LIC Jeevan Lakshya Plan No 833

Jeevan Lakshya is a limited premium paying plan which provides Annual Income Benefit to fulfill the family requirements. In case of death of the policy holder takes place prior to the maturity, 10% of the basic sum assured will be paid on every policy anniversary, further it also provides a lump sum amount at the time of maturity regardless of survival of the policyholder.

Jeevan Lakshya Eligibility

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Death Benefits:

1. In case of unfortunate event of death of policy holder happens during the policy term, 10% of the basic sum assured amount will be given to the nominee on every policy anniversary from the year of death till the date of maturity.

2. At the time of maturity i.e. at the end of policy term, nominee will be paid

Basic Sum Assured on death (110% of sum assured) + Vested simple Revisionary Bonuses + Final Additional Bonus (If Any)

Maturity Benefits:

If policy holder survives till the end of the policy term having paid all due premiums, the benefits from the policy would be:

Basic Sum Assured + Vested Simple Revisionary bonuses + Final Additional bonus (if any)

LOAN & SURRENDER OPTIONS AVAILABLE

TERM, ACCIDENT AND DISABILITY BENEFIT RIDER AVAILABLE

LIC's New Jeevan Rakshak Plan (Table No. 827)

LIC's New Jeevan Rakshak Plan (Table No. 827)
With effect from 19th August 2014. 

This is a regular premium paying Non-linked, with-profit, endowment assurance plan. This plan shall be available to standard lives only under non-medical limit and the total Sum Assured under all the policies issued to an individual under this plan shall not exceed Rs. 2 lacs. The benefits and other details of the plan are as follows:

Eligibility Conditions and Restrictions

• Age at entry : 8 to 55 Years.
• Age at Maturity : 70 Years.
• Plan Term : 10 to 20 Years.
• Premium Mode : Yearly, Half Yearly, Quaterly, Monthly(SSS or ECS).
• Basic Sum Assured minimum Per Life : 75000 and above (In multiples of 5000).
• Basic Sum Assured mmaximum Per Life : 2,00,000.

Mode	Rebate
Yearly	2% of tabular premium
Half-Yearly	1% of tabular premium
Quaterly	Nil

Basic Sum Assured	Rebate
1,50,00 to 2,00,000	1.50‰ BSA
75,000 to 1,45,000	NIL

LIC's Jeevan Rakshak Plan - Loan

  Loan facility is available under this plan, after payment of premiums for at least 3 full years subject to following condition :
♦ a) The maximum loan as a percentage of surrender value shall be 70% in case of inforce policies and 60% in case of paid-up policies.
♦ b) The rate of interest to be chaged for the loan amount would be determined from time to time by the Corporation.
♦ c) No foreclosure action Under Inforce policies shall be taken under this plan even if there is a default in payment of loan interest. However, any loan outstanding alongwith interest shall be recovered from the claim proceeds at the time of exit.

LIC's Jeevan Rakshak maturity benefits

♦ On survival to the end of the policy term Basic Sum Assured along with Loyalty Addition, if any, shall be payable.

LIC's Jeevan Rakshak deth benefits

♦ On death of the Life Assured during the policy term "Sum Assured on Death" shall be payable, which is the highest of .
♦ Basic Sum Assured or.
♦ 10 times of annualized premium or.
♦ 105% of all the premiums paid as on date of death.
The premium mentioned above excludes taxes, extra premium and rider premiums, if any.
In addition to the above Loyalety Addition, if any, shall be payable if death occurs after completion of 5th policy year.

LIC's New Jeevan Rakshak Plan - Surrender Value

  The policy can be surrendered at any time during the policy term provided atleast three full years´ premium have been paid. 

Guaranteed Surrender Value (GSV).
♦ The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) excluding any extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered and is enclosed as Annexure 3.

Special Surrender Value (SSV).
♦ The Corporation may, however, pay Special Surrender Value as applicable as on the date of surrender, provided the same is higher than Guaranteed Surrender Value. The Special Surrender Value will be the discounted value of Paid-up Sum Assured (as defined in Para 11 above). The discount factors shall be the surrender value factors as provided in Table-1A of Special Surrender Values booklet used Endowment Assurance plan and will depend on the policy term and duration elapsed since the commencement of the policy.

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Life Insurance Vs. Other Savings

Following are the points of differences b/w life insurance and other saving schemes

Contract Of Insurance:
A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance.

At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.

Protection: 

Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.

Aid To Thrift: 

Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy instalment' facility built into the scheme. (Premium payment for insurance is either monthly, quarterly, half yearly or yearly).

For example: The Salary Saving Scheme popularly known as SSS, provides a convenient method of paying premium each month by deduction from one's salary.

In this case the employer directly pays the deducted premium to LIC. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions.

Liquidity:

In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.

Tax Relief: 

Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.

Assessees can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.

Money When You Need It: 

A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time.

Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies.

Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions).

(Source: licindia)