LIC's Jeevan Lakshya Plan (Table No:833)
LIC’s Jeevan Lakshya policy is a combination of risk cover and saving plan which is most suitable for the purpose of providing financial security of marriage or education of children. This policy provides life cover during the policy term and Sum Assured + Bonuses on survival as maturity.
Children Marriages and Education are one of the most important part of life .To make your life simpler, you can choose a life insurance plan for children's marriage and this plan is one of the best plan available in the investment market! This plan can empower you to accumulate wealth, you can stop worrying about your finances needed for major events of your life. Your child’s grand wedding being one of them.
Children Marriages and education is going to happen . The expenses going to occur . There are two ways you arrange the fund for this nobel cause .
1. You save every year and accumulate fund in which you receive the interest from finanacial institution and
2. You take a loan from financial institution and pay the interest for the same .
| Loan Amortisation Chart | ||||
| Principal Amount | 1,500,000.00 | EMI | 34,514.77 | |
| Interest Rate (%) | 13.50 | Total Interest | 570,886.14 | |
| Tenure (in Months) | 60 | Total Amount Payable | 2,070,886.14 | |
| EMI No. | EMI | Monthly Principal | Monthly Interest | Outstanding Balance |
| 1,500,000.00 | ||||
| 1 | 34,514.77 | 17,639.77 | 16,875.00 | 1,482,360.23 |
| 2 | 34,514.77 | 17,838.22 | 16,676.55 | 1,464,522.01 |
| 3 | 34,514.77 | 18,038.90 | 16,475.87 | 1,446,483.12 |
| 4 | 34,514.77 | 18,241.83 | 16,272.94 | 1,428,241.28 |
| 5 | 34,514.77 | 18,447.05 | 16,067.71 | 1,409,794.23 |
| 6 | 34,514.77 | 18,654.58 | 15,860.19 | 1,391,139.65 |
| 7 | 34,514.77 | 18,864.45 | 15,650.32 | 1,372,275.20 |
| 8 | 34,514.77 | 19,076.67 | 15,438.10 | 1,353,198.52 |
| 9 | 34,514.77 | 19,291.29 | 15,223.48 | 1,333,907.24 |
| 10 | 34,514.77 | 19,508.31 | 15,006.46 | 1,314,398.93 |
| 11 | 34,514.77 | 19,727.78 | 14,786.99 | 1,294,671.15 |
| 12 | 34,514.77 | 19,949.72 | 14,565.05 | 1,274,721.43 |
| 13 | 34,514.77 | 20,174.15 | 14,340.62 | 1,254,547.27 |
| 14 | 34,514.77 | 20,401.11 | 14,113.66 | 1,234,146.16 |
| 15 | 34,514.77 | 20,630.62 | 13,884.14 | 1,213,515.54 |
| 16 | 34,514.77 | 20,862.72 | 13,652.05 | 1,192,652.82 |
| 17 | 34,514.77 | 21,097.42 | 13,417.34 | 1,171,555.39 |
| 18 | 34,514.77 | 21,334.77 | 13,180.00 | 1,150,220.62 |
| 19 | 34,514.77 | 21,574.79 | 12,939.98 | 1,128,645.83 |
| 20 | 34,514.77 | 21,817.50 | 12,697.27 | 1,106,828.33 |
| 21 | 34,514.77 | 22,062.95 | 12,451.82 | 1,084,765.38 |
| 22 | 34,514.77 | 22,311.16 | 12,203.61 | 1,062,454.22 |
| 23 | 34,514.77 | 22,562.16 | 11,952.61 | 1,039,892.06 |
| 24 | 34,514.77 | 22,815.98 | 11,698.79 | 1,017,076.08 |
| 25 | 34,514.77 | 23,072.66 | 11,442.11 | 994,003.42 |
