LIC Jeevan Lakshya (Plan No. 933, UIN 512N297V02) is a non‑linked, with‑profits, limited‑premium endowment plan focused on protecting a family’s lifestyle, especially children’s needs, if the breadwinner dies before maturity. It combines three elements: a lump‑sum maturity value, an immediate death benefit, and a guaranteed annual income to the nominee from the year of death till policy maturity.

Key features

• With‑profits, limited‑premium endowment: Premiums are payable for policy term minus three years, while cover continues for the full term.
• Family income protection: On the life assured’s death during the term, 10% of Basic Sum Assured is paid every year till one year before maturity, in addition to a lump sum at maturity.
• Lump‑sum maturity: If the life assured survives the term, Basic Sum Assured plus bonuses (and final additional bonus, if any) are paid.
• With‑profits: Eligible for simple reversionary bonuses and final additional bonus as declared by LIC, boosting overall returns.
• Settlement options: Death/maturity benefits can, subject to conditions, be taken as instalments instead of lump sum.
• Optional riders: Up to three riders (only one accident‑related rider) like Accident Benefit, Accidental Death & Disability Rider, New Term Assurance Rider, and Critical Illness Rider can be added for enhanced protection.

Eligibility and basic parameters

Key eligibility criteria from current brochures:

• Minimum Basic Sum Assured: ₹1,00,000.
• Maximum Basic Sum Assured: No upper limit; in multiples of ₹10,000, subject to underwriting.
• Policy Term: 13 to 25 years.
• Premium Paying Term: Policy Term minus 3 years (e.g., 22‑year term → 19‑year PPT).
• Minimum age at entry: 18 years (last birthday).
• Maximum age at entry: 50 years (nearer birthday).
• Minimum maturity age: 31 years (nearer birthday).​
• Maximum maturity age: 65 years (nearer birthday).
• Premium payment modes: Yearly, half‑yearly, quarterly, monthly (via NACH/ECS), subject to LIC rules.

Benefits at a glance

Death benefit (during policy term)

If the life assured dies during the policy term and the policy is in force, three components typically apply:

1. Immediate lump‑sum “Sum Assured on Death”
   • Higher of 7 times annualised premium or 110% of Basic Sum Assured.
   • Subject to a minimum of 105% of total premiums paid (excluding taxes, extra and rider premiums) up to date of death.
2. Annual Income Benefit
   • 10% of Basic Sum Assured paid every year from the policy anniversary following the date of death till the policy anniversary preceding the date of maturity.
3. Maturity Benefit (in addition)
   • On maturity, Basic Sum Assured plus vested simple reversionary bonuses and final additional bonus (if any) are paid, regardless of whether the life assured is alive; in case of earlier death, this goes to the nominee.

This structure ensures both immediate funding and ongoing income for the family while still preserving the final goal‑corpus at maturity.

Maturity benefit (on survival)

If the life assured survives till the end of policy term and all premiums are paid:

• Basic Sum Assured, plus
• Vested simple reversionary bonuses, plus
• Final additional bonus, if declared,

are paid as a lump sum.

Who should consider LIC Jeevan Lakshya?

• Parents and young breadwinners who want an income‑oriented protection plan where children continue to receive yearly income and a lump‑sum for future goals after their demise.
• Families who prefer traditional, bonus‑based plans but want stronger income‑replacement features compared to standard endowment policies.
• Clients who already have basic term cover and want an additional structured plan specifically aligned to children’s education and lifestyle security.

Example: A 35‑year‑old parent takes a 20‑year Jeevan Lakshya with ₹20 lakh Basic Sum Assured; in case of early death, the family receives an immediate lump sum, 2 lakh per year (10% of SA) till maturity, and at maturity the nominee still gets ₹20 lakh plus bonuses, effectively ring‑fencing children’s future funding.

Important points and disclaimers

• LIC Jeevan Lakshya is non‑linked and with‑profits; actual returns depend on future bonus declarations, so clients should review a detailed benefit illustration.
• Loans, surrender, and paid‑up values are available as per LIC rules once the policy acquires a surrender value.
• Rider terms, maximum rider cover and combination rules (only one accident‑related rider, max three riders) are as per LIC’s current guidelines and may change.
• Clients should read the latest LIC Jeevan Lakshya sales brochure, Customer Information Sheet and policy document for full terms, conditions, exclusions and definitions.
• Tax benefits under sections like 80C and 10(10D) of the Income‑tax Act are subject to conditions and may change; personalised tax advice is recommended.