Insurance

Everything You Need to Know About LIC Jeevan Lakshay Policy

Life insurance products are no less than a must-have instrument for anyone. This is because life insurance products provide comprehensive financial protection and complete peace of mind ensuring a healthy and happy life for people. LIC is the biggest life insurance company in the country and it is difficult not to talk about LIC when talking about life insurance and life insurance companies.

India’s largest life insurance company, LIC has been a pioneer in the industry and has launched a range of innovative, feature loaded life insurance plans and policies with a wide range of benefits associated with them.

LIC Jeevan Lakshya Plan is one such plan that has long caught the fancy of insurance seekers in India. Conceptualized as a traditional savings plan, Jeevan Lakshya ensures savings and comprehensive protection for the policy holders in equal measures.  Here are just some of the many benefits and features of the plan.

LIC Jeevan Lakshay – Benefits
LIC Jeevan Lakshay Plan offers a string of benefits to the policy holders to ensure utmost savings and complete protection. Let’s check out just some of the many amazing benefits of this amazing plan.

  • Maturity Benefit – This plan stipulates that the policy holders get the Sum Assured with Simple Revisionary Bonus and the Final Additional Bonus upon the maturity of the policy. But remember, to avail the benefit, it is important to ensure that all the premium payments have been made.
  • Death Benefit – This plan stipulates that the nominees of the policy holder get the Sum Assured with Simple Revisionary Bonus and the Final Additional Bonus upon the death of the policy holder during the term of the policy. Here it is important to remember that all premiums must be paid to receive this benefit.

LIC Jeevan Lakshay – Features

LIC Jeevan Lakshay comes packed with a lot of features intended to help policy holders make the maximum bangs for their money spent on the premium payments of the policy. Check out just some of the many features of the policy:

  • Vested Simple Revisionary Bonuses along with Final Additional Bonuses are added tio the pay outs to increase the overall benefit for the policy holder.
  • Premium payment is shorter for the plan.
  • Death benefits, paid out to the nominee, are quite generous and are paid in both yearly instalments during the term of the policy and in a lump sum on the date of maturity of the policy.
  • There are two different riders available with this plan. These are Accidental Death/Disability Benefit Rider and New Term Assurance Rider.
  • Under this plan, policy holders can also take out loans.

LIC Jeevan Lakshay – Additional Riders

LIC’s Jeevan Lakshay Plan comes packed with two additional rider options for the policy holders. Listed below are the riders available under Jeevan Lakshay Plan:

  • Accidental Death and Disability Benefit Rider – This rider helps protects policy holders from death and disability during the term of the policy for an additional, affordable amount over and above the premium payment amount.
  • New Term Assurance Rider – This rider ensures comprehensive death benefits for the policy holder and is available for an affordable, additional cost.

LIC Jeevan Lakshay – Eligibility Criteria

  Minimum Maximum
Sum Assured Rs. 1 Lac No capping
Policy Term 13 Years 25 Years
Premium Payment Term 3 Years
Entry Age 18 years 50 years
Maturity Age 65 years
Payment modes Yearly, Half-yearly, Quarterly, Monthly

Conclusion

Given all this and much more, it is safe to say that LIC Jeevan Lakshay Plan is one of the best options available for life insurance coverage seekers in the country. Those looking for a plan that gives them the best of both worlds; i.e., comprehensive financial protection and death benefits must look no further than this amazing plan.

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