Life Insurance Corporation (LIC) offers various plans catering to the needs of children, seniors, youth, and women. Among these products, the LIC's Jeevan Lakshya Plan stands out, providing not only insurance coverage but also savings benefits.
By investing in this popular LIC plan, one can benefit from savings alongside insurance coverage. With a monthly contribution of approximately 5000 rupees, a fund exceeding 28 lakh rupees can be accumulated by the maturity date.
The LIC Jeevan Lakshya Plan is an individual, non-linked, participating life insurance policy. It also provides the policyholder with the benefit of annual income, which is particularly useful for financially supporting the needs of family and children. In the event of the policyholder's death before the maturity period, a lump sum is paid to their nominee or legal heir.
The minimum base sum assured for the LIC Jeevan Lakshya policy is one lakh rupees, while the maximum sum assured is unlimited. Thus, the plan allows the selection of the desired sum assured. This plan can be taken out for a term ranging from 13 to 25 years, requiring premiums to be paid for a period three years shorter than the policy term.
Regarding the age restrictions for the LIC Jeevan Lakshya Plan, an application can be submitted if you are 18 years old. The maximum age to enter this life insurance program is 50 years, and the maximum age for receiving payouts under the policy is 65 years. Premiums for this plan can be paid on a monthly, quarterly, semi-annual, or annual basis.
When purchasing this plan, if a person takes out LIC Jeevan Lakshya with a sum assured of 15 lakh rupees, they will need to pay premiums only for 22 years for a 25-year policy term. According to the LIC calculator, such a policyholder would have to pay a premium of 5,169 rupees per month (equivalent to approximately 172 rupees per day).
Thanks to all types of coverage and bonuses in the LIC Jeevan Lakshya scheme, a significant capital can be accumulated. According to the LIC calculator, if a 29-year-old person takes out a policy for 25 years with a sum assured of 15 lakh rupees, they can receive 28.50 lakh rupees upon maturity with a double bonus.