For people looking for a combination of life insurance and long-term savings, LIC’s Jeevan Lakshya policy is one option to consider. It is a non-linked, participating individual life insurance plan that provides insurance protection along with maturity benefits linked to applicable bonuses.
According to an example highlighted in the report, a person investing around ₹172 per day, or approximately ₹5,169 per month, could receive around ₹28.5 lakh at maturity under a specific policy illustration. However, the actual maturity amount depends on factors such as the policyholder’s age, sum assured, policy term and bonuses declared by LIC.
How Long Is the Policy Term?
LIC Jeevan Lakshya offers policy terms ranging from 13 to 25 years. The premium-paying term is three years shorter than the policy term.
For example, under a 25-year policy, premiums are payable for 22 years.
The policy can generally be purchased by individuals aged 18 to 50 years, subject to applicable conditions. Premiums can be paid annually, half-yearly, quarterly or monthly.
How Can ₹28.5 Lakh Be Accumulated?
The example cited in the report considers a 29-year-old policyholder opting for a 25-year policy with a basic sum assured of ₹15 lakh.
Under the illustration, the monthly premium is around ₹5,169, which works out to approximately ₹172 per day.
At maturity, the policyholder could receive the basic sum assured along with applicable bonuses, taking the illustrated maturity benefit to around ₹28.5 lakh.
However, the maturity amount should not be treated as guaranteed because bonus additions depend on the bonuses declared by LIC.
What Happens If the Policyholder Dies?
If the policyholder dies during the policy term, the plan provides death benefits to the nominee according to its terms and conditions.
The policy includes an annual income benefit linked to the basic sum assured, along with other applicable benefits. The exact amount payable depends on the policy terms and circumstances of the claim.
Important Note
The ₹28.5 lakh figure is based on an illustrative example, not a guaranteed return for every policyholder. Premiums and maturity benefits can vary depending on age, sum assured, policy term, payment frequency and applicable bonuses.
Before purchasing the policy, customers should check the latest official LIC policy document and understand the guaranteed and non-guaranteed benefits.
