LIC of India's Jeevan lakshya, Plan No. 833
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The document outlines a limited payment, profit endowment insurance plan with a premium payment term of less than 3 years. It provides regular income to the family, a sum assured upon maturity, and several tax benefits under income tax sections 80(c) and 10(10)(d). Additionally, it details the eligibility criteria, premium modes, riders available, and maturity and death benefits associated with the policy.
LIC of India's Jeevan lakshya, Plan No. 833
- 1. Plan No. 833 UIN No: 512N297V01
- 2. Limited payment, with profit endowment plan Premium payment term is less than 3 years of policy term Regular yearly income to family with 110% of sum assured on maturity to nominee in case of death of life assured. Sum assured with simple reversionary bonus on maturity Income tax rebate under Income tax section 80(C) on premium paid1 Maturity payment is not taxable under section 10(10)(D)2
- 3. Death Benefit From next policy anniversary after death-Payment of 10% of sum assured every year till the date of maturity to nominee. On date of maturity- Payment of 110% of sum assured with reversionary bonus and final additional bonus (if any declared by LIC) to nominee Maturity benefit Payment of Sum assured with reversionary bonus with final additional bonus (if declared by LIC) to Life assured.
- 4. Minimum entry age: 18 years (LBD) Maximum entry age: 50 years (NBD) Maximum age at maturity: 65 years Policy Term: 13 to 25 years Premium payment term: Policy term- 3 Minimum sum assured: Rs. 100000 Maximum sum assured: No limit Premium Modes: Yearly, Half Yearly, Quarterly, Monthly (ECS and SSS only)
- 5. LIC’s Accidental death and permanent disability rider Minimum entry age: 18 years (LBD) Maximum entry age: any time during the policy term provided 5 year premium paying term is left Maximum cover ceasing age: 65 years Minimum sum assured: Rs. 100000 Maximum sum assured: Upto the Sum assured in plan to the extent of Rs. 1 crore in all the previous policies together.
- 6. LIC’s New Term assurance rider Minimum entry age: 18 years (LBD) Maximum entry age: 50 years (NBD) Minimum sum assured: Rs. 100000 Maximum sum assured: Maximum cover under this rider must be less than or equal to basic sum assured subjected to maximum of Rs. 25 Lacs under all existing policies.
- 7. Loan facility after 3 year with full 3 years premium paid Income tax rebate under section 80(C) and 10(10)(D) 1. Death sum assured must be 10 times of annual premium without tax. 2. Maturity claim is not taxable if above condition is fulfilled.