LIC Jeevan Lakshya Plan no 833 Review

By | April 25, 2016

lic-jeevan-lakshayLIC Jeevan Lakshya Plan no 833

An introduction to the LIC Jeevan Lakshya Plan no 833 :

LIC Jeevan Lakshya Policy (plan no 833) was initiated in March, 2015 as a With – Profits Endowment Assurance plan. LIC Jeevan Lakshya plan is a limited premium paying usual plan.

Jeevan Lakshya Lic policy offers Annual Income advantage to fulfill the requirements of the family. It is mostly helpful for children, in case of unfortunate demise of policy holder during the policy tenure i.e., any time before maturity. Jeevan Lakshya Lic new plan also offers a lump sum amount at the time of maturity regardless of survival of the policy holder.

Lic Jeevan Lakshya UIN (Unique Identification Number) is 512N297V01. This UIN has to be mentioned in all related documents furnished to the policy holders & other users.

Lic jeevan lakshya plan details like conditions, advantages, documents necessary etc., are mentioned below. Also, you can very easily calculate the Premium rates by making use of the LIC jeevan lakshya premium chart & Calculator based on some parameters mentioned as under :


Eligibility Conditions of the Jeevan Lakshya Lic Policy

Eligibility Conditions of the Basic Plan are :

Entry Age : ·         Minimum : 18 years

·         Maximum : 50 years

Maximum Maturity Age : ·         65 years
Policy Tenure : ·         Minimum : 13 years

·         Maximum : 25 years

Premium Tenure : ·         (Policy tenure – 3) years
Sum Assured : ·         Minimum : 1 Lakh

·         Maximum : No limit

·         Basic SA shall be in multiples of Rs. 10, 000 /- only.

Premium paying modes : ·         Annually, Half-annually, Quartely & Monthly mode.

Rebates under the Jeevan Lakshya Lic New Plan 

In Jeevan Lakshya Lic Plan there are 2 kinds of rebates :

  1. Mode Rebate
  2. High Basic Sum Assured Rebate

Mode Rebate:

Mode Percentage
Annually 2 percent of tabular premium
Hal f- annually 1 percent of tabular premium
Quarterly & monthly Nil


High Basic 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 percent of Basic Sum Assured
5, 00, 000 & above 3 percent of Basic Sum Assured

Maturity Advantage of the Jeevan Lakshya Lic Plan 

On continued existence of the policy holder till the conclusion of the policy tenure, given that all due premiums have been duly paid :

Maturity Advantage = “Sum Assured on Maturity” + vested Simple Reversionary bonuses + Final Additional bonusif any.

Where  ‘Sum Assured on Maturity’ is equivalent to Basic Sum Assured (SA).

Demise Advantage of the Lic Jeevan Lakshya plan 

On demise of the policy holder at some stage in the policy tenure,

Demise Advantage = “Sum Assured on Demise” + vested Simple Reversionary Bonuses + Final Additional Bonus (FAB), if any.

Where ‘Sum Assured on Demise’ = Annual Income Advantage + Assured Absolute Amount

  • Annual Income Advantage = 10 percent of the Basic SA, which shall be payable from the policy anniversary coinciding with or following the date of demise of Life Assured, till the policy anniversary prior to the maturity date.
  • Assured Absolute Amount = 110 percent of Basic SA, which shall be payable on due date of maturity.

The vested Simple Reversionary Bonuses & FAB, if any, incorporated in the Demise Advantage,  shall be payable on due date of maturity.

The Demise Advantage shall not be less than 105 percent of all the premiums paid as on date of demise.

Lic Jeevan Lakshya 833 Riders (Optional Advantages)

Lic Jeevan Lakshya 833 Policy offers optional riders with the payment of additional premium. There are 2 optional riders obtainable under Lic Jeevan Lakshya Policy, they are

  1. Accidental Demise & Disability Advantage Rider
  2. New Term Assurance Rider

Lic Accidental Demise & Disability Advantage Rider:

Lic Accidental Demise & Disability Advantage can be chosen at any time within the Premium Paying Tenure (PPT) of the Basic Plan provided the outstanding PPT is at least 5 years. If Accidental Demise & Disability Advantage is chosen, then

  • On demise due to an accident, an additional amount equivalent to theAccident Advantage Sum Assured is payable, given that the rider is enforcing at the time of accident.
  • In case of accidental enduring disability, an amount equivalent to the Accident Advantage SA will be paid in equal monthly instalments spread over 10 years. Future premiums for Accident Advantage SA & premiums for the portion of Basic SA (which is equal to Accident Advantage SA), shall be waived.

