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.

BENEFITS:

The benefits payable under an enforced policy are as under:

a) Benefits payable on death:

Death Benefit, defined as the sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable at various durations as mentioned below:

Where “Sum Assured on Death” is defined as the sum of:

-Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.

- Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on the due date of maturity; and

-The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on the due date of maturity.

The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.

The premiums mentioned above exclude taxes (including service tax), extra premium and rider premium(s), if any.

LIC Kanyadan Policy