LIC Jeevan Lakshya Plan No 833
In India, when we think of life insurance, the first company that comes to mind is LIC (Life Insurance of India). Such is its credibility and product line. LIC is one insurance organization which has the maximum number of products and customer – base in India. It keeps launching various schemes every week and month. One such useful scheme launched recently is LIC Jeevan Lakshya Plan No 833.
Jeevan Lakshya Plan 833 is a conventional limited paying plan with profit linked Endowment Assurance and offers an annual income benefit to meet the demands of family requirements. The payouts on maturity of this plan are broken into slots. In case the policy holder dies, the maturity amount would be paid to the nominee in the amount of 10 per cent of the basic sum assured with every policy anniversary. In addition to this, it also offers a lump sum amount when the policy matures, whether the policy holder is dead or alive.
Eligibility Criterion for LIC Jeevan Lakshya
Age of Entry: 18 to 50 years
Maximum Maturity Age: 65 years
Term of Policy: 13 to 25 years
Term of Premium: (Policy Term – 3) Years. So, that means if the policy term is 23 year, the premium term would be 20 years
Sum Assured: Minimum sum assured is at least 1 lakh, and maximum could be anything depending on the investment
Modes of Payment of Premium: Monthly, Quarterly, Half-Yearly & Yearly
Benefits of Jeevan Lakshya Plan No 833
Benefits on Death of Policy Holder in LIC Jeevan Lakshya Plan No 833
- As mentioned earlier, in condition of death of the policy holder, the scheme would offer 10% of the basic assured sum to the nominee on every anniversary of the policy. This would start immediately after the death of the policy holder. The nominee would keep getting this amount till the policy matures.
- The nominee would be paid the following amount at the maturity of the policy:
Basic Assured Sum of Death (110% of Assured Sum) + Bonuses out of Vested Simple Revisionary + Any other Bonus, if applies
Benefits on Survival/Maturity of Policy Holder in LIC Jeevan Lakshya Plan No 833
After successful premium payments, if the policy holder is surviving at the time of maturity, the following would be the benefits:
Basic Assured Sum + Bonuses out of Vested Simple Revisionary + Any other applicable bonuses
Jeevan Lakshya Policy Riders
The plan 833 of Jeevan Lakshya Policy gives you two optional riders, if you are willing to pay some additional premium.
Rider 1: Disability Benefit and Accidental Death Rider
- If the policy holder dies in the even of accident, the nominee would receive an amount that would be equal to ‘Assured Accident Benefit Sum’.
- If the policy holder becomes permanently disable due to accident, he/she would be paid a monthly installment out of the basic sum assured for a period of 10 years. Moreover, any further premium would be waived off thereafter.
- The policy holder can avail these benefits only while the policy is live.
Eligibility for Disability Benefit and Accidental Death Rider
- Minimum age of entry should be 18 years
- Maximum age would be when the minimum PTF available under the Basic Plan is 5 years
- The maximum age to cover the ceasing is 65 years, or birthday near to this age
Rider 2: LIC New Term Assurance Rider
In case of death of the policy holder while the policy is live, a Term Assurance Rider Sum would be paid to the nominee
This benefit can only be availed under this rider at the time when you are buying Jeevan Lakshya Policy
Eligibility for New Term Assurance Rider
- The minimum age for entry is 18 years with maximum being 50 years
- The policy Term would be same as the Basic Plan, which implies minimum of 13 years and maximum of 25 years
- The Paying Term of premium too would be same as the Basic Plan, i.e. (Policy Term – 3) years
- The Sum Assured for Term Assurance Rider would be a minimum of Rs 1 lakh and a maximum of 25 lakh.
Jeevan Lakshya Policy Rebates
Basic Sum Assured Rebate
1 lakh to 1.9 lakh Nil
2 lakh to 4.9 lakh 2% of Basic Assured Sum
5 lakh and above 3% of Basic Assured Sum
Mode of Rebate
Premium Paying Mode Rebate
Yearly 2% of tabular premium
Half Yearly 1% of tabular premium
Rebates for employees of LIC and Agents
Policy Term Rebate
10 to 14 years 5%
15 years or more 10%
Reasons to buy LIC Jeevan Lakshya Plan 833
If you are looking for a good endowment plan, Jeevan Lakshya Plan 833 may well suit your needs. LIC makes this plan a unique one by adding death benefits to it. Even for those who this policy may not serve the real purpose, it may offer a good return of 6 – 7%, along with giving you a life cover.
Few analysts however belief that it is always better to go for sufficient term plans rather than choosing for endowment plans. The actual decision lies with the policy holder since they are the best person to make a choice. We would simply suggest you to know the plan well before actually signing in for it.