LIC Jeevan Lakshya Plan Table 833

LIC Jeevan Lakshya Plan (Table 833) – Features and Benefits

LIC Jeevan Lakshya Plan Overview

LIC Jeevan Lakshya policy is a perfect mix of both life cover and saving plan. The plan provides the best financial security to both family and children. The plan offers the risk cover during the policy tenure and on survival as

Maturity Amount = Sum Assured + Bonuses

One can also use the Jeevan Lakshya maturity calculator to calculate the maturity value. In the event of the death of an insured person, the policy offers 10% of the sum assured amount per year and till maturity, the policy offers 110% of Sum Assured + Bonuses. The policy offers a limited premium paying plan. It is a non-linked plan that came to exist in March 2015. One has to visit the LIC office to buy this plan, as it is not available online. One can contact agents and brokers of LIC to get an idea about this plan and to buy it.

 Why should you buy LIC Jeevan Lakshya Plan?

LIC Jeevan Lakshya 833 plan is an endowment plan and it offers guaranteed benefits to the policyholders within the policy tenure. But throughout the tenure, one can get the benefits of the plan even in the death of an insured person. It is a traditional non-linked endowment plan, as it will not depend on the market movements. Here the insured person is eligible to get some bonuses which will increase the maturity amount. Thus, the LIC Jeevan Lakshya plan is the best in offering financial security to the policyholder’s family.

LIC Jeevan Lakshya Plan – Salient Features

Let us discuss some salient features of the LIC Jeevan Lakshya policy.

  1. The plan provides a double benefit to the insured person during the policy term
  2. Here the minimum sum assured amount under the policy is Rs. 1, 00,000, and one can get the basic sum assured in terms of multiples of Rs. 10,000.
  3. The policy tenure of the LIC plan 833 is around 13-25 years
  4. The plan offers four modes of premium payment including Monthly, Quarterly, Half-Yearly, and Yearly. One can choose the premium payment mode based on your convenience.
  5. The policyholder is eligible for the plan under a certain category such as 18-50 years. So, the maximum maturity under this plan is 65 years.
  6. Bonuses are the huge benefit of this plan. According to the Profits Endowment Assurance plan, the plan collects profits throughout the policy tenure through the Simple Reversionary Bonus and Final Addition Bonus. One can get such bonuses after the maturity period is over.
  7. One has to pay the premium amount within 3 years of the policy tenure. It doesn’t depend on whatever the policy term you go with.
  8. Here the LIC plan offers two optional riders such as LIC’s Accidental Death and Disability Benefit Rider. The final one is the Term Assurance Rider.
  9. The LIC plan offers another option for paying premiums through Electronic Clearing Service (ECS). One can use the LIC Jeevan Lakshya calculator to know about the premium amount and maturity value.

What are the benefits offered by LIC Jeevan Lakshya Plan?

Here are some benefits of the LIC Jeevan Lakshya Policy:

Death Benefit

In the event of the unfortunate death of an insured person during the policy term, the nominee gets the death benefit. Here the details of the death benefit:

  • The nominee gets the annual income benefit which is equal to 10% of the basic sum assured every year. The nominee gets the death benefit until the end of the policy term.
  • On the date of maturity, the assured absolute amount is equal to 110% of Basic Sum Assured along with bonuses. Such bonuses include a simple reversionary bonus and final addition bonus.

Maturity Benefit

Maturity benefit is the whole sum amount that the policyholder gets after the maturity period. Here the entire sum assured amount is the lump sum amount that includes a simple reversionary bonus and final addition bonus. LIC Jeevan Lakshya calculator provides this maturity value upon entry of certain details.

Maturity Sum Assured = Sum Assured + Vested Simple Reversionary Bonus + Final Addition Bonus.

Participatory Plan

The Jeevan Lakshya LIC policy is a non-linked participatory plan. The policy will participate in LIC profits, and policyholders may get bonuses with the profits from the LIC plan.

  • In the event of the death of the policyholder, the entire bonuses will reach the nominee on the maturity date. So, the nominee gets the bonuses after the policy ends.
  • In the event of lapsed policies, the plan will not participate in future profits. But, the policyholder gets the accrued bonuses.
  • After the maturity of the policy, the policyholder gets the Maturity Assured Amount along with accrued bonuses.

