933

For the financial security of children and family, LIC Jeevan Lakshya Plan (Plan No: 933) is the most suitable one. It is a collection of savings plus it covers the risk factor. It is a limited premium paying plan which is not at all linked and classified With- Profits Endowment Assurance plan. This plan started in the month of March in the year 2015. In the case of death of the policyholder, this plan will provide an annual income which could be beneficial to the family of the deceased. A lump sum amount is also given at the end of maturity period regardless if the policyholder is alive or not. This plan is not available online so to buy this plan agents and brokers are to be contacted. One can even buy this plan by visiting the branch offices of the company or visiting their executives.

• The minimum quoted sum for the policy is Rs 1, 00,000 and maximum could be to any limit. The basic sum assured can be in multiples of Rs 10,000 only.

• The policy term lies between 13 to 25 years. The payment of premium can be done yearly, half-yearly, quarterly and monthly periods.

• There is another option of Electronic Clearing Service (ECS) which facilitates an easier option to pay the premiums.

• To take the policy the minimum age of the person should be 18 years which should be completed and maximum age is 50 years. The maximum maturity age for this policy is 65 years.

• Bonuses are attached with this plan. Being with the Profits Endowment Assurance plan, this policy collects profits made by the Life Insurance Corporation of India through the Simple Reversionary Bonus and Final Additional Bonus (if applicable) and these are paid out at when the maturity period finishes.

• Term for which the premium is to be paid is three years less than the policy term, irrespective of for whatever term the policy is taken.

• Even there are two optional riders for the policy that is LIC'S Accidental Death and Disability Benefit Rider. Another one is the LIC New Term Assurance Rider.

Maturity Benefit:

There are maturity benefits associated with this plan. If the policyholder has paid all the premiums that is the full amount and survives till the end term of the policy than the Maturity Benefit will be included in the Sum quoted on the maturity plus the vested Simple reversionary benefits and the Final Additional Bonus if any is there will be added. The Sum quoted on Maturity is the same as the basic sum assured.

Death Benefit:

There is death benefit as well. Under this benefit, in case the holder of the policy dies within the term of the policy than the sum assured on death plus simple reversionary bonuses and the Final Additional Bonus is there then it will be given. for this policy, even tax benefits are there. Premium paid for the plan is acceptable for availing the rebate on income tax under 80C and the maturity amount is free from tax as per section 10D.

The policy by the Life Insurance Corporation of India has a set of very simple rules and system and as such, no exclusions are provided. There is, however, a clause for suicide which is appropriate to Jeevan Lakshya. If the life assured or the policyholder commits suicide within 12 months from the date of the commencement/risk, 80% of the single premium paid (excluding taxes) and extra premium (if any) will be returned.

To buy LIC's Jeevan Lakshya Plan following documents are to be submitted.

The plan proposal form should be there which should be duly filled and signed. Other than this the cheque or the cash for the first period has to be submitted along. You need to submit a passport size photograph plus a valid identity proof which gives the details of your residential address your date of birth and so on. An income proof document has to be attached along.

• If the premium has been paid for three consecutive years and then the premium following it are not paid than the policy acquires Paid-Up value.

• A feature of Guaranteed Surrender Value is also present which can be availed if the policy is surrendered after at least three years payment of premiums. It's a percentage of the total premiums which are paid till date.

• If the policy has lapsed then you can restore it provided that it has been less than 2 consecutive years since the date of the last unpaid premium.

• There is a feature of availing loan on this policy. After the payment of premium for three years, you can take the loan on behalf of it as well.

• The premium rebate for the policy is 2% for yearly and 1 % for half yearly. For the quarterly and monthly option there is no rebate.

• The premium of the policy is to be paid regularly on every due date. In case premium is not paid by the due date, a grace period to pay the premium is given for payment of the outstanding premium. This period is equal to 30 days for policies where an annual, half-yearly or quarterly mode of premium payment is selected. In case the mode of premium payments is monthly then only 15 days is allowed for the grace period.

• Even a process is there to cancel the policy. If the policyholder is not happy with the plan than same can be cancelled, provided that the cancellation is done within 15 days of the plan issuance. This period is called the free-look period. Upon cancellation, the net premium paid of any related expenses would be returned.