Everyone will forget FD-RD! This is LIC's 'Jeevan Lakshya' plan, there will be a heavy rain of money for lifetime, and tension will also come to an end!
LIC's 'Jeevan Lakshya' plan is a famous scheme that gives the investor the benefits of both safety and savings. So let us understand this scheme today through calculations.
When it comes to family safety and financial preparation for the future, it is important to choose a plan that can prove to be reliable and beneficial for a long time. LIC's Jeevan Lakshya plan is one such best insurance plan, which can give the benefit of savings along with life insurance. This plan has been specially designed keeping in mind the big needs of children's education, marriage or future. Yes, this plan which guarantees a safe future at a low premium can become a strong financial support for the family.
Premium gift
By the way, let us tell you that in LIC Jeevan Lakshya policy, a fixed premium has to be paid every year and on completion of the policy timing, you can get a lump sum amount as maturity benefit. This fund also includes annual bonus and final additional bonus, due to which the total amount can become quite large.
Let us assume that if the policyholder dies, then the nominee gets a bonus along with the fixed amount, and if the policy runs for the full timing, then on maturity one can get a lump sum fund. According to the official brochure of LIC, this is a 'with-profit endowment plan' which includes both Death Benefit + Maturity Benefit.
For example, if you start LIC Jeevan Lakshya policy from today and pay a premium of ₹ 2 lakh every year, then in 25 years the total investment can be around ₹ 50 lakh. By the way, the thing to note is that you will not have to pay premium for the entire 25 years. In this policy, the timing of paying premium will usually be around 22 years, while the policy remains in force for 25 years.
Two big bonus components
Let us tell you that LIC Jeevan Lakshya policy includes two big bonus components, Annual Bonus and Final Additional Bonus. The entire fund is formed on maturity by combining both of these. LIC declares a bonus of about ₹50 to ₹60 on a sum assured of ₹1000 every year.
Premium payment term and policy term: The policy can be of a period of 13 to 25 years, but the premium payment timing is generally Policy Term − 3 years (Example: If the entire policy is of 25 years, then the premium will have to be paid for 22 years)
What does its calculation say
Now let's talk about that calculation, which every investor wants to know, how much money will be received on maturity? Yes, suppose you have taken LIC Jeevan Lakshya policy in which the annual premium is ₹2 lakh and the Sum Assured is ₹20 lakh.
Premium payment term: 20 years
Policy term: 25 years
Total investment: ₹2 lakh × 22 years = ₹40 lakh approx
Now let's calculate the bonus:
Annual bonus = ₹50 × (₹20 lakh ÷ 1000) × 25 = ₹25 lakh approx
Final bonus = ₹500 × (₹20 lakh ÷ 1000) = ₹10 lakh approx
Maturity amount = ₹20 lakh (Sum Assured) + ₹25 lakh (Bonus) + ₹10 lakh (Final Bonus) = ₹55 lakh approx
That is, on an investment of ₹40 lakh, you can get a return of up to ₹55 lakh.
It is clear that this scheme is best for those who are serious about their family's future and want a disciplined, safe and fixed fund. (Note: This information is given only to increase your understanding. Before investing, get complete information from an LIC agent or official advisor. Bonus rates can change every year, so the final return may be slightly up or down and these rates change year-wise, so make it clear in the article that there are average rates like "₹38-₹46 per ₹1,000")
FAQ
1. What is LIC Jeevan Lakshya Yojana?
Answer: LIC Jeevan Lakshya is an endowment plan which provides life insurance protection as well as savings and funds for future needs (such as children's education or marriage).
2. For whom is this plan most beneficial?
Answer: This plan is especially ideal for parents who want to secure their children's future for education, marriage and other important expenses at a low premium.
3. Does LIC Jeevan Lakshya offer a lump sum payment on maturity?
Answer: Yes, if the policyholder survives the entire term, he/she receives a lump sum amount (Sum Assured + Bonus) on maturity.
4. What is the minimum and maximum entry age in this plan?
Answer: The minimum entry age in this plan is 18 years and maximum 50 years, the maturity age can be up to 65 years.
5. Is this plan also eligible for tax exemption?
Answer: Yes, LIC Jeevan Lakshya plan offers tax exemption on premium under section 80C, and the maturity amount is also tax-free under section 10(10D).
