of India Plan is not subject to market risk. Photo: PTI

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LIC Jeevan Lakshya Plan Details

LIC Jeevan Lakshya Plan Details

Speaking on key features of this LIC of India plan; Jitendra Solanki, a SEBI registered tax and investment expert said, "The minimum sum assured in LIC Jeevan Lakshya Plan is Rs 1 lakh (maximum SA Rs 10 lakh) and the basic sum-assured in this LIC of India plan is multiple of Rs 10,000. An investor can invest in this policy for the period of 13 years to 25 years. Premiums for this LIC of India policy can be paid in yearly, half-yearly, quarterly and monthly periods and an option of Electronic Clearing Service (ECS) is also available, wherein it facilitates an easier option to pay the premiums." Solanki said that anyone who is aged between 18 years to 50 years can buy this LIC of India Plan but the investor will have to mature its plan after attaining the 65 years of age. Photo: PTI

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LIC Jeevan Lakshya Plan Benefits

LIC Jeevan Lakshya Plan Benefits

Elaborating upon the profit endowment benefit Manikaran Singhal, a SEBI registered tax and investment expert said, "Being a With-Profits Endowment Assurance plan, this LIC of India policy garners profits made by the Life Insurance Corporation of India through the Simple Reversion Bonus and Final Additional Bonus (if applicable) and these are paid out at the end of the maturity period." He said that LIC Jeevan Lakshya Plan has table number 933, which is important to know if someone wants to invest in this LIC policy. In this LIC policy, death benefit of the policy holder is given into annual installments to the nominee that helps the family of deceased policy holder to lead a sustained life even when the earning member of the family is not alive. Photo: PTI

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Maturity With Death Benefits

Maturity With Death Benefits

Solanki said that in this LIC Jeevan Lakshya Plan, if the policy holder dies before the maturity of the plan, then the nominee of the policy holder will get annual 10 per cent of the sum-assured, that works as the regular income for the family. Apart from this, rest of the premium gets exempted as well. Photo: Reuters

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LIC Jeevan Lakshya Premium Calculator

LIC Jeevan Lakshya Premium Calculator

LIC Jeevan Lakshya Premium is as follows:

Annual: Rs 42,829

Half-yearly: Rs 21,639

Quartely: 10,934

Monthly: 3,645

Daily: Rs 117

These premiums are inclusive of the 4.5 per cent tax in the first year of payment. Photo: PTI

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LIC Jeevan Lakshya Premium from second year onwards

LIC Jeevan Lakshya Premium from second year onwards

After one year premium payment the new premium will become as follows:

Annual: Rs 41,897

Half-yearly: Rs 21,173

Quartely: Rs 10,698

Monthly: Rs 3,566

YLY: Rs 114

So, net premium payment to be done by the investor during 25 years maturity period is around Rs 9,22,656. Photo: PTI

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LIC Jeevan Lakshya Plan Calculator

LIC Jeevan Lakshya Plan Calculator

Sum Assured: Rs 10 lakh

Bonus: Rs 12.25 lakh

Final Additional Bonus: Rs 4.50 lakh

Net Maturity Amount: Rs 26.75 lakh

So, as clear from the above calculation, by investing Rs 3,566 per month, an LIC of India investor who buys LIC Jeevan Lakshya plan can expect to get Rs 26.75 lakh as maturity amount. Photo: PTI