LIC Jeevan Lakshya Plan (Table No:833)

LIC’s Jeevan Lakshya policy is a combination of risk cover and saving plan which is most suitable for the purpose of providing financial security of children and family. This policy provides life cover during the policy term and Sum Assured + Bonuses on survival as maturity. In case of death of policy holder during the policy term, this policy provides 10% of sum assured every year till maturity and on maturity it again provides 110% of Sum Assured + Bonuses as maturity.

Key Features

  • Annual Income in case of death
  • Sum assured + Simple Reversionary Bonus + Final Addition Bonus as maturity.
  • Annual Income feature can be used as child education in case of death
  • Paid premiums are exempted from income tax under 80C
  • Maturity amount is tax free under 10 (10D)

Plan Parameters

Age of Entry 18 to 50 years
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Premium Paying Mode Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
Calculate Premium
Policy Term 13 to 25 years
Premium Paying Term (Policy Term - 3) years
Sum Assured 100000 and above (in multiples of 10000)
Premium Mode Rebate 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
High Sum assured Rebate 0% of SA on 0 to 2,00,000
2% of SA on 2,00,000 to 4,90,000
3% of SA on 5,00,000 and above
Loan After 3 Years
Surrender After 3 Years [ Surrender Value Calculator]
Revival Within 2 Years of Lapse

Death benefits

  • In case of death of policy holder during policy term, 10% of Sum Assured will be provided to nominee every year till one year prior to maturity, and
  • On maturity, 110% of Sum Assured + Simple Reversionary Bonus + Final Addition Bonus will be payable as maturity amount.

Maturity benefit

  • Sum Assured + Simple Reversionary Bonus + Final Addition Bonus will be payable as maturity amount. .

Illustrations with Example

To understand Jeevan Lakshya Plan, Lets take an example of a person who is purchasing Jeevan lakshya Plan with following details.

Sum Assured: Rs. 10,00,000
Policy Term: 21 Years
Premium Paying Term: 18 Years
Policy Purchase Year: 2015
Age: 28 Years
Yearly Premium: Rs. 52455

Calculate premium other than above, Click Here

Since Premium paying term is 3 year lesser than policy term, so premium will be payable for 18(21-3) years in this case.

Maturity benefit illustration

At maturity, Jeevan Lakshya provides Sum Assured + Simple Reversionary Bonus + Final Addition as maturity amount on survival of policy holder. Following table indicates the maturity details.

Year Sum Assured (Guaranteed)Bonues (Variable)Maturity Amount (Approx)
2036 10,00,000 11,08,000 21,08,000

Death benefit illustration

In case of unfortunate death of policy holder during policy term, this plan proivides 10% of sum assured every year till maturity and again at competion of policy term maturity amount is also payable. To understand this benefit, let's suppose death happens 10 year after taking this policy, age of the policy holder and year at time of death will 38 and 2024 repectively. 10% of sum assured will be payable from year of death till maturity and on completion of the policy term maturity benefit will be also provide. Following table provides year-wise details.

End of Year Year Premium Paid Return in case of death Remarks
1 2015 52455 0  
2 201652455 0  
3 201752455 0  
4 201852455 0  
5 201952455 0  
6 202052455 0  
7 202152455 0  
8 202252455 0  
9 202352455 0  
10 20240 100000 Unfortunate death happens
11 20250 100000  
12 20260 100000  
13 20270 100000  
14 20280 100000  
15 20290 100000  
16 20300 100000  
17 20310 100000  
18 20320 100000  
19 20330 100000  
20 20340 100000  
21 2035 0 2108000 Maturity Amount
Total 524550 3208000 Maturity + Yearly Income

Comments & Reviews (64)

Wrote :

09-10-2018 09:49:16

For Double Accident Benefit or other rider Medical plan is necessary in 833 plan

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Wrote :

17-09-2018 13:02:39

Replied exactly.... It is very much benefited to Policy Holder in case of death (natural or accidental). Policy Holder should look at the value what he is paying and what he is getting either against death or on maturity. That end the matter of selecting basic plan. When we compare this with Jeevan Anand, Jeevan Anand is better than this....

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Wrote :

02-09-2018 00:05:48

Sir i want to know one thing in jeevan lakshya plan if i haved paid 6months term amount and if my death happens unfortunately or accidental while there be any benefit to my family

Wrote :

03-09-2018 00:55:02

Yes, your nominee will get 10% of sum Assured every year till one year before maturity and on completion of policy term i.e. on maturity, your nominee will get 110% of Sum Assured + Bonus+ FAB.

