LIC Jeevan Lakhshya Plan

LIC Jeevan Lakhshya PlanLIC Jeevan Lakhshya Plan

LIC Jeevan Lakhshya Plan

 

LIC Jeevan Lakhshya Plan : Sum Assured on Death V/S Sum Assured on Maturity in LIC Jeevan Lakhsya Plan

LIC Jeevan Lakhsya Plan

LIC Jeevan Lakhsya Plan

Calculate Premium for LIC Jeevan Lakhsya Plan

The Basic Sum Assured is chosen at the very onset of the policy by the policyholder and both the Sum Assured on Death as well as the Sum Assured on Maturity depends upon the Basic Sum Assured as chosen. However, the payouts vary if the Life Insured dies within the Policy Tenure, i.e. Sum Assured on Death would be payable to the nominee and if he lives till the end of the Policy Tenure, Sum Assured on Maturity would be payable to the policyholder as Maturity Benefit and the policy terminates.

Sum Assured on Death in LIC Jeevan Lakhshya Plan

If the Life Insured dies within the policy tenure, the Sum Assured on Death is payable to the nominee but in instalments which are:

  • This policy pays an additional death benefit amount of 10% of the Basic Sum Assured, as chosen at the inception of the policy by the policyholder, to the nominee for yearly expenses incurred for the household. This is called Annual Income Benefit. This is payable on every policy anniversary after the death of the life insured but till the end of the policy tenure.For example, for a Rs 1 Lac policy of 20 years, if the Life Insured dies after 5 years of the policy, then 10% of the Basic Sum Assured, i.e. Rs 10,000 would be payable to the nominee every year from the 6th to the 19th year policy anniversary.

 

  • On policy maturity, 110% of the Basic Sum Assured would be payable to the nominee along with accrued bonuses.Thus, in the same example as above, for a Rs 1 Lac policy of 20 years, at the end of the 20th policy year, Rs 1,10,000 + accrued Bonuses would be payable to the nominee and the policy would terminate

Sum Assured on Maturity in LIC Jeevan Lakhshya Plan

If the life insured survives the entire policy tenure, as is the case in 85% of the time (as per IRDA data) the Maturity Benefit is payable to the Policyholder and the policy terminates. The Maturity Benefit at the end of the Policy tenure tantamount to the Basic Sum Assured, as chosen at the policy inception along with accrued Bonuses.

Calculate Premium for LIC Jeevan Lakhsya Plan

 

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