When it comes to the safety of the family and financial preparations for the future, it is necessary to choose a plan that proves reliable and beneficial in the long run. LIC Jeevan Lakshya Yojana is one such excellent insurance scheme, which can give benefit of life insurance as well as savings. This scheme has been prepared especially keeping in mind the large needs of children’s education, marriage or future. Yes, this scheme, which guarantees a safe future at low premiums, can become a strong economic support for the family.
Premium gift
By the way, let us tell you that LIC Jeevan target policy has to pay a certain premium every year and on completion of the period of the policy, you can get a lump sum amount as a maturity benefit. This fund also includes annual bonus and final additional bonus, which can make the total amount quite large. It is believed that if the policyholder dies, the nominee receives a fixed amount with a bonus, and if the policy lasts for the entire duration, the lump sum fund can be found on maturity. According to LIC’s official brochure, it is a ‘profit-interest endowment plan’ which includes both death benefits + maturity benefits.
For example, if you start the LIC Life Target Policy from today and give a premium of ₹ 2 lakhs every year, the total investment in 25 years can be around ₹ 50 lakh. However, it is worth noting that you will not have to pay premium for a full 25 years. In this policy, the premium payment duration will usually be around 22 years, while the policy remains active for 25 years.
Two big bonus components
Let us tell you that LIC Life Target Policy includes two large bonus components – annual bonuses and final additional bonuses. By combining these two, a full fund is formed on maturity. The LIC declares a bonus of about ₹ 50 to ₹ 60 every year on the sum of ₹ 1000. The Primium Pay and Policy Period: The duration of the policy can be from 13 to 25 years, but the premium payment duration is usually the policy period – 3 years (example: if the entire policy is 25 years old, then the premium will have to be paid up to 22 years).
What does its calculation say?
Now let’s talk about the calculation that every investor wants to know how much money will be received on maturity? Yes, suppose you have taken the LIC life target policy, whose annual premium is ₹ 2 lakh and the sum insured ₹ 20 lakhs.
Premium Payment Period: 20 years
Policy period: 25 years
Total investment: ₹ 2 lakh × 22 years = about ₹ 40 lakh
Now calculate the bonus:
Annual bonus = ₹ 50 × (₹ 20 lakh ÷ 1000) × 25 = about ₹ 25 lakh
Last bonus = ₹ 500 × (₹ 20 lakh ÷ 1000) = about ₹ 10 lakh
Maturity amount = ₹ 20 lakh (insured) + ₹ 25 lakh (bonus) + ₹ 10 lakh (last bonus) = about ₹ 55 lakh
That is, you can get a return of up to ₹ 55 lakh on investment of ₹ 40 lakh.
It is clear that this scheme is best for those who are serious about the future of their family and want a disciplined, safe and fixed funds. (Note: This information is given only to increase your understanding. Get complete information from an LIC agent or official advisor before investing. Bonus rates can change every year, so the final return may be slightly or down and these rates change year after year, so make it clear in the article that “₹ 38‑ ₹ 46 per ₹ 1,000” is average rates.
When it comes to the safety of the family and financial preparations for the future, it is necessary to choose a plan that proves reliable and beneficial in the long run. LIC Jeevan Lakshya Yojana is one such excellent insurance scheme, which can give benefit of life insurance as well as savings. This scheme has been prepared especially keeping in mind the large needs of children’s education, marriage or future. Yes, this scheme, which guarantees a safe future at low premiums, can become a strong economic support for the family.
Premium gift
By the way, let us tell you that LIC Jeevan target policy has to pay a certain premium every year and on completion of the period of the policy, you can get a lump sum amount as a maturity benefit. This fund also includes annual bonus and final additional bonus, which can make the total amount quite large. It is believed that if the policyholder dies, the nominee receives a fixed amount with a bonus, and if the policy lasts for the entire duration, the lump sum fund can be found on maturity. According to LIC’s official brochure, it is a ‘profit-interest endowment plan’ which includes both death benefits + maturity benefits.
For example, if you start the LIC Life Target Policy from today and give a premium of ₹ 2 lakhs every year, the total investment in 25 years can be around ₹ 50 lakh. However, it is worth noting that you will not have to pay premium for a full 25 years. In this policy, the premium payment duration will usually be around 22 years, while the policy remains active for 25 years.
Two big bonus components
Let us tell you that LIC Life Target Policy includes two large bonus components – annual bonuses and final additional bonuses. By combining these two, a full fund is formed on maturity. The LIC declares a bonus of about ₹ 50 to ₹ 60 every year on the insured of ₹ 1000.
Premium Payment period and policy period: The duration of the policy can be from 13 to 25 years, but the premium payment period is usually the policy period – 3 years (example: if the entire policy is 25 years old, the premium will have to be paid up to 22 years).
What does its calculation say?
Now let’s talk about the calculation that every investor wants to know how much money will be received on maturity? Yes, suppose you have taken the LIC life target policy, whose annual premium is ₹ 2 lakh and the sum insured ₹ 20 lakhs.
Premium Payment Period: 20 years
Policy period: 25 years
Total investment: ₹ 2 lakh × 22 years = about ₹ 40 lakh
Now calculate the bonus:
Annual bonus = ₹ 50 × (₹ 20 lakh ÷ 1000) × 25 = about ₹ 25 lakh
Last bonus = ₹ 500 × (₹ 20 lakh ÷ 1000) = about ₹ 10 lakh
Maturity amount = ₹ 20 lakh (insured) + ₹ 25 lakh (bonus) + ₹ 10 lakh (last bonus) = about ₹ 55 lakh
That is, you can get a return of up to ₹ 55 lakh on investment of ₹ 40 lakh.
It is clear that this scheme is best for those who are serious about the future of their family and want a disciplined, safe and fixed funds. (Note: This information is given only to increase your understanding. Get complete information from an LIC agent or official advisor before investing. Bonus rates can change every year, so the final return may be slightly or down and these rates change year after year, so make it clear in the article that “₹ 38‑ ₹ 46 per ₹ 1,000” is average rates.
