LIC Jeevan Lakshya Plan 833
Table of Contents
LIC Jeevan Lakshya (lic table no 833) is a combination of risk cover and saving plan which is most suitable for the purpose of providing financial problems of children and family. This policy provides life cover during the policy term and Sum Assured + Bonuses on survival as maturity.
In case of death of policyholder during the policy term, LIC Jeevan Lakshya policy provides 10% of sum assured every year till maturity and again provides Sum Assured + Bonuses as maturity to the family.
LIC Jeevan Lakshya Key Features
- Annual Income in case of death of the policy holders
- Sum assured + Simple Reversionary Bonus + Final Addition Bonus (FAB) as maturity.
- Annual Income feature can be used as child education and family protection in case of death
- Paid premiums are exempted from income tax U/Sec 80-C
- Maturity amount is tax free U/Sec 10(10D)
Please note that the picture left of KANYADAN POLICY which is being shown on Facebook, Twitter and other social side nowadays, people are getting excited about it that LIC has launched a new scheme in the name which is only for girls,I inform all of you that LIC has not launched any policy of this name.Whatever benefits are shown in this picture,All those benefits belong to the JEEVAN LAKSHYA policy,If you have any difficulty understanding this plan then you can contact me on this number 9891009400.
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 |
Death benefits
If Death Occurs during the policy term 10% of the basic sum Assured will be paid to nominee every year from the year of death till the date of maturity.
At end of policy term again maturity will be paid to Nominee Sum Assured on death (110% of sum assured) + Vested simple Reversionary Bonuses+FAB(If Any).
Maturity benefit
- On survival of policy holder till the end of the policy term provided all due premiums have been paid,
- Maturity Amount = Sum Assured + vested Simple Reversionary bonuses + Final Additional bonus (if any).
- Where Sum Assured on Maturity is equal to Basic Sum Assured.
LIC Jeevan Lakshya Policy Riders
- LIC Jeevan Lakshya provides the following optional riders by payment of additional premium:
- (1) LIC Accidental Death and Disability Benefit Rider:This rider can be opted at any time within the premium paying term of the Basic Plan. The benefit cover under this rider shall be available during the policy term.
- If this rider is opted:
- In Case of death during the policy term: Amount equal to the “Accident Benefit Sum Assured” will be payable.
- In case of accidental permanent disability: Accident Benefit SA will be paid in the form of dividing the amount into equal yearly instalments spread over 10 years and all Future premiums for Accident Benefit rider are waived off.
Eligibility Conditions for Accidental Death and Disability Rider Benefit
| Minimum Entry Age: | 18 years (last birthday). |
| Maximum Entry Age: | This cover can be opted for at inception provided the minimum PPT left under the Basic plan is 5 years. |
| Maximum cover ceasing Age: | 65 years (nearer birthday). |
| Accident Benefit Sum Assured : | Minimum: Rs. 10,000/-. Maximum: An Amount equal to Basic SA subject to the maximum of Rs.100 lakh overall Limit.Accident Benefit SA shall be in multiples of Rs. 10,000/- only. |
- (2)LIC New Term Assurance Rider: This rider can be opted only at the time of taking LIC Jeevan Lakshya. We have to pay small additional premium for opting this rider along with regular premium. suppose policy holder has more than one policy if total term assurance rider sum assured on all his policies exceeds more than 25 lakhs then LIC pays only 25 lakhs as it is a ceiling amount in term assurance rider.
Eligibility Conditions for Term Assurance Rider
| Entry Age: | Minimum: 18 years (last birthday). Maximum: 50 years (nearest birthday). |
| Policy Term: | Same as Basic plan i.e., Minimum: 13 years.Maximum: 25 years. |
| Premium Paying Term: | Same as Basic plan i.e., (Policy term – 3) years. |
| Term Assurance Rider Sum Assured: | Minimum: Rs. 100,000/- Maximum: Rs. 25 lakhs.Term Assurance Rider SA can be taken in multiples of Rs. 10,000/- only. |
How does LIC’s Jeevan lakshya Plan 833 work?
Benefit Example for LIC jeevan lakshya plan
An example of SUNIL who is purchasing this Plan with following details.
Sum Assured: Rs.10,00,000
Policy Term: 25 Years
Policy Purchase Year: 2016
Age: 25 Years
Yearly Premium: Rs. 42460
Since Premium paying term is 3 year lesser than policy term, so premium will be payable for 22(25-3) years in this case.
Maturity benefit and illustration
At maturity,LIC Jeevan Lakshya provides Sum Assured + Simple Reversionary Bonus + Final Addition as maturity amount on survival of policy holder. Following table indicates the maturity details.
| Year | Sum Assured (Guaranteed) | Bonus (Variable) | Maturity Amount (Approx) |
| 2041 | 10,00,000 | 17,00,000 | 27,00,000 |
Death benefit illustration
In case of unfortunate death of policy holder during policy term, this plan provides 10% of sum assured every year till maturity and again maturity amount is also payable to the nominee. To understand this benefit, let’s suppose death happens 10 year after taking this policy, age of the policy holder and year at time of death will 35 and 2026 respectively. 10% of sum assured will be payable from year of death till maturity and again maturity amount is also payable to the nominee. . Following table provides year-wise details.
| Year | Age | Risk Cover Normal | Risk Cover Accidental | Premium | Tax Saved | Net Premium | Amount Received | Remarks |
| 2016 | 25 | 100000 | 1100000 | 42460 | 12292 | 30168 | 0 | |
| 2017 | 26 | 100000 | 1100000 | 41718 | 12292 | 29426 | 0 | |
| 2018 | 27 | 100000 | 1100000 | 41718 | 12292 | 29426 | 0 | |
| 2019 | 28 | 100000 | 1100000 | 41718 | 12292 | 29426 | 0 | |
| 2020 | 29 | 100000 | 1100000 | 41718 | 12292 | 29426 | 0 | Unfortunate death happens |
| 2021 | 30 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2022 | 31 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2023 | 32 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2024 | 33 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2025 | 34 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2026 | 35 | 100000 | 0 | 0 | 0 | 0 | ||
| 2027 | 36 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2028 | 37 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2029 | 38 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2030 | 39 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2031 | 40 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2032 | 41 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2033 | 42 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2034 | 43 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2035 | 44 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2036 | 45 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2037 | 46 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2038 | 47 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2039 | 48 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2040 | 49 | 100000 | 0 | 0 | 0 | 0 | 0 | |
| 2041 | 50 | 0 | 0 | 0 | 0 | 0 | 2700000 | Again maturity |
| TOTAL | 2000000 | 0 | 0 | 0 | 0 | 2700000 | 4700000 |
Additional Information
Risk cover: Day one
Loan Value: After 3 years
Suicide Clause: If policyholder commit suicide before 1 year then premium paid will be refunded. if policyholder commit suicide after 1 year Full Sum assured + Bonus will be paid.
Back Dating : Available
Assignments/Nominations: Available
Proposal Forms:Proposal Form is issued Form 300
Cooling Off Period : 15 Days
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Services that I offer
- New LIC Policy Quotes and Completion
- Complete guidance
- Doorstep Premium Collection Service
- Personalized Policy Recommendations
- Renewal / Revival of Lapsed Policies
- Human Life Value Calculation
- Life Time Services
FOR MORE INFORMATION PLEASE CONTACT -:
BASPA NAND PANCHOLI
CON.9891009400
Office Address:-25,KG,Marg,Jeevan Prakash Building.
LIC of India,Branch Unit-117.
3rd floor,C.P. New Delhi-110001.
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