From financial perspective, term insurance is a Contingency Asset. It will protect your financial liabilities in an economic emergency. An Endowment assurance plan on the other hand is a Growing Asset. But given a chance to pick both, won’t you be happy? Life Insurance Corporation of India (LIC) presents Jeevan Lakhya as the perfect blend of both.
Reasons for buying Lakshya
Lakshya is a real boon for those between the age group of 18 to 50, the people who are considered to be the backbone of every family and nation. So is the impact of any risk happens to their lives. Especially a family who are dependent on them will take long time to recover from the financial havoc caused. Let us discuss 5 important ways Jeevan Lakshya plan can be beneficial. If you are interested to buy this plan you can click here.
Protection of Children (Education & Marriage)
Jeevan Lakshya (933) Finest Policy in the entire Universe With Profits, Ltd Premium Endowment type An emotional Policy with lot of Guarantees Is a SUPERHIT Plan
Protection of Regular Income to the spouse
In case of the unforeseen demise of the bread winner, Lakshya plan helps the nominee to face the scenario by
- Spouse become owner of the policy
- Immediate regular income to spouse
- All future premiums will be paid by lic (premium waiver benefit)
- Year-on-year 10% of sum assured is paid to spouse
- End of the policy term, spouse will get SA+Bonus+FAB
Protection of Old Age Income (pension corpus generation)
| Plan/Term/PPT | 933/16/13 |
| Sum Assured | 60 lakhs |
| Yearly | 458462 or |
| Half-Yearly | 231629 or |
| Quarterly | 117014 |
| Expected Maturity | 1.04 Cr |
| Plan/Term/PPT | 933/21/18 |
| Sum Assured | 50 lakhs |
| Yearly | 271444 or |
| Half-Yearly | 137158 or |
| Quarterly | 69297 |
| Expected Maturity | 1.06 Cr |
| Plan/Term/PPT | 933/25/22 |
| Sum Assured | 40 lakhs |
| Yearly | 174553 or |
| Half-Yearly | 88207 or |
| Quarterly | 44569 |
| Expected Maturity | 1.07 Cr |
Protection from the Debtors / Bank/ Private Financiers (due to unforeseen death of the breadwinner)
Goodwill is the prime asset of any individual. Maturity Benefit offered by this plan is calculated as Sum Assured + Bonus + FAB. This is a With-Profits Plan that participates in the annual valuation of LIC’s with profit assurances. Bonus rates would be transparent
llustration 1
| Age | 30 |
| Term | 25 years |
| SA | 10,00,000 |
| Yly Premium | Rs.43,049 |
| Maturity Benefit | SA + Bonus + FAB 10,00,000 + 12,00,000 + 4,50,000 = 26,50,000 (Bonus & FAB of Table-14 is considered) |
| Death Benefit | |
| If TR is opted, one SA is payable immediately | 10,00,000 |
| 10% of SA every year till maturity | 1,00,000 |
| On the date of maturity, 110% SA + Bonus + FAB | 11,00,000 + 12,00,000 + 4,50,000 = 27,50,000 |
llustration 2
933/18 to 22 for 5 Lacs each totalling 25 Lacs SA taken by a Father aged 30 years. Nominee is 1-year SON. Premium is just Rs.12,000 per month. Assume, God Forbid, the Father dies during the 2nd year of taking Policy. The following Guaranteed Benefits go to the Child:
3rd Year : Rs. 2,50,000
4th Year : Rs. 2,50,000
5th Year : Rs. 2,50,000
6th Year : Rs. 2,50,000
7th Year : Rs. 2,50,000
8th Year : Rs. 2,50,000
9th Year : Rs. 2,50,000
10th Year: Rs. 2,50,000
11th Year: Rs. 2,50,000
12th Year: Rs. 2,50,000
13th Year: Rs. 2,50,000
14th Year: Rs. 2,50,000
15th Year: Rs. 2,50,000
16th Year: Rs. 2,50,000
17th Year: Rs. 2,50,000
18th Year: Rs. 9,47,500
19th Year: Rs. 9,77,000
20th Year: Rs.10,10,000
21st Year: Rs.10,89,000
22nd Year: Rs.11,39,000
Just think for a Moment; In the event of Unfortunate death of a Father, is there any PORTFOLIO in this WORLD which can Provide and Secure the Education of a CHILD as given above Every Year like JEEVAN LAKSHYA?
Additional Benefits:
- World’s Best Creative Plan With Highest Insurance Cover
- Combination of Pension & Family Protection
- Limited Premium Payment
- Benefit can be Pre-decided.
- Loan Facility available After 3 Years
- Target Amount Created From Day 1
- Tax Rebate 80C & Tax Free Maturity under Section 10(10)(D)
- Accident , Disability Benefit
- Optional Term Insurance Available
- Compulsory Savings
Jeevan Lakshya extends an option of availing the following Rider benefit(s)
- LICs Accidental Death and Disability Benefit Rider
- LICs New Term Assurance Rider
To sum up
Imagine you are the sole earner of your beloved family and some unforeseen situation like death or total permanent disability or loss of business / job arises; How would the INCOME GAP be met? How would your family responsibilities be executed ? LIC’s Jeevan Lakshya plan plays an important role to give its subscribers, peace of mind.
Life Insurance Works, there is no substitute for it…not bonds, not stocks, not mutual funds, not real estate, and not limited partnerships. Life insurance premium is not the problem. The small premium you need to pay for “Lakshya” is the solution to the BIG problem. You can buy this plan by clicking here.