- 0.1 LIC Jeevan Lakshya Plan 833 Review
- 0.2 LIC Jeevan Lakshya Policy Eligibility conditions
- 0.3 LIC Jeevan Lakshya Policy Benefits
- 0.4 LIC Jeevan Lakshya Policy Riders
- 0.5 LIC Jeevan Lakshya Rebates
- 0.6 Documents required buying LIC Jeevan Lakshya Policy
- 0.7 LIC Jeevan Lakshya Premium table chart
- 1 Plan Presented By LIC24 (www.lic24.in)
LIC Jeevan Lakshya Plan 833 Review
LIC Jeevan Lakshya Plan is a Limited Premium Endowment Plan offered by LIC India. Jeevan Lakshya policy participates in profits. LIC New Jeevan Lakshya Plan is an Endowment Assurance policy. Life Insurance Corporation of India has decided to launch Jeevan Lakshya 833 plan with effect from March 2015. Jeevan Lakshya LIC Policy provides Annual Income Benefit which is helpful to fulfil the needs of the family. Jeevan lakshya Lic plan is primarily beneficial for children. In case Life assured meet an unfortunate event during the policy term, 10% of sum assured will be paid on every policy anniversary. Along with maturity Benefit, Insured family will get a lump sum amount irrespective of survival of policyholder. The Unique Identification Number (UIN) for Jeevan Lakshya Lic plan is 512N297V01.
LIC Jeevan Lakshya Policy Eligibility conditions
LIC Endowment Plan – Jeevan Lakshya Plan at a Glance.
|Premium paying term||
For Ex: Policy term: 20 Years, then
Premium paying term: 20 years -3 years = 17 years.
|Basic Sum Assured||
|Max Maturity Age||
|Premium Paying Mode||
LIC Jeevan Lakshya Policy Benefits
- If Death Occurs during the policy term, 10% of the basic Sum Assured will be paid to nominee every year from the year of death until the date of maturity.
- At the end of policy term/ maturity date Nominee will be paid Sum Assured on death(110% of sum assured) + Vested simple Revisionary Bonuses + Final Additional Bonus (If Any).
- On survival of policyholder till the end of the policy term provided all due premiums have been paid as below.
- Maturity Amount = Sum Assured + vested Simple Revisionary bonuses + Final Additional bonus (if any).
- Where Sum Assured on Maturity is equal to Basic Sum Assured.
LIC Jeevan Lakshya Policy Riders
LIC Jeevan Lakshya 833 provides the following optional riders by payment of additional premium:
1. LIC Accidental Death and Disability Benefit Rider
Accidental Death and Disability Benefit Rider can opt at any time within the premium paying term of the Basic Plan. The benefits cover under this rider shall be available during the policy term.
If this rider opts:
- In Case of death during the policy term
- An amount equal to the “Accident Benefit Sum Assured” will be payable.
- In the case of accidental permanent disability
- Accident Benefit SA will be paid in the form of dividing the amount into equal monthly instalments spread over ten years and all Future premiums for Accident Benefit rider are waived off.
Eligibility Conditions for Accidental Death and Disability Benefit Rider
|Minimum Entry Age:||
|Maximum Entry Age:||
|Maximum cover ceasing Age:||
|Accident Benefit Sum Assured:||
2. LIC New Term Assurance Rider
Term Assurance Rider can opt only at the time of taking Lic’s Jeevan lakshya Policy. Life Assured have to pay the small additional premium for choosing this rider along with regular premium. Suppose policyholder has more than one policy if total term assurance rider sum assured on all his policies exceeds more than 25 lakhs then LIC pays only 25 lakhs as it is a ceiling amount in term assurance rider.
