LIC Jeevan Lakshya

LIC Jeevan Lakshya Plan 833 is a limited premium paying conventional plan categorised as the With-Profit Endowment Assurance plans. The plan is chiefly advantageous for the minors and provides annual income benefit to fulfil the requirements of the family. A sum assured amount is paid to the children in the case of unfortunate demise of insurer during the term of the plan.

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Moreover, LIC Jeevan Lakshya Plan also intends to deliver lump-sum figure despite the endurance of the insured at the time of policy maturity. The LIC Jeevan Lakshya Plan 833 has a Unique Identification Number i.e. 512N297V01 which is quoted in all the relevant documents furnished by the policy holder and others. It was introduced on March 2015.

Features of LIC Jeevan Lakshya Policy

Depending on the customers need the policy offers some exquisite features. Some of the silent features offered by the plan are:

  • The plan offers a minimum sum assured of Rs 1,00,000 and has no maximum limit.
  • The Policy term states from 13 years-25 years
  • One can pay the premiums either yearly, half-yearly, quarterly or monthly basis. The policy also provides you with an option of Electronic Clearing Service (ECS), this is a much easier mode to pay premiums.
  • Irrespective of the tenure of the policy the premium paying term is of 3 years.
  • The minimum to maximum eligibility of age for the policy states from 18 years – 50 years
  • The maximum maturity age of the policy holder is 65 years
  • As a with-profit endowment assurance plan the policy accumulates profit made by LIC through the final additional bonus and simple reversionary bonus. These add-on bonuses are paid out at the termination of the maturity period.
  • LIC Jeevan Lakshya Plan 833 can be linked with the two optional riders:
    • LIC Accidental Death and Disability Benefit Rider
    • LIC New Term Insurance Rider.

LIC Jeevan Lakshya Policy Criteria

The eligibility criteria for all the riders are mentioned in the table below:

Policy Name/ Criteria

Policy Name/ Criteria

Accidental Death and Disability Rider

New Term Assurance Rider

Minimum Entry Age

18 years

18 years  18 years
Maximum Entry Age  50 years >5 years of PPT Jeevan Lakshya  50 years

Maximum Age of Maturity

65 years

Same as that of Jeevan Lakshya

Same as that of Jeevan Lakshya

Sum Assured

Minimum- Rs. 1,00,000

Maximum- No limit

Minimum- Rs. 1,00,000

Maximum- Equal to the Basic SA< Rs. 100 lakhs

Minimum-Rs. 1,00,000

Maximum- Rs. 25 lakhs

Premium Payment Terms

You can make the premium payment for LIC Jeevan Lakshya Plan 833 monthly, quarterly, half-yearly and yearly modes. ECS facility is also available to make the payments of the premiums easier via mobile banking or internet banking.

Jeevan Lakshya’s premium payments and its optional riders is mentioned in the table below:

Policy Name

LIC Jeevan Lakshya

Accidental Death and Disability Rider

New Term Assurance Rider

Premium Paying Term

Policy Term minus 3 years

Same as the Jeevan Lakshya (Policy Term-3 years)

Same as the Jeevan Lakshya (Policy Term-3)

Policy Term

Minimum- 13 years

Maximum- 25 years

N/A

Minimum- 13 years

Maximum- 25 years

Benefits of Availing LIC Jeevan Lakshya Policy

There are several benefits of buying LIC Jeevan Lakshya policy. Some of the benefits offered by the policy are

    • Maturity Benefits - It is payable in the case when the policyholder completes the premium term of the policy and survives till the end of the policy tenure. In case when the policy holder completes the premium term of the policy and survives till the end of the policy tenure. The maturity benefits will incorporate the maturity’s sum assured plus the final additional bonus and a reversionary bonus if any. The basic sum assured and the sum assured on maturity are the same which is offered to the insured at the completion of the policy term. Sum assured on maturity plus all accumulated gratuities shall be paid to the policyholder if he endures even after the fulfilment of policy period under LIC Jeevan Lakshya Plan 833.

Participation in Profits

The policy must contribute in the profits of the Corporation and must have the right to get the Simple Reversionary Bonus declared according to the Corporation’s experience, provided the purchased policy is in full force.

In the case of the demise of the policyholder, the LIC Jeevan Lakshya Plan 833 must continue to take part in the profits up to the maturity date and the entire fixed Final Additional Bonus and Simple Reversionary Bonus, if any, must be payable on the maturity due date. Therefore, the Final Additional Bonus and the Simple Reversionary Bonuses, if any, must be paid under the policy on the maturity due date regardless of the survival of the Assured Life.

If you do not pay the premiums (except in the case of demise of the Assured Life under the enforced policy), the policy must cease to take part in the future profits regardless of whether the policy has seized the paid-up value. Nevertheless, the plan must be taken into consideration as in force on the demise during the grace period.

Final Additional Bonuses may not be payable under the scaled down paid-up policy.