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Wrote :

11-08-2018 20:59:30

I am planning to start Jeevan Lakshya plan and agent is telling. In case of any death, nominee will get 10% of sum insure every year till policy period and immediate full payment of life insured and again full maturity with bonus at the time of final maturity but no website or link has put immediate full sum insured payment at the time death, is that true or not?

Wrote :

12-08-2018 11:29:40

He must be including term rider with your jeevan lakshya which will provide term rider sum assured immediately after death apart from 10% of sum assured on yearly basis.

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Wrote :

05-08-2018 01:11:47

Please provide name of kanyadan policy of lic and how it work

Wrote :

05-08-2018 22:31:08

It is combination of Jeevan Lakshya Policies.

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Wrote :

26-07-2018 16:49:42

Is kanyadaan policy and Jeevan lakshya 833 policy are same?

Wrote :

29-07-2018 14:09:09

No, it is not the same, but combination of jeevan lakshya 833 is being conceptualized as kanyadaan policy by various agents and advisors.

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Wrote :

14-07-2018 12:51:43

at what time death cover risk start in lic 833 plan

Wrote :

14-07-2018 21:22:45

It will start immediately.

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Wrote :

09-07-2018 11:48:50

If I wish to withdraw the policy after three or four year payment then what will be the system and how much get the amount against the same?

Wrote :

12-07-2018 00:04:05

Please use this calculator and calculate it yourself.

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Wrote :

27-06-2018 16:27:11

Jeevan Labh policy is realated to share market or not

Wrote :

03-07-2018 00:36:43

It is not dependent on share market.

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Wrote :

07-04-2018 12:49:28

Sir, LIC Jeevan Lakshya Plan (Table No:833) is this share market releted plan?

Wrote :

07-04-2018 14:30:25

No, it is not share market based plan. It is bonus based plan and bonus will be according to profit of LIC.

Wrote :

14-06-2018 01:12:14

In jeevan lakshya in case of natural death of the policy holder the nominee will get the returns or is it only on accidental death??

Wrote :

14-06-2018 09:33:31

Natural death is also covered for death claim.

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Wrote :

16-01-2018 13:48:39

Hello is there a minimum premium paying period like 10 years. Kindly update. Thanks Regards, Vincent

Wrote :

16-01-2018 22:51:16

Yes, with Policy Term 13 you can have Premium Paying Term (PPT) as 10 years (13-3).

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Wrote :

12-01-2018 17:26:46

sir, I want to take Jeevan lakshya policy for the sum assured 40 lakhs, my age is 30yrs, working in a private company, should i need to go for medical test, if so what are the tests to be done ???

Wrote :

13-01-2018 22:44:12

Yes, Medical tests shall be required in your case.

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Wrote :

27-12-2017 13:45:28

hi this plan & kandyadan plan same or not

Wrote :

28-12-2017 00:13:28

No, this is not kanyadan policy.

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Wrote :

05-12-2017 23:18:05

Hi plz tell me that jeevan lakshya or sukanya samridhi yojana policies are same or not.

Wrote :

05-12-2017 23:56:36

No, these are not the same plans.

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Wrote :

18-11-2017 08:10:55

Sir I have already two Jeevan Lakshya policies with different nominees. Now I want to have third one with another nominee. I want to know if I die before maturation of these policies will my family members get benefit of all three policies (all three nominees are my family members).I mean will they get yearly benefits of three policies separately.

Wrote :

18-11-2017 21:23:34

Yes, You can take third policy, all you need to do is to mention earlier taken policies in proposal form while taking new policy.

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Wrote :

05-11-2017 23:45:51

Sir is thier any Kanya dan lic police ? or its fake and real name is jeean lakshya policy TABLE 833. Please reply

Wrote :

06-11-2017 10:53:08

There is no policy in the name of kanyadan policy, combination of policies may called with this name in the market.

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Wrote :

07-10-2017 22:45:08

hello sir , what is term rider and is it useful to get sum assured amount immediately after death in case of natural death and what is accidental and disability rider

Wrote :

08-10-2017 00:39:56

Term rider provides, additional amount equal to rider sum assured (generally equal to sum assured of base plan) in case of death. The accidental rider provides additional amount equal to sum assured in case of accidental death.

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Wrote :

30-09-2017 11:44:37

where can I find mortality rate or charges for this plan?

Wrote :

30-09-2017 17:57:22

Please use premium calculator of this plan.