Eligibility Conditions for New Term Assurance Rider
|Premium Paying Term:||
|Term Assurance Rider Sum Assured:||
LIC Jeevan Lakshya Rebates
Sum Assured Rebate
|1,00,000 to 1,90,000||Nil|
|2,00,000 to 4,90,000||2%|
|5,00,000 and above||3%|
|Premium Paying mode||Rebate|
|Half Yearly Mode||1%|
Rebates for LIC Employees And agents who want to take this policy
|10 to 14 years||5%|
|15 years and more||10%|
LIC Jeevan Lakshya Commission to Agents, Development Officers and Brokers
|Agents and Corporate Agents|
|Premium paying term||1st year||2nd and 3rd year||4th to end of the term|
|10 to 14 years||20%||7.5%||5%|
|15 years and above||25%||7.5%||5%|
|Bonus Commission: 40% of 1st year Commission|
|10 to 14 years||25%||5%||5%|
|15 years and above||30%||5%||5%|
|No Bonus Commission for brokers|
|Development officer Credit|
|10 to 14 years||60%|
|15 Years and Above||100%|
Documents required buying LIC Jeevan Lakshya Policy
Documents required for buying Lic Jeevan Lakshya Plan are listed below.
- Application form/Proposal form 300 along with the photo.
- Address proof.
- Age proof.
- Medical reports (if required).
Plan Presented By LIC24 (www.lic24.in)
Lic Jeevan Lakshya Policy Benefit illustration
|Tabular Premium: 54.1|
|Premium||without tax||Tax tax||with tax|
|Age||Policy Year||Premium Paid||Tax Saving||Natural Death Coverage||Accident Death Coverage||Bonus||Cash Value||Loan value|
|Death Benefit||From Year of Death, Every Year 10% of sum assured = 30,000 till end of policy term|
|At end of Policy Term 330,000 + Bonus amount 332,400 will be payable|
For Example, Mr. Harish has taken Jeevan lakshya Lic policy with following details.
- Harish age: 30 years.
- Policy Term: 20 years.
- Basic Sum Assured: 10 lakhs.
- Premium Paying term: ( Policy Term – 3 years)= 20 years- 3 years = 17 years.
Death Benefit: If Harish dies after 5 years from the date of receipt of the policy. The death benefits payable will be:
- From the 6th year of the policy period, the nominee will receive Rs 1,00,000/-(10% of Basic Sum assured) on every policy anniversary till the end of the policy term(20th Year).
- At the end of policy term/ maturity date, Nominee will be paid Rs 11,00,000/- (110% of sum assured) + Vested simple Revisionary Bonuses + Final Additional Bonus (If Any).
Maturity Benefit: If Mr. Harish is surviving until the end of the policy, the maturity benefit received
Maturity Amount = Sum Assured + vested Simple Revisionary bonuses + Final Additional bonus (if any).
Maturity Amount = 10,00,000 + vested Simple Revisionary bonuses + Final Additional bonus (if any).
Through LIC Jeevan Lakshya premium calculator we can calculate the premium amount to be paid yearly, half yearly, Quarterly or monthly based on the premium paying mode. Based upon the date given, Maturity Premium calculator helps in calculating the premium amount. Here we are providing complete details of LIC Jeevan Lakshya Premium Chart.
LIC Jeevan Lakshya Surrender Value
We have to pay the premium for at least 3 years to surrender the LIC Jeevan Lakshya policy. LIC Jeevan Lakshya Policy can be surrendered at any time during the term of the policy.
Guaranteed Surrender Value: some % of ( Total premiums paid (net of taxes) – any extra premiums – premiums for riders). + surrender value of Bonus.
This percentage will depend on the term of the policy and the year we want to surrender the policy.
Special Surrender Value: LIC will pay Special Surrender Value if Guaranteed Surrender Value is less than Special Surrender value.
LIC Jeevan Lakshya Loan Value
The loan is provided during the term of the policy. The condition is we have to pay minimum 3 years premiums to be eligible to get the loan. Maximum Loan Provided will be the percentage of surrender value.
- For in force policies – 90% of surrender value.
- For paid-up policies – 80% of surrender value.
Suicide Clause: If policyholder commits suicide before one year then premium paid will be refunded. If policyholder commits suicide after one year Full Sum Assured + Bonus will be paid.
Service Tax: 3.09%. For information about Tax on Life Insurance Policies www.taxqueries.in
Back Dating: Possible
Proposal Forms: New Proposal Form is issued Form 300
Cooling Off Period: 15 Days
For more Information regarding the Lic Jeevan Lakshya plan, please refer the given below official link,