      1. Death Benefits- Death benefits are provided in case of the death of the policyholder before the completion of the policy tenure. The benefit amount comprises of the sum assured on demise, the final additional bonus (if any) and the simple reversionary bonus, payable to the nominee of the policy.

Sum Assured on Death is defined as the sum of:

      • The Annual Income Benefit equivalent to 10 percent of the Basic Sum Assured that must be payable from the anniversary of policy going along with or following the date of the demise of the Life Assured, until the anniversary of the policy before the maturity date.
      • The Assured Absolute Amount equivalent to 110 percent of the Basic Sum Assured that must be payable on the maturity due date; and

The fixed Final Additional Bonus and the Simple Reversionary Bonuses, if any, contained in the Death Benefit must be payable on the maturity due date.

The aforementioned Death Benefit must not be less than 105 percent of the all paid premiums on the date of the demise.

The aforementioned premiums do not include taxes, rider premium(s) and extra premium, if any.

    1. Tax benefits- Under the income tax act of 80C the premium paid under this plan is permissible for availing rebate on annual income tax and as per section 10 D the maturity amount is free from tax.

LIC Jeevan Lakshya also Offers Optional Benefits as Riders

Accidental Death and Disability rider- You can avail the LIC accidental death and disability benefit anytime during the term of the payment of the premium. One of the most important benefits offered by this rider is, in the case of death in an accident, an extra sum assured, equivalent to the sum assured in the accidental benefit is payable. This benefit is provided to the co-rider at the time of accident. Secondly in case of disability due to accident and equivalent amount of the accidental benefit sum assured is paid to the insured in equal monthly instalments up to 10 years.

New Term Assurance Rider- The New Term Assurance rider is made available on making the payment of an additional premium at the inception of the policy. The payment of amount is made together with the primary plan of the LIC Jeevan Lakshya Scheme. One of the advantages offered by this rider is that in the case of death of the insured during the term of the policy, an additional amount equivalent to the sum assured of the term assurance rider is liable to be paid to the policyholder as long as the applicability of the coverage of the plan rider is there.

Criteria

New Term Insurance Rider

Accidental Death and Disability Rider

Age of entry

Minimum- 18 years

Maximum-50 years

Minimum- 18 years

Maximum- 5 years of PPT of Jeevan Lakshya

Maximum Coverage maturity age

65 years

65 years

Sum Assured

Minimum-Rs 1,00,000

Maximum- Rs 25 00,000

Minimum- Rs 10,000

Maximum- Equal to the basic sum assured subject to Rs 100 lakh over all limits

Policy term

Minimum- 13 years

Maximum- 25 years

N/A

Exclusion under LIC Jeevan Lakshya Plan

The LIC Jeevan Lakshya Plan 833  offered by the LIC of India is a comprehensive plan that does not come with additional regulations provided the mentioned criteria are fulfilled properly. However, like any other policy, this plan also has some exclusion like.

In case of suicide, the policy does not provide any coverage to the insured.

The 80% of the single premium paid and the extra premium paid is returned in case the policyholder commits suicide within 12 months from the date of commencement.

By using LIC Jeevan Lakshya premium and maturity calculator the insured can calculate the premium and maturity benefits of the policy. You can check online the details of the policy and choose the LIC policy according to your own comfortability.

LIC Jeevan Lakshya Premium And Maturity Calculator

Paid-up Value

If you have made payment of the premiums for around three consecutive years and the payment of subsequent premiums have not been made, the LIC Jeevan Lakshya Plan 833 obtains the Paid-up value. In such a case, a multiple of a fraction of the total number of payable premiums and the total number of paid premiums is the Death Sum Assured and the Maturity Sum Assured. The Income Value will also be liable to be subjected to the equivalent fraction beginning from the demise of the life assured.

LIC Jeevan Lakshya Surrender Value

You can avail the Guaranteed Surrender Value if you surrender the policy after making payment of premiums for at least three years. It is a percentage of the entire premiums paid until the date of maturity.

The Revival of the Policy

You can reinstate the policy if it gets lapsed, only if you have not made the payment of the premiums for less than 2 consecutive years.

Loan on the Policy

After making a payment of premiums for 3 years, you can avail a loan on the policy.

LIC Jeevan Lakshya Policy Details and KYC

Grace Period under the Policy

You will be given a grace period of 30 days to make payments of the premiums. If the policyholder fails to make the payment within the grace period of the policy, then the policy gets lapsed automatically. However, you are given an option to revive the policy within the time period of two years from the first unpaid policy premiums’ date.

Free Look Period

If the policyholder is not satisfied with the conditions of the policy, then he can cancel the policy within the time period of 15 days from the date of receipt, only if any claim has not already been registered with LIC.

Documents Required

The policy holder must fill the Proposal Form 300 under LIC Jeevan Lakshya Plan 833 with their exact medical history and also other documents are needed in order to complete the policy, such as proof of address and other KYC (Know Your Customer) documents. Apart from this, you may require undergoing Medical Test depending on the sum assured along with the age of the policy holder.

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