Launch Date | Table No. | UIN | Status |
4/3/2015 | 833 | 512N297V01 | Active |
LIC Jeevan Lakshya:- When buying a policy, an individual chooses a Sum assured (cover amount) and policy term where you need to policy paying term for a specific periods that is determined by the following equation (Policy term – 3). On completion of the policy term, the individual receives a Maturity Benefit which is a lumpsum comprising of the Sum assured + Simple Reversionary bonuses and Final Additional bonus (If Any). In case of death of the insured during the policy term, the nominee receives 10% of the sum assured in annual payments for the remaining years until a year before maturity and, on maturity; the nominee gets 110% of the sum assured + accured bonus.
It should be noted that the total death benefit (amount on death) should be greater than 105% of the total premium paid till death.
Let’s understand this better with an example given below
Death Benefit:-
Age: 32 Yrs
Sum Assured: 5,00,000
Policy Term: 18 Years
Premium: Rs 3356/month
Premium Paying Term: (18-3=15) Years
If the person dies in the seventh year, then the death benefit during the term of policy will be Death Sum Assured + Bonus
Death Sum Assured = Rs 50,000 every year from 7th till 17th year and 110 % of sum assured on maturity.
Bonus = reversionary bonus will be Rs 3,78,000 (considering 4.2% every year) + additional bonus if any
Death Benefit on Maturity = Rs 5,50,000 (Death Sum Assured) + Rs 3,78,000 ( Accured Bonus) on maturity at 18th year
Note:- Death Sum Assured > 105% total premium paid till death
Maturity Benefit:
If Policyholder survives till maturity, then policyholder will get Sum assured + simple reversionary bonus + Additional Bonus
Sum Assured (Rs 5,00,000) + Bonus [Rs 3,78,000 (assumed 4.2%)] =Approx. Rs 8,78,000
BonusYear | RevBonus | MinPT | MaxPT | |||||||
---|---|---|---|---|---|---|---|---|---|---|
2014 | 4.1% | 13 | 15 | |||||||
2014 | 4.5% | 16 | 20 | |||||||
2014 | 4.9% | >20 | ||||||||
2015 | 4.10% | 13 | 15 | |||||||
2015 | 4.50% | 16 | 20 | |||||||
2015 | 4.90% | > 20 | ||||||||
2016-17 | 4.1% | 13 | 15 | |||||||
2016-17 | 4.5% | 16 | 20 | |||||||
2016-17 | 4.9% | >20 |
Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.
An 18 to 50 year old individual who wants a secure investment option with good lump sum returns should opt for this plan. The maximum tenure of 25 years is helpful in growing your money with life cover till you are alive.
The following rider is available under this plan:
Life Insurance Corporation is a government owned insurance and Investment Company with its headquarters in Mumbai. LIC offers a wide range of products such as term plans, pension plans, group schemes and unit-linked plans. With a huge presence in overall Indian markets, unmatched distribution network, strong brand value and a wide range of products, LIC is the largest public insurance company in India.
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