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LIC Jeevan Lakshya Plan No 833 Review, Features, and Benefits

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LIC Jeevan Lakshya Plan

LIC Jeevan Lakshya Plan is a non-linked plan which offers both the protection and savings. People who wish to give security to their family can buy this plan because it is a combination of protection and Savings. Everyone wants to give a secured future to their family. For those people, this is a good plan to buy. This plan provides annual income benefit to your family. These benefits are very useful for your children in case of unfortunate or sudden death of the policyholder at any time before maturity.

LIC Jeevan Lakshya 833 Plan gives a lump sum amount at any time of maturity irrespective survival of the policyholder. LIC Jeevan Lakshya Policy has its UIN. The Unique Identification Number is 512N297V01. Check the complete details like Eligibility Criteria, Benefits, Premium Modes, etc. in the following sections.

LIC Jeevan Lakshya Policy 833 Benefits & Features

LIC India has differentiated the Features and Benefits for every plan. These features help the people to understand about the Policy.

Benefits of LIC Jeevan Lakshya Policy

The LIC Jeevan Lakshya Plan has key benefits that life assured may get interested. These benefits are given to the policyholder on successful payment of premium. Some of the Benefits of the LIC Plan No 833 are

  • Death Benefit.
  • Maturity Benefit.

Death Benefit:

On death of the Life Assured at the Policy Term before Maturity

Death Benefit:“Sum Assured on Death” + vested Simple Reversionary Bonuses + Final Additional Bonus (FAB), if any.

Sum Assured On Death:

The sum assured will be payable on the due date of maturity. Based on the following circumstances The Death benefit will be paid.

  • Annual Income = 10% of the Basic Sum Assured(SA)

This will be payable from the policy anniversary coinciding with/ following the date of death of LA (Life Assured) till the policy before the date of maturity.

  • Absolute Amount= 110% of the Basic Assured.

Along with this, the vested Simple Reversionary Bonuses and Final Additional Bonus(if any) will be included in the Death Benefit and will be payable on the due date of maturity.

Maturity Benefit:

If the Policyholder survives till the end of the policy, the maturity benefit will be provided.

Maturity Benefit: “Sum Assured on Maturity” + vested Simple Reversionary Bonuses + Final Additional Bonus (FAB), if any.

 This Maturity Benefit will be payable in lump sum on survival to the end of the policy term if all the premiums have paid completely.

Optional Benefits:

There are some optional benefits provided in this LIC Jeevan Lakshya Plan. They are

  • LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
  • LIC’s New Term Assurance Rider (UIN: 512B210V01)

Note: The Rider Sum Assured should not exceed the Basic SA.

Features of LIC Jeevan Lakshya 833 Policy

The Features included in the LIC Jeevan Amulya 823 Term Insurance Plan are

  • Grace Period.
  • Revival Period.
  • Surrender Value.
  • Cooling off Period.

Grace Period:

If the Policyholder doesn’t pay the premium within the time, the company will extend the time to pay the premium is a grace period. LIC Jeevan Lakshya 833 Plan has the grace period of 30 days. Assured candidate can pay the premium within this Grace Period.

Revival Period:

If the Policyholder doesn’t pay the premium within the grace period, then the Policy will be the lapse. A lapsed Term Plan will be revived within the two consecutive years from the date of first unpaid premium. This Term plan will be revived before the expiry period of Policy term.

Surrender Value: 

If the insured candidate wants to return the policy within the Minimum Policy Term, the surrender value will be paid to the policyholder.

Cooling Off Period: 

If you are not satisfied with the Terms and Conditions of the Policy, you can return the LIC Jeevan Amulya 2 823 Plan within the 15 days from the Date of receipt of the Policy.

LIC Jeevan Lakshya Policy Eligibility Criteria and Conditions

LIC Jeevan Lakshya Plan has some eligibility conditions regarding the entry age, sum assured, policy term, etc. Check the Eligibility conditions for the LIC Lakshya 833 Term Insurance Plan.