| 26 | 34,514.77 | 23,332.23 | 11,182.54 | 970,671.19 |
| 27 | 34,514.77 | 23,594.72 | 10,920.05 | 947,076.47 |
| 28 | 34,514.77 | 23,860.16 | 10,654.61 | 923,216.31 |
| 29 | 34,514.77 | 24,128.59 | 10,386.18 | 899,087.72 |
| 30 | 34,514.77 | 24,400.03 | 10,114.74 | 874,687.69 |
| 31 | 34,514.77 | 24,674.53 | 9,840.24 | 850,013.16 |
| 32 | 34,514.77 | 24,952.12 | 9,562.65 | 825,061.04 |
| 33 | 34,514.77 | 25,232.83 | 9,281.94 | 799,828.21 |
| 34 | 34,514.77 | 25,516.70 | 8,998.07 | 774,311.50 |
| 35 | 34,514.77 | 25,803.76 | 8,711.00 | 748,507.74 |
| 36 | 34,514.77 | 26,094.06 | 8,420.71 | 722,413.68 |
| 37 | 34,514.77 | 26,387.62 | 8,127.15 | 696,026.07 |
| 38 | 34,514.77 | 26,684.48 | 7,830.29 | 669,341.59 |
| 39 | 34,514.77 | 26,984.68 | 7,530.09 | 642,356.92 |
| 40 | 34,514.77 | 27,288.25 | 7,226.52 | 615,068.66 |
| 41 | 34,514.77 | 27,595.25 | 6,919.52 | 587,473.42 |
| 42 | 34,514.77 | 27,905.69 | 6,609.08 | 559,567.72 |
| 43 | 34,514.77 | 28,219.63 | 6,295.14 | 531,348.09 |
| 44 | 34,514.77 | 28,537.10 | 5,977.67 | 502,810.99 |
| 45 | 34,514.77 | 28,858.15 | 5,656.62 | 473,952.84 |
| 46 | 34,514.77 | 29,182.80 | 5,331.97 | 444,770.04 |
| 47 | 34,514.77 | 29,511.11 | 5,003.66 | 415,258.94 |
| 48 | 34,514.77 | 29,843.11 | 4,671.66 | 385,415.83 |
| 49 | 34,514.77 | 30,178.84 | 4,335.93 | 355,236.99 |
| 50 | 34,514.77 | 30,518.35 | 3,996.42 | 324,718.64 |
| 51 | 34,514.77 | 30,861.68 | 3,653.08 | 293,856.95 |
| 52 | 34,514.77 | 31,208.88 | 3,305.89 | 262,648.07 |
| 53 | 34,514.77 | 31,559.98 | 2,954.79 | 231,088.10 |
| 54 | 34,514.77 | 31,915.03 | 2,599.74 | 199,173.07 |
| 55 | 34,514.77 | 32,274.07 | 2,240.70 | 166,899.00 |
| 56 | 34,514.77 | 32,637.16 | 1,877.61 | 134,261.84 |
| 57 | 34,514.77 | 33,004.32 | 1,510.45 | 101,257.52 |
| 58 | 34,514.77 | 33,375.62 | 1,139.15 | 67,881.90 |
| 59 | 34,514.77 | 33,751.10 | 763.67 | 34,130.80 |
| 60 | 34,514.77 | 34,130.80 | 383.97 | 0.00 |
Now as you are young let us say you are 28 years old. You are more capable to earn and when you marry your son/daughter at the age of 25 year ,you become 53 years old.Your earning capacity also decreases .
Now it is your choice how you arrange this fund.
The Children Marriages and Education are one of the most important part of life .To make your life simpler, you can choose a life insurance plan for children's marriage and this plan is one of the best plan available in the investment market! This plan can empower you to accumulate wealth, you can stop worrying about your finances needed for major events of your life. Your child’s grand wedding being one of them.
LIC’s Jeevan Lakshya policy is a combination of risk cover and saving plan which is most suitable for the purpose of providing financial security of marriage or education of children. This policy provides life cover during the policy term and Sum Assured + Bonuses on survival as maturity.
