LIC Jeevan Lakshya is like a guardian angel for your child’s dreams.
It ensures that their education and life goals are protected, even if you’re not around to see them through.
What It Offers:
- Death Benefit: If something happens to you during the policy term, your nominee receives:
- Immediate lump sum payment of the Sum Assured on Death.
- Annual income equal to 10% of the Basic Sum Assured until the end of the policy term.
- Final maturity benefit (Sum Assured on Maturity + accrued bonuses) at the end of the policy term.
- Maturity Benefit: If you survive the policy term, you receive the Sum Assured on Maturity plus accrued bonuses.
- Limited Premium Payment: Pay premiums for a shorter duration (13-21 years) than the policy term (13-25 years).
- Bonuses: Potential for simple reversionary bonuses and a final additional bonus.
- Loan Facility: Avail of loans against the policy after a few years.
- Riders: Add riders like Accidental Death and Disability Benefit for extra protection.
Who It’s For:
- Parents: If you want to secure your child’s future financially, ensuring funds for education, marriage, or other milestones.
- Individuals with Dependents: If you have loved ones who rely on your income and want to safeguard their financial well-being.
Potential Drawbacks:
- Lower Sum Assured: The death benefit might be lower compared to pure term plans with similar premiums.
- Non-Guaranteed Returns: The bonuses are not guaranteed and depend on LIC’s performance.
- Limited Flexibility: The policy terms and premium payment options are relatively less flexible.
The Verdict:
LIC Jeevan Lakshya is a valuable plan for parents who want to ensure their children’s dreams are fulfilled, even if they are no longer around.
It offers a unique combination of income replacement and lump sum payout to support your family’s financial needs during a challenging time.
However, like any endowment plan, the returns might not be as high as market-linked options.
Additional Tips:
- Assess Your Child’s Financial Needs: Calculate the amount needed for your child’s future education, marriage, or other significant expenses.
- Choose the Right Policy Term: Ensure the policy term aligns with your child’s milestones and your financial goals.
- Compare with Other Child Plans: Explore other child plans in the market to find the one that best suits your requirements and budget.
Remember, choosing a life insurance plan is a personal decision. It’s essential to consider your financial situation, goals, and risk tolerance before making a choice.