Basic Sum Assured Minimum Rs. 1,00,000
Maximum No limit(shall be multiples of Rs. 10,000/-)
Age at Entry Minimum 18 years (completed)
Maximum 50years (nearest birthday)
Policy Term Minimum 13 Years
Maximum 25 Years

Premium Paying Term

 Policy Term – 3 Years

Premium Payment Mode

Yearly/ Half Yearly/ Quarterly/ Monthly

Maximum Maturity Age

65 Years

Sample Premium Rates for LIC Jeevan Lakshya 833 Endowment Plan

LIC Lakshya Jeevan 2 Plan has some Premium rates per Rs.1000 sum assured. Go through the following table for complete details.

AGE/TERM
(in years)

13
(PPT = 10)

15
(PPT = 12)

20
(PPT = 17)

25
(PPT = 22)

20

100.75

82.80

57.60

43.40

30

101.20

83.30

58.35

44.55

40

103.25

85.70

61.70

48.85

50

109.95

92.95

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LIC’s Jeevan Lakshya Plan Rebates

A rebate is the portion of interest earned by the owner (lender) of securities that are paid to a short seller (borrower) of the Securities. There are three types of rebates in this LIC Jeevan Lakshya Plan

  • Mode Rebate.
  • High Sum Assured Rebate.

Mode Rebate:

Premium Mode % of Rebate
Yearly 2% of tabular premium
Half-yearly 1% of tabular premium
Quarterly and monthly Nil

High Sum Assured Rebate

Basic Sum Assured Rebate (in Rs.)
1,00,000 to 1,90,000 Nil
2,00,000 to 4,90,000 2% of Basic Sum Assured
5,00,000 and above 3% of Basic Sum Assured

LIC Jeevan Lakshya Plan

LIC India Jeevan Lakshya 833 Premium Calculator

To Calculate the Premium of LIC Endowment plan, you need some basic information like Name, Number, Email Id, Policy Term, etc. Based on the Policy Term and other parameters policyholders can you can calculate the LIC Lakshya Jeevan 833 Premium.

The data required for the calculating the Premium is

  • Name of the Policyholder.
  • Email Id.
  • Mobile Number is given to the Corporation.
  • Age Proof.
  • Policy Term.
  • Sum Assured.

How to buy LIC Jeevan Lakshya 833 Plan?

The policyholder can visit the nearest LIC Branch Office to buy the Proposal form. Or you can go through the online to purchase the Policy. You can also get the Jeevan Lakshya LIC Plan through the Agent.

Documents needed for LIC Jeevan Saral Withdrawn Insurance Plan

  • Application form/ Proposal form along with a photo.
  • Address Proof.
  • Age Proof.
  • Medical reports (If required).

Claim Procedure for LIC Jeevan Lakshya Plan

Nominees can claim for the LIC Jeevan Lakshya policy after the death of the policyholder or after the completion of Premium Mode.

The documents required to claim for the LIC Lakshya Jeevan Endowment Plan are

  1. Duly filled claim form.
  2. Original Policy document.
  3. Identification Proof.
  4. Death Proof.
  5. Medical treatment document prior to death.
  6. Age proof.

Information on LIC Plan 833 Riders

A rider is an add-on provision to a basic insurance policy that provides additional benefits to the policyholder at an additional cost. Riders are available in this plan. There are two types are Riders are available in this plan.

  • Term Assurance Riders
  • Accidental Death and Disability Benefit Rider

Term Assurance Rider:

Term Assurance Rider is an option for the Policyholder at the time of premium. You can pay an additional premium to get additional benefits to your policy.