Illustrations with Example:
To understand Jeevan Lakshya Plan, Lets take an example of a person who is purchasing Jeevan lakshya Plan with following details.
Sum Assured: Rs. 600000
Policy Term: 25Years
Premium Paying Term: 22Years
Age: 28 Years
1st year Premium With TAX 4.5% :
Yearly : 27603 (26414 + 1189)
Halfly : 13949 (13348 + 601)
Quarterly : 7047 (6744 + 303)
Monthly(ECS) : 2349 (2248 + 101)
YLY Mode Average Prem/Day : 75
Amount received for child's marriage from LIC OF INDIA
Total Approximate Return at Maturity Time : 1605000
IRR is 7% with life risk cover and tax benefit u/s 80C and u/s 10(10d)
In case unfortunate Normal Death:
In case of unfortunate death of policy holder during policy term, this plan proivides
1. 600000 (six lacs) for child's up bringing
2. 60000(sixty thousand) (10% of sum assured) every year till maturity for child's Education
3. LIC OF INDIA will pay the rest of the Premium :
Yearly : 27603 (26414 + 1189)
Halfly : 13949 (13348 + 601)
Quarterly : 7047 (6744 + 303)
Monthly(ECS) : 2349 (2248 + 101)
YLY Mode Average Prem/Day : 75 every year
4. At maturity, LIC OF INDIA will provide
Sum assured =(600000)Bonus*=(735000) Final additional bonus*=(270000) Total=(1605000)will be paid for child's Marriage
In case of unfortunate Accident Death :
In case of unfortunate death of policy holder due to accident during policy term, this plan proivides
1. Sum assured will be given i.e Rs 1200000 (twelve lacs) for child's up bringing
2. Rs 60000 (10% of sum assured) every year till maturity for child's Education
3.LIC OF INDIA will pay the rest of the Premium :
Yearly : 27603 (26414 + 1189)
Halfly : 13949 (13348 + 601)
Quarterly : 7047 (6744 + 303)
Monthly(ECS) : 2349 (2248 + 101)
YLY Mode Average Prem/Day : 75 every year. At maturity, LIC OF INDIA will provide
Sum assured =(600000)Bonus*=(735000) Final additional bonus*=(270000) Total=(1605000)will be paid for child's Marriage
To understand this benefit, let's suppose death happens 1 year after taking this policy.
Sum assured(600000) Yearly Premium 27603 (26414 + 1189)
Return in case of unfortunate death occurs after 1 year
1.Rs 600000 in case of normal death and Rs 1200000 in case of death on accident for child's up bringing
2.LIC OF INDIA will pay the rest of the premium of Rs.27603 every year
3.LIC OF INDIA will pay Rs 60000 every year till maturity for child's edication
4.and on maturity Sum assured =(600000)Bonus*=(735000) Final additional bonus*=(270000) Total=(1605000) + Rs 60000 (10% of Sum Assured)will be paid for child's Marriage
C.Permanent disability: In case permanent disability of policy holder during the term,
1.LIC OF INDIA will pay the rest of the premium
2.Policy provides Rs 60000 (10% of the sum assured)for 10 years for child's Education
3. and on maturity it again provides Sum Assured + Bonuses as maturity +final additional bonus if any for child's marriage
D.tax rebate:
1. Paid premiums are exempted from income tax under 80C
2. Maturity amount is tax free under 10 (10D)
Please note Bonus and final additional bonus is illustrated as past experience of LIC OF INDIA.
Plan Parameters:
Age of Entry: 18 to 50 years
Premium Paying Mode: Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
Policy Term: 13 to 25 years
Premium Paying Term: (Policy Term - 3) years
Sum Assured: 100000 and above (in multiples of 10000)
Premium Payment Mode rebate: 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
High Sum assured Rebate:
0% of SA on 0 to 2,00,000
2% of SA on 2,00,000 to 4,90,000
3% of SA on 5,00,000 and above
Loan After 3 Years
Surrender:After 3 Years
Revival: Within 2 Years of Lapse
