New Delhi: Insurance behemoth Life Insurance Corporation of India (LIC) comes out with various types of insurance policies suiting individual needs and preference.
LIC's Jeevan Lakshya is a participating non-linked savings cum protection plan. This plan provides for Annual Income benefit primarily for the children, in case of the death of Policyholder. In such a situation of death of Policyholder before maturity.
The policy provides for a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.
1. Death Benefit: If the policy holder dies before the stipulated date of maturity, death benefit, shall be payable.
2. Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.
3. Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.
4. Maturity Benefit: Sum Assured on Maturity shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
5. Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
6. Optional Benefits:The policyholder has an option of availing the following Rider benefits
LIC’s Accidental Death and Disability Benefit Rider
LIC’s New Term Assurance Rider
7. In case of death under a policy which is in full force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus shall be payable on due date of maturity.
8. The Simple Reversionary Bonus and Final Additional Bonus, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured.