LIC’s Jeevan Lakshya

Jeevan Lakshya – UIN: 512N297V01

Jeevan LakshyaJeevan Lakshya policy is a limited premium, with profit, conventional insurance plan. This plan provides 10% of sum assured as income each year till the end of policy term along with maturity benefits in case of death of the policyholder.

This plan can act both as a financial cover for the entire family and as a protection for children’s development in case of death of the policyholder.



Plan Features

Min/Max Age at Entry  18 to 50 Years
Min/Max Policy Term  13 to 25 Years
Premium Term  3 years
Maximum Maturity Age  65 Years
Min/Max Sum Assured  1 Lac to No Limit (Incremental Sum Assured in multiples of 10,000)
Tax Rebate  Yes, both premium payments & death/maturity under section 80(c) and 10(10d) of I.T Act
Loan Facility  Yes, after 3 years from date of policy inception
Premium Payment  Monthly ECS*, Quarterly*, Half-Yearly & Yearly
Riders  Available

*There are no rebates in these payment modes since a 1% & 2% rebate is provided in half-yearly & yearly modes respectively.


Benefits of Jeevan Lakshya Plan

  • On Maturity – In case of survival of the policyholder till the end of policy term the policyholder will be entitled to receive maturity benefits.
Includes Basic Sum Assured + Vested Simple Reversionary Bonus (Depends on Company’s Experience) + FAB (Final Additional Bonus, if any)


  • On Death – In case of an unfortunate demise of the policyholder during policy term the nominee will be entitled for two kinds of benefits:

Annual Income Benefit – Each year 10% of Sum Assured shall be payable to nominee on the policy anniversary date following the date of death of the policyholder until the policy matures.

Assured Absolute Amount – On policy maturity date 110% of basic Sum Assured is payable to the nominee along with Vested Simple Reversionary Bonus & Final Additional Bonus, if any.


Accident, Disability and Term Assurance Riders

  • These are optional benefits which can be added to the policy by paying additional premium.
  • In case of accidental death of the policyholder an additional sum equivalent to Basic Sum Assured up to maximum Rs 1 crores is paid.
  • In case of permanent disability after an accident, within 180 days from the precise date of accident, the policyholder would be paid accidental sum assured in equal instalments spread out over a period of 10 years.
  • The maximum age for accidental death it covers is 65 years.
  • In case if the policyholder has opted for term rider with a payment of additional premium the nominee would be eligible to receive additional sum at the time of policyholder’s demise along with other due benefits.
  • For term rider the policyholder needs to be a minimum of 18 years completed and a maximum of 50 years.
  • The minimum amount for Term Assurance Rider is Rs. 1,00,000 and the maximum is Rs. 25,00,000.


Surrender & Suicide Cases

New Jeevan Lakshya plan can be surrendered at any given time of the policy term after completion of 3 years of the term with regular premium payment. (check for penalties)

  • Guaranteed Surrender Value – A percentage of the value of the total premiums paid excluding taxes and extra premiums for riders is paid.
  • Special Surrender Value – Discounted value from total maturity paid-up Sum Assured and Vested Simple Reversionary Bonuses if any.


If the policyholder happens to commit suicide before a year from the commencement of policy 80% of the premiums would be returned with the exclusion of tax and extra premiums.


Grace period & Revival Policy

For monthly mode of premium payment a grace period of 15 days is given to make the payment. For Yearly, Half-yearly and Quarterly mode of payment a grace period of 30 days is allowed in case the policyholder has been unable to pay the premium on the due date.

If premium is not paid on time and grace period expires as well without the payment being made, then the policy lapses. However, the policy can be revived at any time during the policy term within a period of 2 years from the last premium paid.


Documents Required

  • Plan Application form along with a photograph
  • Residential proof
  • Identity proof along with age proof
  • Medical reports if necessary.


Disclaimer – Though we try our best but we do not guarantee correctness of information hence you are advised to be cautious & do thorough research before reaching to a conclusion. If you find any discrepancies you’re welcome to contact us.