Build a secure fund of up to Rs 27 lakh by saving just Rs 114 daily, learn about the scheme details
Investment Scheme: Securing the future with minimal investment has become a necessity for everyone today. Investors are therefore looking for schemes that offer low risk and guaranteed returns. LIC’s Jeevan Lakshya insurance plan is one such policy designed with this in mind, offering both insurance protection and the assurance of savings.
What is LIC Jeevan Lakshya?
LIC Jeevan Lakshya is a profit-endowment assurance plan that was launched in March 2015. Under this plan, the investor has to pay premiums for a fixed period, and in return, they receive insurance cover along with bonus benefits. This plan is completely non-market-linked, meaning it is not affected by stock market fluctuations.
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Completely protected from market risks
The biggest advantage of this policy is that it is completely free from market-related risks. The investor receives a bonus based on LIC’s profits, which increases the maturity amount. The minimum sum assured is one lakh rupees, while the maximum sum assured is ten lakh rupees.
The benefit of annual income
Individuals investing in the Jeevan Lakshya plan receive a fixed annual income. This income can be used for the family’s daily needs, children’s education, or other important expenses. Even if the policyholder dies during the policy term, the family continues to receive the regular income.
Policy term and age limit
According to SEBI-registered tax and investment advisor Jitendra Solanki, the policy term ranges from 13 to 25 years. The minimum age for taking the policy is 18 years, and the maximum age is 50 years. However, the policy matures when the policyholder reaches the age of 65.
Multiple premium payment options
Premiums under this plan can be paid annually, semi-annually, quarterly, or monthly. Customers can also pay through Electronic Clearing Service (ECS), which automatically deducts the premium from their account.
LIC’s Profit-Linked Bonus
The bonus offered in the Jeevan Lakshya plan is linked to LIC’s annual profits. In addition, the company also provides additional bonuses from time to time. If the policyholder dies, their family receives 10 percent of the sum assured every year, and no further premiums need to be paid.
How Premium Calculation Works
If a person’s annual premium is approximately ₹42,829, the half-yearly premium is around ₹21,639, the quarterly premium is ₹10,934, and the monthly premium is approximately ₹3,645. The premium for the first year includes a 4.5 percent tax. From the second year onwards, the premium is slightly lower. Over the entire 25-year period, the total premium amounts to approximately ₹9.22 lakh.
How Much Will Be Received at Maturity
If an investor chooses a sum assured of ₹10 lakh, they can receive approximately ₹26.75 lakh at the end of the policy term, including the bonus and additional bonus. However, this amount depends on the bonus declared by LIC.