It is a Non-Linked Plan offering combination of protection and savings. The main feature of this plan is that it offers Annual Income Benefit primarily for the benefit of children in case of unfortunate death of the policyholder any time before maturity.
Features of Jeevan Lakshya-
1) Age 18 years to 50 years
2) Policy Term 13 years to 25 years
3) Premium Paying Term –Policy Term Less 3 years (if 25 years, then 25-3=22 years)
4) Minimum Sum Assured is Rs.1 Lac
5) Loan Facility – Available after 3 years
Benefits of Jeevan Lakshya-
1) Maturity benefit – Sum Assured + Bonus + final bonus
For example – 833-25 ---Sum Assured Rs. 10 Lacs Policy Term = 25 years
Premium Term = 25-3=22 years-------(Premium for 30 year person will be Rs.43048 yearly)
Sum Assured = Rs.10 Lacs
Bonus (48 x1000 x25) = Rs.12 Lacs
Final Bonus (330 x1000) = Rs.3.30 Lacs
Total Maturity payable = Rs.25,30,000
2) Death Benefit – Annual Income Benefit + On maturity, Final Payment of Sum Assured +Bonus
For example- 833-25 --- Sum Assured = Rs.10 Lacs Policy Term = 25 years
In case of death after 10th year
Annual Income Benefit is payable from 11th year to 24th year(10%) – Rs.1 Lacs every year
1 Lac x 14 = Rs.14 Lacs
Sum Assured i.e. 110% of SA = Rs.11 Lacs
Bonus @48 (48 x1000 x10) = Rs.4.80 Lacs
Final Bonus (payable only after 15 years of completion of policy) --- NIL
Total Death Benefit – Rs.29,80,000
