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LIC’s Jeevan Lakshya Plan

What is the Plan all About?

LIC’s Jeevan Lakshya is a non-linked & participating plan that provides you the benefit of protection and savings. This plan provides a lump sum at maturity irrespective to your survival. You can also ensure financial security for the family, when you are not around. This plan provides the annual income benefit to the family, especially for children in the event of your death.


What are the Key Features?

  • Get maturity payout
  • Death cover
  • High sum assured rebate
  • 1%/2% premium rebate on choosing semi annually/annually mode
  • Opt rider to enhance coverage
  • Avail loan benefit
  • Get tax benefits

What are the Plan Benefits?

Death Benefit

    In case of unfortunate death of the life assured before the date of maturity, Sum Assured on Death plus vested simple reversionary bonuses and final additional bonus is payable, provided the policy is in-force.

    Sum Assured on Death is the sum of annual Income Benefit (which is 10% of basic sum assured) payable on or after the date of death and Assured Absolute Amount (which is 110% of Basic Sum Assured) payable on maturity.

    The Death Benefit is not less than 105% of all the premiums paid as on the date of death.

Maturity Benefit

    On survival of the life assured till maturity of the policy, Sum Assured on Maturity along with vested simple reversionary bonuses and final additional bonus is payable as a lump sum, provided the policy is in-force.


    Simple Reversionary Bonuses is declared at the end of each financial year, in case the policy is in-force. Final Additional Bonus is also declared on the due date of maturity. Simple Reversionary Bonuses and Final Additional Bonus are payable on the date of maturity irrespective of survival of the life assured.

Loan Benefit

    You can avail loan under this policy, provided all the due premiums for at least three full policy years have been paid.

Surrender Value

    The surrender value can be acquired at any time, provided all the due premiums have been paid for at least 3 full policy years. The guaranteed surrender value is a percentage of the total premiums paid. The surrender value of vested simple reversionary bonuses is also payable. The Special Surrender Value is payable, if it is more favorable to the policyholder. The Special Surrender Value is the sum of Paid-up Sum Assured and vested simple reversionary bonuses.

Tax Benefit

    This policy provides tax benefits are applicable under the Income Tax Act, subject to amendments from time to time.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 50 Years
Age at Maturity - 65 Years
Policy Tenure 13 Years 25 Years
Premium Paying Term (Policy Term -3) Years -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount - -
Sum Assured Rs 1 Lac No Limit (subject To Underwriting)
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Following riders can be opted under this plan, on payment of additional rider premium.

  • LIC’s Accidental Death and Disability Benefit Rider
  • LIC’s New Term Assurance Rider

How the Plan Works?

Let’s understand the plan with the help of below illustration.

Mr. Raman at 30 years, wants to buy a plan that provides both savings and protection. He opts to buy LIC’s Jeevan Lakshya with the policy term of 25 years, pays the annual premium of Rs 4,366 with the basic sum assured of Rs 1 Lac.

Scenario A: Raman Survives through the Policy Term

If Mr. Raman survives till the end of the policy term, a lump sum amount of Rs 1 Lac along with vested simple reversionary bonuses and final additional bonus is payable. The maturity benefit can be used to fulfill your financial goals.

Scenario B: Raman dies during the Policy Term

In the event of demise of Mr. Raman during any policy year, Rs 1 Lac along with vested Simple Reversionary Bonuses and Final Additional Bonus is payable. This death benefit ensures the financial security for his family.

Benefit Illustration

LIC’s Jeevan Lakshya

LIC’s Jeevan Lakshya Plan

Note: The non-guaranteed benefits as mentioned in the above illustration are calculated at Projected Investment Rate of Return of 4% per annum (Scenario 1) and 8% p.a. (Scenario 2) respectively.