LIC, the country’s largest insurance company, offers a wide range of plans to suit the needs of children, young adults and women. One of its best offerings is ‘LIC Jeevan Lakshya Policy’, which combines insurance coverage with savings benefits. To clarify its potential: By depositing just ₹172 per day in this scheme, you can get up to ₹28.5 lakh. (Photo: ITG)
LIC non-linked plan
This LIC policy is a non-linked, participating, individual life insurance plan. It provides ‘Annual Income Benefit’ to the policyholder, which proves to be especially helpful in meeting the needs of the family – especially children. In the unfortunate event of death of the policyholder before maturity, a lump sum amount is paid to the nominee or legal heir. (Photo: ITG)
Minimum Sum Assured
The minimum basic sum insured for this LIC policy is ₹1 lakh, while there is no upper limit for the maximum sum insured. It is available with policy terms ranging from 13 to 25 years. The premium must be paid for a period that is less than three years from the total policy term. (Photo: Reuters)
Age limit for Jeevan Lakshya policy
You can buy this policy when you turn 18 years old. The maximum age at entry is 50 years, while the maximum age at maturity is 65 years. Once the plan is purchased, the premium can be paid monthly, quarterly, half-yearly or annually. (Photo: File ITG)
How to get ₹28.5 lakh
This plan allows you to build a substantial wealth with various life cover benefits. According to LIC calculator, if a 29-year-old buys a policy with a sum assured of ₹15 lakh for a term of 25 years, he can get ₹28.50 lakh on maturity including double bonus. (Photo: Pixabay)
How are returns calculated?
To understand the calculations: If a person chooses a LIC Jeevan Lakshya policy with a sum assured of ₹15 lakh and a policy term of 25 years, he will have to pay premiums for 22 years. According to the LIC calculator, the policyholder will have to pay a monthly premium of ₹5,169 (approximately ₹172 per day). GST is applicable on premium at the rate of 4.5% for the first year and 2.25% from the second year onwards.