Additional Optional Benefits

An additional optional benefit is to avail of the rider benefit under the LIC 833 plan. The policyholder can choose either two or any one of the rider benefits. They are

  • LIC’s Accidental Death and Disability Benefit Rider
  • LIC’s New Term Assurance Rider

Flexibility in Premium Payment

The plan provides various modes of premium paying amount. Some of the flexibility modes include:

  1. Monthly
  2. Quarterly
  3. Half-Yearly
  4. Yearly

Attractive Rebates

Based on various modes of premium payment, here are the details of the attractive rebates and discounts. This is for premium payment mode rebate:

For the monthly and quarterly mode of premium payment NIL
For the half-yearly mode of premium payment 1% rebate on tabular premium
For the yearly mode of premium payment 2% rebate on tabular premium

This is for high sum assured rebate:

Sum Assured Rs. 1,00,000 to Rs. 1,90,000 NIL
Sum Assured Rs. 2,00,000 to Rs. 4,90,000 2% of the basic sum assured
Sum Assured Rs. 5,00,000 and above 3% of the basic sum assured

Eligibility Criteria of LIC Jeevan Lakshya Policy

Here are the eligibility criteria of Jeevan Lakshya LIC policy

 Plan Parameters  LIC Jeevan Lakshya  Accidental Death & Disability Rider  New Term Assurance Rider
 Basic Sum Assured Rs. 1,00,000

No maximum limit

●        Minimum – Rs. 10,000

●        Maximum –  Equal to the Basic SA – Rs. 100 lakhs

●        Minimum – Rs. 1,00,000

●        Maximum – Rs. 25 lakhs

 Entry Age – Minimum 18 years 18 years 18 years
 Entry Age – Maximum 50 years >5 years of PPT of plan Same as Jeevan Lakshya plan
 Maturity Age 65 years 65 years 65 years

 Premium Paying Terms

Here the premium payments for the LIC table no 833. The policyholder can make premium payments in monthly, quarterly, half-yearly, and yearly modes. Here the policyholder can get an ECS facility too for making easy premium payments using net-banking.

Plan Parameters  LIC Jeevan Lakshya  Accidental Death & Disability Rider  New Term Assurance Rider
 Policy Tenure 13-25 years N/A 13-25 years
 Premium Payment Term Policy Term minus 3 years Same as Jeevan Lakshya plan Same as Jeevan Lakshya plan

How does LIC Jeevan Lakshya Plan Work?

When you want to buy the LIC Jeevan Lakshya policy 833, an individual has to think about the following details:

Basic Sum Assured – It is the life cover amount that an individual can decide from Rs. 1, 00,000 to any maximum amount.

Policy Tenure – The policy term means the period that you can cover between 13-25 years.

Premium Payment Term – One has to pay the premium amounts in a term which is equal to the policy term minus 3 years.

Based on the above parameters such as age, policy term, the basic sum assured, one will get an annual premium amount. One will also receive a simple reversionary bonus and final addition bonus along with the sum assured amount.

Other Policy Benefits:

Free-look Period

If the policyholder is not happy with the terms and conditions of the plan, then he/she can cancel the plan within 15 days of purchasing the policy. It is known as the free-look period. One will get the premium paid amount upon the cancelation of the policy.

Grace Period

The LIC Jeevan Lakshya child plan offers additional days for paying the premium amount is called the Grace Period.

  1. For monthly premium payment – 15 days
  2. For quarterly, half-yearly, and yearly premium payment modes – 30 days


One can avail of the loan facility under this policy after paying the premium amount for 3 years.

A Revival of the Policy

One can revive the policy within 2 years of the lapsed plan. After 2 years of the lapsed policy, you can’t get the revival of the policy.


An individual has a choice to choose the following rider after paying an extra premium amount.

  • LIC’s Accidental Death and Disability Benefit Rider
  • LIC’s New Term Assurance Rider

Surrender Value

If the policyholder surrenders the plan before making 3 years of premium payment, he/she will not get any money back. In case, if an individual surrenders the plan after at least 3 years of making premium payment, he/she can get the surrender value. To know about the surrender value factor, one can contact the LIC office.

If the policyholder pays the premiums for at least three consecutive years, then he/she will get a paid-up value. In this scenario, the Maturity and the Death Benefit will be the multiple of the fraction of the number of paid premiums and the number of premiums that have to be paid.

How to purchase LIC Jeevan Lakshya Policy?

One can purchase the LIC 833 plan in the following ways:

Online Channel

One can check the details of the LIC Jeevan Lakshya Policy to purchase online. It is simple, as one has to visit the official website of LIC. One can even get help from various online agents and brokers. It is easy to purchase using the online channel at any time anywhere. An online channel offers you the flexibility to choose premium payment modes.

Offline Channel

Another way of buying this plan is through an offline channel. One has to submit the nearby LIC branch to purchase this policy. One can get the help of authorized agents of LIC to buy this plan.

