• LIC Jeevan Lakshya Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Jeevan Lakshya Plan by the Life Insurance Corporation of India (LIC) is an endowment policy that offers both protection and savings benefit for the policyholder. This is a non-linked, with-profits insurance plan that can fulfill the financial requirements of a family in case of the demise of the primary earner. LIC’s Jeevan Lakshya Plan also comes with an annual income benefit following the death of the insured person.

    Various factors like age of the insured, sum assured chosen, policy period, etc. influence the premium amount to be paid towards this policy. Policyholders can increase the benefits by choosing add-on covers for accidental death and disability. In addition, tax benefit is also available under this policy based on the Income Tax Act.

    Eligibility - Who is the Jeevan Lakshya Plan for?

    The eligibility criteria for LIC’s Jeevan Lakshya Plan can be given as follows.

    Minimum entry age 18 years (completed)
    Maximum entry age 50 years (nearest birthday)
    Maximum maturity age 65 years (nearest birthday)

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    Similar to most endowment plans, LIC’s Jeevan Lakshya Plan has both sum assured on death and sum assured on maturity. The final settlement received by the insured or nominee may vary based on the reversionary bonus and final bonus offered with the plan. Individuals are free to choose their preferred sum assured amount based on their affordability.

    Minimum sum assured Rs.1 lakh
    Maximum sum assured No limit

    The basic sum assured amount chosen by the insured shall be in multiples of Rs.10,000.


    Based on the policy term chosen by the insured, the premium charges for the policy may vary. Premium paying term is usually three years less than the policy term. The details related to policy term and premium payment are provided as follows.

    Policy term 13 to 25 years
    Premium paying term (Policy term-3 years)

    * Premiums vary based on age, location, plan term, GST, and other factors.

    When it comes to premium payment, policyholders can choose to make the payment on a yearly, half-yearly, quarterly, or monthly basis. Monthly payment of premium is allowed provided that the user chooses ECS as the payment mode.

    Plan Coverage - What the Jeevan Lakshya Plan covers?

    The death benefit and maturity benefit offered under this policy can be given as follows.

    Death benefit Death benefit claim can be made only when the policy is in full force with all premium payments made. After the death of the insured during the policy term, the nominee or legal heir of the insured is liable to receive the following benefits. i) sum assured on death ii) simple reversionary bonus iii) final additional bonus
    Maturity benefit Maturity benefit is payable at the end of the policy term. Based on the policy term chosen by the insured and the sum assured opted, the maturity benefit will include the following. i) sum assured on maturity ii) simple reversionary bonus iii) final additional bonus

    Riders/Add-On Plans - Additional coverage under the Jeevan Lakshya Plan

    LIC Jeevan Lakshya Plan comes with certain rider plans that can be opted by paying additional premium towards this policy. LIC’s Accidental Death and Disability Benefit Rider covers the insured against accidental death or disability. In case of accidental death, the nominee of the insured will receive the accident benefit sum assured along with the basic sum assured of the policy. For disabilities caused due to accidents, the accident benefit sum assured will be paid over a period of 10 years in equal monthly instalments. Following a successful accident benefit claim, the future premiums are waived for the policyholder.

    This policy also comes with LIC’s New Term Assurance Rider benefit. Under this plan, the insured gets life cover against unfortunate death during the term of the rider. This rider plan is similar to any other term insurance plan where only death benefit is available. There is no maturity amount if the insured survives the rider term.

    Exclusions - What the Jeevan Lakshya Plan doesn’t cover?

    LIC’s Jeevan Lakshya Plan comes with a suicide exclusion rule which makes the policy void upon the suicide of the insured person. If the insured person commits suicide within 12 months of the commencement of the policy, the company is not liable to pay the death benefit. In this case, the company will return 80% of the premium paid till date for the policy. For suicides within 12 months of the revival of policy, the company will pay either 80% of the premium paid till date or the surrender value of the policy (whichever is higher).

    Other Key Features

    Some of the notable features of LIC Jeevan Lakshya Plan are as follows:

    Free look period This policy comes with a 15-day free look period to ensure that policyholders are satisfied. During this period, policyholders can return the policy and get their money back if they are not satisfied.
    Paid-up value If premiums are not stopped after continually paying premiums for three years, the policy will not become entirely void. In this case, the benefit will paid as per the paid-up value.
    Surrender value If premiums have been paid for three years continuously, the policyholder has the option of surrendering the policy and get back the premiums paid till date.
    Grace period There is a grace period available for paying premiums. For quarterly, half-yearly, and yearly payment of premiums, a grace period of 30 days is allowed. For monthly payment of premiums, the grace period is 15 days.
    Policy revival When premiums are not paid within the grace period, the policy will lapse. Lapsed policies can be revived within 2 years of first unpaid premium. However, this is subject to the approval of the company.
    Policy loan Loan can be taken on the policy provided three full years of premiums have been paid. However, the loan amount must be within the surrender value of the policy.
    Participation in profits The policy can take part in the company’s profits as per Section 28 of LIC Act 1956. The bonuses paid on the policy are based on these profits.

    Tax Benefits - How can you save with the Jeevan Lakshya Plan?

    People who subscribe to LIC Jeevan Lakshya Plan can obtain income tax benefits as per Section 80C of the Income Tax Act. Based on this act, tax exemption is available for the premium amount paid towards this policy. As per Section 10(10D) of the Income Tax Act, policyholders can also get tax relief for the maturity amount obtained from this policy.

    Other benefits of LIC

    LIC’s Jeevan Lakshya Plan also provides access to other benefits offered by the company. Some of the other benefits offered by the company are as follows:

    Customer service - Customers can call LIC’s helpline and get their doubts clarified about their policy. Information regarding a policy, premium payment, claim, etc. can be obtained from the customer service helpline.

    Multiple payment modes - There are plenty of options available when it comes to paying premiums. Premium payments can be made online simply by visiting the company’s website. In addition, policyholders can also pay through authorized banks, franchisees, and third-party merchants. Offline payment modes are also available.

    View NAV status - LIC’s website displays the net asset value (NAV) status of various funds. People can check this value to invest in the right products suitable for them.

    Why you should buy the Jeevan Lakshya Plan from LIC?

    As an endowment policy, LIC’s Jeevan Lakshya Plan offers both protection and savings benefit to policyholders. Compared to most other endowment policies, there is a wider range of flexible options available when it comes to choosing policy terms. The death benefit and maturity benefit offered by this policy ensures that a family’s financial requirements are properly satisfied.

    LIC is the largest life insurance service provider in India. The company also has the best claim settlement ratio in the country among life insurers. There are plenty of options available with LIC when it comes to choosing endowment plans. In addition to endowment policies, the company also has a range of life insurance products in its lineup. The company serves millions of people all over the country and helps them protect themselves from unforeseen financial threats. 

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