LIC Jeevan Lakshya is the latest endowment plan launched by LIC India in 2015. This is the 3rd insurance scheme launched in 2015. In this article we will discuss about the additional riders one can buy with LIC Jeevan Lakshya. Before that you can check out key features of this plan here. There are 2 optional riders available under LIC Jeevan Lakshya Policy, they are 1) Accidental Death and Disability Benefit Rider and 2) New Term Assurance Rider. Let’s discuss about these 2 rider benefits and how much extra one have to pay to buy additional riders.
Jeevan Lakshay Accidental Death and Disability Benefit Rider
In case of accidental death of policy holder, his/her family member will get extra “Accidental sum assured” amount beyond basic sum assured for Jeevan Lakshya plan. Similarly if you go for Accidental disability rider, then on death the basic sum assured value will paid to family in 10 years in equal monthly installments. The future premium payments will also stop with this additional rider benefit. To get accidental and disability rider let’s check out few criteria
- Minimum entry age should be 18 years.
- But the maximum age is little tricky, as your age should be more than the premium paying term (PPT) left under the basic Jeevan Lakshya plan is 5 year.
- The minimum sum assured value for this rider is 10,000 and max is equal to basic sum assured value not more than 100 lakh.
- You can increase the rider benefit further in multiples of 10,000 only.
LIC Jeevan Lakshya New Term Assurance Rider
New term assurance rider can be availed at the time of buying LIC Jeevan Lakshya plan by paying the additional premium. If you opt for this rider then on death your family will get additional amount equal to term assurance rider sum assured more with the basic sum assured value. Few of the key features of this rides are as follows
- Minimum entry age is 18 years and maximum age is 50 years.
- Policy term is similar to actual LIC Jeevan Lakshya plan.
- Premium paying term is also similar to basic plan, means policy term – 3 years.
- Term assurance rider minimum sum assured value could be 1,00,000 and max 25 lakh.
- This rider can be taken in multiples of 10,000 only.
Should I buy LIC Jeevan Lakshya with additional riders?
The major benefit of riders in an insurance policy is to cover additional risks. So the basic criteria to buy any additional rider is to understand your requirement properly. LIC Jeevan Lakshya itself is not able to provide adequate life cover and these 2 additional riders may not be able to take you out of this situation. I think a pure term plan to handle death with a health insurance policy to cover accidental medical expenses would be the best alternative for these riders with basic plan.