LIC Kanyadan Policy

Lic Jeevan Lakshya Plan 833 - (Kanyadan Policy) 

LIC’s Jeevan Lakshya or LIC Kanyadan Policy is a limited premium paying conventional With-Profits Endowment Assurance plan. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity independent of survival of the Policyholder. The benefits and other details of the plan are given below.

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LIC Jeevan Anand

Zindagi Ke Saath Bi, Zindagi Ke Bad Bhi

Jeevan Anand is one of the best products of Life Insurance Corporation (LIC) . Basically, this plan is a unique combination of a Whole Life Plan and Endowment Assurance Plan. It provides financial protection against death throughout the lifetime or 100 yrs of age of the life assured even after maturity. That’s why the policy is also known as “Zindagi Ke Saath Bhi, Zindagi Ke Baad Bhi”.

Product Highlight:

• Double benefits - Double Maturity
• The premiums need to be paid for a maximum of 75 Years.
• The minimum age at entry is 18 years, while the maximum age is 65 years.
• The minimum sum assured is Rs. 1 lakh while there is no maximum limit.
• The minimum term is 5 years while the maximum term is 57 years.
• The premium can be paid on a Quarterly, Half-yearly or yearly basis.
• This is a "with profits" plan which pays reversionary non-guaranteed bonuses at the end of every financial year.
• Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period.
• Tax benefits under section 88 for the premium paid + the maturity/death proceeds received are Tax-Free.
• There is no any private insurance company having such type of plan.
  

Benefits:

Maturity Benefit:
When the policyholder survives till the date of maturity and policy is in force the benefits payable are Full Sum Assured+Vested Bonuses+Final Additional Bonus. Risk cover continues after maturity without the need to pay premium up to 100 years.

Death Benefit:
If death occurs during the premium paying term Sum Assured+Bonus+FAB is payable. An extra amount equal to the S.A is payable if death occurs after the premium paying term.

Accident Benefit:
An additional Sum Assured is payable in a lump sum on death due to an accident up to age 70 of life assured. In case of permanent disability of the life assured due to the accident, this additional Sum assured is payable in installments.

Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender values are available on the plan on earlier termination of the contract.

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Insurance Plan

Insurance Plans

As individuals, it is inherent to differ. Each individual's insurance needs and requirements are different from that of the others. LIC's Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.

• Endowment Plan
• » Lic's Jeevan Pragati
• » Lic's Jeevan Labh
• » Lic's Single Premium Endowment Plan
• » Lic's New Endowment Plan
• » Lic's New Jeevan Anand
• » LIC's Jeevan Rakshak
• » LIC's Limited Premium Endowment Plan
• » LIC's Jeevan Lakshya
• » LIC's Aadhaar Shila
• » LIC's Aadhaar Stambh
• Whole Life Plans
• » LICs Jeevan Umang
• Money Back Plans
• » LIC's Bima Shree     Policy Document 

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Life Insurance

Life Insurance Corporation of India (LIC)

Life Insurance Business in India was nationalized with effect from January 19, 1956. On the date, the Indian business of 16 non-Indian insurers operating in India and 75 Provident Societies were taken over by Government of India. Life Insurance Corporation of India, Act was passed by the Parliament on June 18, 1956, and came into effect from July 1, 1956. Life Insurance Corporation of India commenced its functioning as a corporate body from September 1, 1956. Its working is governed by the LIC Act. The LIC is a corporate having perpetual succession and a common seal with a power to acquire hold and dispose of property and can by its name sue and be sued.

Role and Functions of LIC

• It collects the savings of the people through life policies and invests the fund in a variety of investments.
• It invests the funds in profitable investments so as to get a good return. Hence the policyholders get benefits in the form of lower rates of premium and increased bonus. In short, LIC is answerable to the policyholders.
• It subscribes to the shares of companies and corporations. It is a major shareholder in a large number of blue-chip companies.
• It provides direct loans to industries at a lower rate of interest. It is giving loans to industrial enterprises to the extent of 12% of its total commitment.
• It provides refinancing activities through SFCs in different states and other industrial loan giving institutions.
• It has provided indirect support to industry through subscriptions to shares and bonds of financial institutions such as IDBI, IFCI, ICICI, SFCs etc. at the time when they required initial capital. It also directly subscribed to the shares of Agricultural Refinance Corporation and SBI.
• It gives loans to those projects which are important for national economic welfare. The socially oriented projects such as electrification, sewage and water channelizing are given priority by the LIC.
• It nominates directors on the boards of companies in which it makes its investments.
• It gives housing loans at reasonable rates of interest.
• It acts as a link between the saving and the investing process. It generates the savings of the small savers, the middle-income group and the rich through several schemes.

Formerly LIC has played a major role in the Indian capital market. To stabilize the capital market it has underwritten capital issues. But recently it has moved to other avenues of financing. Now it has become very selective in it's under

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