Getting annual payments and a lump sum and financial benefits become quite crucial in the event of death. To curb this problem, LIC’s Jeevan Lakshya plan can be bought. Anybody can buy this plan by deciding on the basic sum assured and the term duration. In this plan, the insured gets assured maturity benefit after the term is over and in case of death of the policyholder, the nominee will get annual payment plus the maturity amount on completion of the term. Without any doubt, it can be said that this plan is beneficial for both life cover and also for the objective of financial savings.
This is without any doubt the best life insurance cover, as it takes care of the annual financial flow as well. The benefits that the policy cover provides to the policyholder and the nominee are:
- Benefit after maturity: in case of the complete maturity of the policy and if all the premiums are paid on time, then the policyholder will get assured lump sum added with the additional benefits. The additional benefits include participation in the profits of the company (if applicable) and the additional benefits if the insured has paid all the premiums on time.
- Benefit in case of death: in case of the death of the policyholder, the nominee will get annual payments and will also get a basic assured sum along with bonuses at the end of the term plan. The nominee will also not have to pay for the rest of the premiums after the death of the policyholder. The death benefit amount cannot be less than 105 percent of the paid premiums. The annual income is 10 percent of the total basic policy sum, and the maturity benefit will be 110 percent of the basic sum plus the bonuses if applicable.
Points to remember
Some of the points that one needs to keep in mind regarding Jeevan Lakshya policy are:
- Term: the term plan of the policy can fall between 13 to 25 years, which will depend on the age of the policy buyer and the basic assured sum.
- Age: policyholder can be of age 18 years to 50 years.
- Basic sum: the assured sum can hold the minimum value of 100000, and this can increase by the multiple of 10000.
- Premium: the premium can be paid in four ways: half-yearly, yearly, monthly and quarterly. Also, the premium paying time is 3 years less than the term period.
- Surrender: the insured can surrender the policy after 3 years of premium payment without any dues.