How Do the Specialized Add-on Plans Calculate Maturities?
Each policy features independent algorithms developed under historical bonus rates and actuarial matrices:
- LIC Jeevan Lakshya (Plan 933): Known popular as the "Kanyadan Plan" or "Child Education Safeguard", this policy offers special waiver parameters on parental demise: standard payments stop, 10% of SA is paid to children annually, and the full policy maturity value is still awarded on target term conclusion.
- LIC Bima Jyoti (Plan 860): Bima Jyoti relies on fixed Guaranteed Additions of ₹50 per thousand of Sum Assured generated every single year. These allocations are contractually guaranteed to accrue to the policyholder's ledger annually, independent of corporate profits.
- LIC Jeevan Tarun (Plan 934): This flexible educational savings tool tracks children aged 0 to 12. Payout selections allow parents to claim periodic cash outflows during final collegiate years (ages 20 to 24) or optimize the absolute return on the kid's 25th birthday.
Tax Relief & Optimization Strategies
Section 80C Deduction
Any premium contribution reduces your taxable income bracket by up to ₹1.5 Lakh annually.
Section 10(10D) Tax Exemption
All final maturities, cash returns, reversionary bonuses, and survival pension inflows are 100% tax-free at distribution, given premium thresholds are met.