Documents required buying LIC Jeevan Lakshya Policy

Here is the list of documents that you need to buy LIC Jeevan Lakshya Policy:

  • Photo Identity Proof like PAN Card, Voter ID, Aadhar Card, etc
  • Age Proof like Passport, Birth Certificate, etc
  • Address Proof like Rental Agreement, Electricity bill, Ration card, Voter ID, bank passbook, Credit card bill, Driving license, Telephone bill, and Water bill, etc
  • Duly filled proposal form of LIC policy
  • Passport-sized photograph

Exclusions under LIC Jeevan Lakshya Policy

The Life Corporation of India offers the LIC Jeevan Lakshya Plan, which doesn’t provide any rules and regulations in particular. But it is similar to other policy, as it has some exclusion:

  1. In the event of the death of the policyholder due to a suicide attempt, the plan doesn’t offer any life cover to the insured person
  2. If the policyholder commits suicide within 1 year from the purchase period, then the policyholder will get 80% of the single premium paid amount.

By using LIC Jeevan Lakshya 833 premium and maturity calculator, one can easily calculate the premium and maturity rates of the policy. Check the online details of the plan to purchase it with great comfortability.

Tax Implications in LIC Jeevan Lakshya Policy

Premiums – The premiums paid amount under this scheme are tax-free under Section 80C of the Income Tax Act.

Maturity Claim – Here the maturity amount is tax-free under Section 10(10D) of the Income Tax Act.

Death Claim – The nominee receives the death benefit which is tax-free under Section 10(10D) of the Income Tax Act.

Procedure to claim under the LIC Jeevan Lakshya Plan

LIC Jeevan Lakshya Plan offers two types of claims such as

  1. Maturity Claim
  2. Death Claim

Maturity claim is the payment of the maturity amount to the policyholder when he/she completes the policy tenure. The procedure to apply for this maturity claim is simple, as you need to fill and submit the duly signed claim form. Submit this form along with your identity proof to get your maturity benefit. The list of documents to submit for making a maturity claim is as follows:

  • Copy of Identity Proof
  • Duly filled and signed NEFT mandate form
  • Duly filled discharge form
  • An original LIC policy document

In the case of death claim, the nominee gets the death claim in the event of the death of the policyholder. Here the procedure to make a death claim is different. Here the first step is to inform the LIC about the life assurance of the policyholder.

Documents required for Death Claim

The next step in making a death claim is submitting the required documents to the LIC. Here is the list of documents for making a death claim:

  • Proof of death such as a Death Certificate
  • Original policy document
  • NEFT mandate for receiving direct credit in the nominee’s bank account
  • Details of medical treatment
  • A duly filled claim form
  • Proof of title

In the event of the death of an insured person due to an accident or disability, the nominee has to submit some additional documents:

  • Punchanama
  • A certified copy of the First Information Report (FIR)
  • A certified copy of the Police Inquest Report
  • Post Mortem Report
  • Hospital Treatment Reports and Records etc

 Premium Calculator for Jeevan Lakshya Plan

One can use the LIC Jeevan Lakshya premium calculator to calculate the premium amount. One has to provide the details such as age, policy term, the sum assured, etc. to calculate the premium using the Jeevan Lakshya premium calculator. The premium calculator provides an option to calculate the premium for the accidental benefit and term riders.

Maturity Calculator for Jeevan Lakshya Plan

Jeevan Lakshya plan 833 maturity calculator is the best way to calculate the maturity amount. It needs some of your details such as current age, the sum assured, policy term, purchase year, etc. to calculate maturity value. LIC Jeevan Lakshya maturity calculator uses some parameters like Final Addition Bonus, Bonus Rate, etc to get the maturity value.

What happens if you stop paying your premium amount under the Jeevan Lakshya Plan?

If the insured person stops paying the premiums after the grace period, then the policy will acquire a Paid-up value. One can avail of the paid-up value if the policyholder pays the premium amount for at least 3 years.

The LIC policy will not provide any bonuses

The Death Benefit will be:

  • (Number of premiums paid / total number of premiums payable) * (110% of Basic Sum Assured + Bonus accrued)
  • (10% of Basic Sum Assured x (No. of premiums paid / Total no. of premiums payable)). This will be an annual income benefit that the nominee gets under the plan before the maturity period.

The Maturity Benefit will be:

  • (Number of premiums paid / Total number of premiums payable) x (Basic Sum Assured + Accrued bonus)


Thus, LIC Jeevan Lakshya Plan is the best plan that provides an annual income to the family in the event of the death of the policyholder. The family can get the lump sum amount of sum assured at the end of the maturity period. It is better to purchase this plan to provide financial security to the family. So the family gets the financial benefit irrespective of the survival of the insured person.

Leave a Reply

Your email address will not be published. Required fields are marked *