LIC, the country's largest insurance company, offers various policies for all age groups, including children, seniors, and women. Among these products is the LIC Jeevan Lakshya policy, which provides accumulation benefits along with insurance coverage upon investment.
According to the terms of this policy, by depositing only 172 rupees daily, one can qualify for a benefit of up to 28.5 lakh rupees. This product is an individual, non-linked, participating, and life plan from LIC that also provides income from annual earnings. If the participant dies before the maturity date, they receive 10 percent of the base insurance amount annually as an income. Upon completion of the policy term, the remaining amount is transferred to the designated beneficiary or legal heir.
The minimum base sum insured for this LIC policy is 2 lakh rupees, while there is no limit set for the maximum sum insured. This policy can be taken out for a term of 13 to 25 years, provided premiums are paid during a period three years shorter than the policy term.
One can benefit from this policy if they are 18 years old. The maximum benefit period is 50 years, and the maximum age for maturity is 65 years. Premiums for this policy can be paid monthly, quarterly, semi-annually, or annually.
This scheme allows for the accumulation of a significant fund. According to LIC calculations, if a 29-year-old takes out a policy with an insurance sum of 15 lakh rupees for 25 years, they can receive 28.50 lakh rupees with a double bonus at maturity.
If a person takes out the LIC Jeevan Lakshya policy with an insurance sum of 15 lakh rupees and chooses a policy term of 25 years, they will have to pay premiums for 22 years. According to LIC calculations, the policyholder must pay a premium of 5,169 rupees per month (equivalent to approximately 172 rupees per day). A 4.5 percent tax is applied to the premium in the first year, and 2.25 percent VAT from the second year onwards.