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Wrote :

02-08-2017 18:10:06

Dear Sir, I started Jeevan lakshya 833 plan with policy term 23 yrs and sum assured is 350000. Mode of payment of premium is Monthly and started from Feb-2016. In my LIC bond that mentioned "Instalment Premium for basic plan Rs. 1359.01" and "Total Instalment Premium 1457.00" but first one year they were deducted Rs. 1512 and after that they are deducting Rs. 1484. Can you please help me to understand the variation and let me know the tax% if any tax amount include on this. Thank You, Mohan

Wrote :

03-08-2017 13:45:37

Your age is also required to calculate premium, please share your age.

Wrote :

30-09-2017 11:44:05

gst rate in the first year is 4.5%, whereas it becomes 2.25% in the second year and beyond.

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Wrote :

30-07-2017 12:08:43

Can i buy this policy in Sept 2017 with same benefits as in launch year....pl email me only no calls

Wrote :

31-07-2017 11:52:34

Yes, Feature of this plan will be same. Earlier service tax was levied, now GST will be applicable.

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Wrote :

19-07-2017 15:27:58

How to submit rti-1 e-filing with this policy, i took policy in 2016 november ,

Wrote :

19-07-2017 16:09:13

Premium will be considered under 80c for tax exemptions.

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Wrote :

12-07-2017 09:42:25

Sir Incase LIC Jeevan lakshya policy holder is die due to accident or natural what is the immediate benefit will nomine receive apart from every year 10 percent of the premium and maturity amount.

Wrote :

12-07-2017 14:52:02

1. If death is accidental and accidental rider is included, then accidental sum assured, normally equal to basic sum assured, will be paid immediately.
2. If term rider is included, then term rider sum assured (normally equal to sum assured of base plan) will be available immediately.
It implies, if no riders are taken, then nothing will be paid immediately apart from 10% of sum assured per year up to one year year prior to maturity.

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Wrote :

08-07-2017 12:57:01

in plan no.833 after death (any natural,accidennt) premium waive or not.

Wrote :

09-07-2017 11:32:16

Yes, in case of policy holder's death, further premium are not required to be paid in jeevan lakshay.

Wrote :

11-07-2017 19:50:14

thanks for satisfied answer.

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Wrote :

02-07-2017 19:29:13

Lic Plan Table No.833 Jeevan Lakshya is to good this plan have yu purchases I hope u feel Better

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Wrote :

29-03-2017 21:17:07

Dear Sir, I shall be completing 50 years on 19.04.2017.Can I get a sum assured amount of 10 Lakh and divide the sum after my death to my two daughters aged 26 years and 20 years and whether the 10%and maturity proceeds will be equally divided between them.Will you help me in buying the policy before 19th April 2017?

Wrote :

29-03-2017 21:30:59

Yes, You can take this plan and for this, you may have to go for medical test. The maturity or death claim are payable to legal heirs, so you can surely divide your maturity or death claim amount among two daughters. we will definitely help to you buy before 19th April.

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Wrote :

18-03-2017 18:54:36

Sir/Madam, As the Jeevan Lakshya plan 833 is having the facility of Riders of Accidental & Term Insurance but the premium calculator is only for with Accidental, which is not clear to identify the exact Premium calculations. Pls confirm any way to calculate the same with both the Riders. Thanks in Advance.

Wrote :

19-03-2017 18:59:59

Hi, Please calculate now. Term rider option has been added to premium calculator of Jeevan Lakshay (833).

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Wrote :

10-03-2017 22:22:06

Is the maturity amount in jeevan lakshya-833 TAX FREE as in PPF....

Wrote :

11-03-2017 07:41:12

Yes, maturity is tax free.

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Wrote :

24-02-2017 23:22:43

Sir, in jeevan lakshya if the policy holder dies then the 10% of SA goes to nominee every year till the term completes, now suppose after 2 years of death of policy holder & before the completion of term the nominee also dies then what happens to the remaining SA; will it be paid to their children's? Please reply.

Wrote :

25-02-2017 14:42:01

It will be paid to legal heirs (generally child or spouse) of policy holder.

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Wrote :

10-02-2017 08:40:11

In jeevan laksha policy holder was death in case some health problems..not accident..eligible for all benfits to nominee.. plz tel me sir.

Wrote :

10-02-2017 16:43:38

Death due to health problem is normal death, and benifits of death will be available to nominee.

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Wrote :

02-02-2017 19:24:33

Is jeevan rakshak policy will give me good return or not

Wrote :

02-02-2017 19:37:02

If your objective is return, then you should look for pure investment plans like RD, FD, SIP, MF etc, these are insurance plans and having cost for providing life cover.

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