LIC Jeevan Lakshya: Jeevan Lakshya Yojana of Life Insurance Corporation is a traditional savings plan. In this scheme, you get savings as well as safety. It is a non-linked scheme. This means investors’ money is not invested in the stock market. If the policyholder dies before maturity then his family gets returns on an annual basis. It is given for meeting the needs of the family and for the education of children.
Death benefit deposit to a nominee is at least 105 percent of the premium. On completion of the maturity period, the amount of maturity is also available, which is 110 percent of the sum assured. Apart from this, every year, there is also the benefit of bonus declared by LIC. Loan facility is also available on the basis of this policy. If the policy holder dies, then every year 10% of the sum assured is available till one year before the maturity period.
Tax and eligibility
Talking about tax, purchase of this policy gives benefit of deduction under section 80C. Maturity and death benefits are also tax free under section 10 (10 (D)). The minimum entry age for the policy is 18 years. The maximum entry age is 50 years. The policy period is 13-25 years. Premium Paying Term Policy It is three years less than the period.
Benefits of this policy
The minimum sum assured of this policy is 1 lakh and there is no maximum limit. However, it will be in multiples of 10 lakhs. Accidental and Disability Benefit Rider and New Term Assurance Rider are available in it. Talking about the benefits, if the basic sum assured is 10 lakh, then the policy will get a revisionary Bonsa and Final Additional Bonus in addition to the Sum Assured when the policy matures. A revisionary bonus is more than even assured. For example, if a person takes a policy of 10 lakhs Sum Assured for 25 years at the age of 30, then at the age of 55 years, according to the current rule, at least 27 lakh rupees will be received.
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