LIC’s Jeevan Lakshya Plan Table No. 833

LIC Jeevan Lakshya 833 is a plan with a premium paying terms less than policy term by 3 years, non-linked Endowment Assurance Plan with Profit. That combines protection with savings. Other benefits are also available under this plan like tax benefits, loan facility and rider benefits.

Sum Assured: Minimum limit for the sum assured is Rs. 1 lakh and there is no maximum limit.

Policy Term: 13 to 25.

Premium Paying Term: Policy Term – 3 Years ( Suppose Policy is for 20 years then PPT will be for 20 – 3 = 17 Years)

Entry Age: The minimum entry age of the policy holder should be 18 years and the maximum age limit is 50 years.

Maximum Maturity Age: 65 Years.

Premium Payment Mode: Premium can be paid Monthly, Quarterly, Half Yearly or Yearly.

Maturity Benefits: on maturity, basic sum assured along with vested simple reversionary bonus and the final additional bonus is paid to the policy holder.

Death Benefits: If the Death happens after the commencement of risk, the nominee will get:
Base Sum Assured + Simple Reversionary Bonus (every year) + Final Additional Bonus (applicable in the year of death)

Rider benefits: Accidental Death benefit is available during the policy term; accident benefit sum assured will be paid along with death benefit under the basic plan. Disability benefits are paid till 65 years of age of the policy holder.

Income Tax Benefit: Premium paid in this policy is tax exempted under section 80C. The maturity benefits are also exempted from tax under section 10(10D).

Liquidity Benefit: Policyholder can take a loan under this policy after completion of 3 full years of the Policy.

For simplicity study following table

Min Age18 Year
Max Age50 Year
Max Maturity Age65 Year
Term13 to 25 Year
Premium Paying TermTerm Year - 3 Year
Min Sum AssuredRs. 1,00,000/-
Max Sum AssuredAny
Payment ModeAll
LoanYes, after completion of 3 years
Surrenderafter 3 Years

An example of Jeevan Lakshya Plan, 833

Suppose someone of 30 years age is going to apply for policy 833 Jeevan Lakshya Plan for the Basic Sum Assured Rs. 1000000 and 25 years term. Following are Key points of the policy.

“Jeevan Lakshya” Table 833

Age: 30 Year

Basic Sum Assured: Rs. 1000000/-

PlanJeevan Lakshya
Age30 Year
Policy Term25 Year
Premium Paying Term22 Year
Basic Sum AssuredRs. 10,00,000/-
Double Accidental Benefit:Rs. 10,00,000/-
Death Sum AssuredRs. 11,00,000/-
Premium for First YearRs. 43,638/-
From Second year Onwards PremiumRs. 42,699/-
Total Premium PaidRs. 9,40,317/-
Approximate Maturity ReturnRs. 26,75,000/-
Total ReturnRs. 26,75,000/-

Above Calculations are approximate and according to current bonus rate. It may vary according to the rate of bonus and taxes.

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