Is the LIC Jeevan Lakshya Plan beneficial for the Children's Education?by Jayant Harde Our associates have a rich corporate experience of
LIC Jeevan Lakshya is a limited premium paid traditional program that is unlinked and graded as an endowment with-profits scheme. The plan became effective in March 2015. This program offers an annual income that can be helpful for the family's needs, particularly for children, in the event of the policyholder 's death before the plan's maturity. By the completion of the maturity period, a lump sum balance is always made available irrespective of the policyholder 's survival.
LIC Jeevan Lakshya Key Features & HighlightsThe salient features of the Jeevan Lakshya plan can be mentioned as follows-
Multiples- The basic assured sum can only be Rs 10,000 in multiples
Benefits of LIC Jeevan LakshyaThis policy, if availed, offers the following benefits - Maturity Benefit -
The Maturity Benefit will include the Sum Assured on Maturity plus the vested Simple Reversion Benefits and the Final Additional Bonus, if any, provided all the premiums have been paid in full and the policyholder has survived until the end of the policy term.
The Sum Assured on Maturity is the same as the Basic Sum Assured.Death Benefit -
Under this benefit, a Sum Assured on Death plus Simple Reversion Bonuses and the Final Additional Bonus (if any) will be provided in case of the policyholder 's death within the policy term.Tax Benefits -
The premium paid for this plan is eligible for an income tax rebate below 80C and the maturity sum is tax-free as described in section 10D.Premium waiver benefit:
All potential payments will be forgiven if the proposer (father/mother) dies during the lifetime of the policy.Education is ensured:
In the event of the proposer 's death, the child is paid an annual amount of 10 percent of the assured sum to meet the child's educational expenses.
LIC Requirements on Eligibility Jeevan Lakshya
LIC's Jeevan Lakshya program can be paired with two facultative riders. The criteria of qualifying for all three can be shown as below-
|Age of Child||0 yrs||12 yrs|
|Age of Father/Mother||18 yrs||50 yrs|
|Term||25 yrs||25 yrs|
|Sum Assured||1,00,000||No Upper Limit|
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Created on Jun 18th 2020 10:02. Viewed 348 times.