If you are looking for a plan that offers both life insurance and savings, LIC’s Jeevan Lakshya Policy could be worth considering.
Offered by Life Insurance Corporation (LIC), this plan provides financial security for your family along with the opportunity to build a sizeable corpus over time.
According to LIC’s illustrations, investing around ₹172 per day in this policy can help you accumulate up to ₹28.5 lakh at maturity.
What Is LIC Jeevan Lakshya Policy?
LIC Jeevan Lakshya is a non-linked, participating individual life insurance plan.
It combines insurance protection with savings benefits, making it a popular choice among people planning for their family’s future.
One of the key features of this policy is that it provides annual income benefits, which can help meet important family expenses, especially those related to children.
In case the policyholder passes away before the policy matures, the nominee or legal heir receives a lump-sum payment as per the policy terms.
Eligibility and Policy Details
The minimum basic sum assured under this policy is ₹1 lakh, while there is no upper limit on the sum assured amount.
The policy term ranges from 13 years to 25 years.
However, the premium payment term is always three years less than the selected policy term.
People aged between 18 and 50 years can purchase this policy.
The maximum maturity age allowed under the plan is 65 years.
Policyholders can choose to pay premiums monthly, quarterly, half-yearly, or annually based on their convenience.
How Can You Get ₹28.5 Lakh?
According to LIC’s calculator, a 29-year-old individual who purchases the policy with a sum assured of ₹15 lakh and a policy term of 25 years can receive approximately ₹28.5 lakh at maturity.
This maturity amount includes the basic benefits along with applicable bonuses, including a double bonus benefit as per the illustration.
Premium Calculation Explained
To achieve this maturity amount, the policyholder needs to select a sum assured of ₹15 lakh and a policy term of 25 years.
Since the premium payment term is three years shorter than the policy term, premiums will have to be paid for 22 years.
As per LIC’s calculator, the monthly premium comes to around ₹5,169, which works out to approximately ₹172 per day.
In addition, GST is applicable on the premium amount.
A GST rate of 4.5% is charged in the first year, while a rate of 2.25% applies from the second year onwards.
Before investing, it is advisable to carefully review the policy brochure, benefits, and terms and conditions to ensure the plan matches your financial goals and insurance needs.