Sum Assured Minimum 1 lakh with multiple of 10,000.
Maximum An Amount equal to Basic Sum Assured but should not exceed the limit of Rs. 25 Lakh
Age at Entry Minimum 18 years (completed)
Maximum 50 years
Premium Paying Term Same as Basic Plan (Quarterly, Half Yearly, Monthly, Yearly)
Policy Term Same As Basic Plan

LIC’s Accidental Death and Disability Benefit Rider

Sum Assured Minimum 1 lakh with multiple of 10,000.
Maximum An Amount equal to Basic Sum Assured but should not exceed the limit of Rs. 25 Lakh
Age at Entry Minimum 18 years (completed)
Maximum 50 years(Nearest Birthday)
Premium Paying Term Same as Basic Plan (Quarterly, Half Yearly, Monthly, Yearly)
Policy Term Same As Basic Plan

Additional Information on LIC Jeevan Lakshya 833 Plan

Paid Up Value: 

 If the policyholder pays the premium for three full consecutive years and remaining subsequent premiums are not duly paid will not fully void, but shall subsist as a paid-up policy.

Death Sum Assured Paid Up Value:

If the benefit is paid after the death of the life assured under the paid-up policy then it is known as Death Sum Assured Paid Up Value.

Death SA Paid Up Value=

  •  [(Number of premiums paid/Total Number of premiums payable) x Absolute amount assured to be paid on death] which will be payable on the date of maturity.
  • Reduced Income Benefit= 10% of Basic Sum assured x (Number of premiums paid/Total Number of premiums payable) shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured till the policy anniversary before the date of maturity.

Maturity Paid Up Sum Assured:

The Sum Assured on Maturity under paid-up policy shall be reduced to such a sum is known as Maturity Paid Up Sum Assured.

Maturity Paid Up Sum Assured= Sum Assured on Maturity * (no. of premiums paid / no. of premiums payable).

Note:

  • A Paid Up will nor accrue any further bonuses.
  • Riders will  not acquire any paid-up value.

Loan: There is a loan facility under this LIC Jeevan Lakshya Plan.

Taxes: Taxes are applicable (if any) based on the Taxes law and Rate of Taxes will be applicable time to time.

Surrender Value:

If the insured candidate wants to return the policy within the Minimum Policy Term, the surrender value will be paid to the policyholder. There are two types of Surrender Values.

  • Guaranteed Surrender Value.
  • Special Surrender Value.

Guaranteed Surrender Value:

The Guaranteed Surrender Value= (% of total premiums paid (net of taxes)) – any extra premiums and premiums for riders, if opted for.

Special Surrender Value:

The Special Surrender Value= discounted value of the sum of Maturity Paid-up Sum Assured and the vested Simple Reversionary Bonuses if any.

Back Dating Interest: 

The Policy can be backdated within the same financial year.

Policy Stamping:

Policy Stamping Charges will be applicable for 20 paise for 1000 of total sum assured value.

Assignments & Nominations:

Assisgnments and Nominations are available under this LIC Jeevan Lakshya plan.

FAQ’s on LIC Jeevan Lakshya Plan 833

Is Lic Jeevan Lakshya Policy eligible for CEIS Rebate?

Lic Jeevan Lakshya Policy completed under CEIS will be eligible for CEIS (Corporation Employees’ Insurance Scheme) rebate in tabular premium for the basic plan as well as on rider(s) premium, if opted for,  provided policy is not taken through any intermediary are as under:

Premium Paying Term CEIS Rebate
 10 to 14 years 5%
15 years and above 10%

Is there any loan facility under this plan?

Yes, there is a loan facility under this plan.

What will be the Commission payable to intermediaries?

Commission rates (as a percentage of premium net of taxes) during the premium paying term are as under:

 Agents and Corporate Agents:

Premium Paying Term 1st Year 2nd and 3 rd Year Subsequent Years
10 to 14 years 20% 7.5% 5%
15 years and above 25% 7.5% 5%

Bonus Commission:   40% of 1st year commission.

Brokers:

Premium Paying Term 1st Year 2nd and 3 rd Year Subsequent Years
10 to 14 years 25% 5% 5%
15 years and above 30% 5% 5%

Bonus Commission: No bonus commission is payable to brokers.