Life Insurance Corporation of India (LIC) is a leading life insurance provider in India. The company was nationalised in the year 1956 and has since then launched a range of innovative life and health insurance solutions to cater to the needs of their ever-expanding consumer base.
The Jeevan Lakshya Plan, which is one of the many endowment insurance plans offered by LIC, was launched in the year 2015 in an effort to provide policy buyers the dual benefits of a life cover and a savings option through a single financial tool.
LIC’s Jeevan Lakshya Plan is a non-linked, participating, life insurance policy that provides an Annual Income Benefit to the nominee in the event of the policyholder’s death. Further, this policy also pays out a lump sum amount at maturity of the policy, regardless of whether the policyholder has survived to this date or not. The insurer also offers policyholder the option to avail a loan against this policy and thereby guarantees liquidity in the event of an emergency.
While the exact documents required to purchase an insurance policy from LIC will vary based on the insurer’s terms and condition, the basic documentation that one is supposed to provide remains the same.
|Minimum Entry Age||18 years|
|Maximum Entry Age||50 years|
|Maximum Age at Maturity||65 years|
|Minimum Base Sum Assured||Rs.1 lakh|
|Maximum Base Sum Assured||No limit|
|Minimum Policy Term||13 years|
|Maximum Policy Term||25 years|
|Premium Payment Term||Policy Tenure – 3 years|
|Premium Payment Mode||
The Jeevan Lakshya Plan from LIC is an insurance plan that provides policyholders a comprehensive life insurance cover as well as savings benefits. With this policy, policy buyers can ensure that their nominees are financially secure, even in case of an untimely eventuality.
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