LIC Jeevan Lakshya

LIC Jeevan Lakshya Plan 833

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.

LIC Jeevan Lakshya 833
LIC Jeevan Lakshya 833

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 Entry18 to 50 years
Premium Paying ModeYearly, Half Yearly, Quarterly, Monthly (ECS Only)
Policy Term13 to 25 years
Premium Paying Term(Policy Term-3) years
Sum Assured100000 and above (in multiples of 10000)
Premium Payment Mode rebate2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
High Sum assured Rebate0% 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
LoanAfter 3 Years
SurrenderAfter 3 Years
RevivalWithin 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?

How does LIC's  Jeevan lakshya Plan 833 work?
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.

YearSum Assured (Guaranteed)Bonus (Variable)Maturity Amount (Approx)
204110,00,00017,00,00027,00,000

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.

YearAgeRisk Cover NormalRisk Cover AccidentalPremiumTax SavedNet PremiumAmount ReceivedRemarks
20162510000011000004246012292301680 
20172610000011000004171812292294260 
20182710000011000004171812292294260 
20192810000011000004171812292294260 
20202910000011000004171812292294260 Unfortunate death happens
20213010000000000 
20223110000000000 
20233210000000000 
20243310000000000 
20253410000000000 
20263510000000 00 
20273610000000000 
20283710000000000 
20293810000000000 
20303910000000000 
20314010000000000 
20324110000000000 
20334210000000000 
20344310000000000 
20354410000000000 
20364510000000000 
20374610000000000 
20384710000000000 
20394810000000000 
20404910000000000 
204150000002700000Again maturity
TOTAL 2000000000027000004700000

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

STORY FOR LIC जीवन लक्ष्य PLAN – CLICK HERE

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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LIC New Limited Premium Endowment

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