LIC Jeevan Lakshya Plan 833
LIC Jeevan Lakshya Plan is a Limited Premium Endowment Plan offered by LIC India. Jeevan Lakshya policy participates in profits. LIC New Jeevan Lakshya Plan is an Endowment Assurance policy. Life Insurance Corporation of India has decided to launch Jeevan Lakshya 833 plan with effect from March 2015. Jeevan Lakshya LIC Policy provides Annual Income Benefit which is helpful to fulfil the needs of the family. Jeevan lakshya Lic plan is primarily beneficial for children. In case Life assured meet an unfortunate event during the policy term, 10% of sum assured will be paid on every policy anniversary. Along with maturity Benefit, Insured family will get a lump sum amount irrespective of survival of policyholder. The Unique Identification Number (UIN) for Jeevan Lakshya Lic plan is 512N297V01.
LIC Jeevan Lakshya Policy Benefits
Death Benefit
- If Death Occurs during the policy term, 10% of the basic Sum Assured will be paid to nominee every year from the year of death until the date of maturity.
- At the end of policy term/ maturity date Nominee will be paid Sum Assured on death(110% of sum assured) + Vested simple Revisionary Bonuses + Final Additional Bonus (If Any).
Maturity Benefits
- On survival of policyholder till the end of the policy term provided all due premiums have been paid as below.
- Maturity Amount = Sum Assured + vested Simple Revisionary bonuses + Final Additional bonus (if any).
- Where Sum Assured on Maturity is equal to Basic Sum Assured.
LIC Jeevan Lakshya Policy Riders
LIC Jeevan Lakshya 833 provides the following optional riders by payment of additional premium:
1. LIC Accidental Death and Disability Benefit Rider
Accidental Death and Disability Benefit Rider can opt at any time within the premium paying term of the Basic Plan. The benefits cover under this rider shall be available during the policy term.
If this rider opts:
- In Case of death during the policy term
- An amount equal to the “Accident Benefit Sum Assured” will be payable.
- In the case of accidental permanent disability
- Accident Benefit SA will be paid in the form of dividing the amount into equal monthly instalments spread over ten years and all Future premiums for Accident Benefit rider are waived off.
Eligibility Conditions for Accidental Death and Disability Benefit Rider