LIC Jeevan Lakshya – Plan 833 – All Details with calculators and Illustrations. Jeevan Lakshya is an excellent plan from LIC of India with innovative power packed features. It is an ideal plan to help you in meeting the future educational and marriage expenses of your child.
This plan provides high insurance benefits compared to ordinary endowment plans. Further the premium paying term is limited by three years compared to the term. As the name of the plan Lakshya – which means ‘Aim‘ – implies, it can be used as an effective tool to ensure, all the future needs of your child, even if some thing unfortunate happens in between.
LIC Jeevan Lakshya – Important features
- Premium paying term limited by 3 years compared to term
- Maturity Benefit: Sum Assured + Simple Reversionary Bonus + Final Addition Bonus as maturity after the completion of the term.
- Death coverage: Death benefits include annual income benefit of 10 % of Sum Assured till the end of the term and 110% of Sum assured along with bonus and final addition bonus at the time of maturity.
- Maturity benefit and death benefit shall be tax free under section 10(10D) of Income tax act.
- Premium paid is exempted from income tax u/s 80C.
- Term Assurance rider can be opted to get additional death coverage at small extra cost depending on your age.
- LIC’s Accidental death and disability benefit rider can also be opted for to enhance the protection
|Jeevan Lakshya (plan 833) – Eligibility conditions and restrictions|
|Age at entry||18 years (last birthday)||50 years (nearer birthday)|
|Policy term||13 years||25 Years|
|Basic Sum Assured||Rs. 1,00,000||No limit|
|Jeevan Lakshya (plan 833) – Other features|
|Mode Rebate||Yearly||2% of tabular premium|
|Half yearly||1 % of Tabular premium|
|Quarterly and Monthly||No rebate|
|High Sum Assured rebate||2,00,000 to 4,90,000||2 per 1000 sum assured|
|5,00,000 and above||3 per 1000 sum assured|
|Premium paying term||Term – 3|
|Applicable riders||Term Assurance and
Accidental death and disability rider
LIC Jeevan Lakshaya – Plan 833 – Premium and benefit calculator
Premium and benefit calculator of Jeevan Lakshya is intended to give a clear idea of the premium and benefits under the policy as per your details. Death scenarios provided along with the calculator can help you to understand the death benefits at depth.
LIC Jeevan Lakshya – Plan 833 – Maturity benefit
Sum Assured + Simple Reversionary Bonus accrued in the policy + final addition bonus will become payable in the policy at the time of maturity.
LIC Jeevan Lakshya – Plan 833 – Death benefits.
Death benefits are provided in two ways in this plan.
- Annual income benefit of 10 % of Sum Assured shall be payable from the policy anniversary coinciding with or following the date of death of life assured, till the end of the term.
- An amount equal to 110% of Sum assured along with bonus and final addition bonus shall be paid at the time of maturity.
LIC Jeevan Lakshaya – Plan 833 – Illustration of benefits.
In order to understand Jeevan Lakshya plan at depth let us consider the example of a person taking a Jeevan Lakshya plan. Let the details of the person purchasing the plan be as follows.
|Sum Assured||10,00,000||Age||35 Years|
|Term of the plan||21 Years||Premium Paying Term||18 Years|
|Term Rider Purchased||Rs. 5,00,000||Accident benefit rider||Included|
Benefits of the plan will be as shown below. Death scenario also shown to understand death coverage.
Please note: The benefit illustration shown above are as per the latest bonus rates of the plan. Future benefits of the plan can vary based on the actual experiences of LIC of India. Please visit LIC website for more details.
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Anish L J is a ‘Financial Planner’ and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.