Eligibility Conditions for Accidental Demise & Disability Advantage Rider:

Minimum Entry Age : ·         18 years (last birthday)
Maximum Entry Age : ·         This cover can be opted for at inception provided the minimum PPT left under the Basic plan is 5 years.
Maximum cover ceasing Age : ·         65 years (nearer birthday)
Accident Advantage Sum Assured : ·         Minimum :  Rs. 10, 000 /-

·         Maximum : An Amount equal to Basic SA subject to the maximum of Rs.100 lakh overall limit.

·         Accident Advantage SA shall be in multiples of Rs. 10, 000 /- only.

LIC New Term Assurance Rider :

Lic New Term Assurance Rider is obtainable at the commencement of the policy on payment of extra premium. It is to be paid along with the premium of the basic plan & any other rider (if chosen), during the PPT of the Lic Jeevan Lakshya policy. If this rider is chosen,

  • On demise of the Life Assured during the policy tenure, an additional amount equal toTerm Assurance Rider Sum Assured shall be payable given that the rider cover is in force.

Eligibility Conditions for New Term Assurance Rider :

Entry Age : ·         Minimum : 18 years (last birthday)

·         Maximum : 50 years (nearest birthday)

Policy Tenure : ·         Same as Basic plan i.e.,

·         Minimum : 13 years

·         Maximum : 25 years

Premium Paying Tenure : ·         Same as Basic plan i.e.,

·         (Policy tenure  –  3) years

Tenure Assurance Rider Sum Assured : ·         Minimum : Rs. 1, 00, 000 /-

·         Maximum : Rs. 25 lakhs.

·         Term Assurance Rider SA can be taken in multiples of Rs. 10, 000 /- only.

Premium Calculator Of the Lic Jeevan Lakshya 833

You can very easily calculate the premium & Maturity advantages by making use of the Lic Jeevan Lakshya Premium & Maturity calculator. Policy period, Age & Sum assured are needed to calculate the premium & maturity advantages.

Purchasing Procedure of the LIC Jeevan Lakshya 833 

The Documents needed for purchasing Lic Jeevan Lakshya Plan are mentioned below :

  • Application form / Proposal form 300 along with photo :
  • Address proof :
  • Age proof :
  • Medical reports (if required) :

Added Information about the Lic Policy Jeevan Lakshya

Paid – Up Value:

If no less than 3 full years’ premiums have been paid & any succeeding premiums be not duly paid, Lic Jeevan Lakshya Policy will obtain Paid – Up Value.

  • The Sum Assured on Maturity under paid – up policy shall be condensed to such a sum called“Maturity Paid – up Sum Assured”.
    Maturity Paid-up Sum Assured = Sum Assured on Maturity * (no. of premiums paid / no. of premiums payable).
  • The advantage payable in case of demise under a paid – up policy, called “Demise Paid-up Sum Assured”,shall be equivalent to the sum of:
    • Decreased Income Advantage i.e. 10 percent of Basic SA x (No. of premiums paid/Total No. of premiums payable) shall be payable from the policy anniversary coinciding with or following the date of demise of Life Assured till the policy anniversary before maturity date.
    • [(No. of premiums paid / Total No. of premiums payable) x Absolute amount assured to be paid on demise]which shall be payable on the date of maturity.

Lic Jeevan Lakshya Surrender Value :

Jeevan Lakshya Lic new plan can be surrendered at any time in the policy tenure given that at least 3 full years’ premiums have been duly paid.

  • Guaranteed Surrender Value :The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) – any extra premiums & premiums for riders, if selected.
  • Special Surrender Value : The Special Surrender Value will be the discounted value of the sum ofMaturity Paid – up Sum Assured & the vested Simple Reversionary bonuses, if any.

Renewal :

If Lic Jeevan Lakshya policy has lapsed, it may be renewed during the lifetime of the Life Assured, but within a period of 2 consecutive years from the date of first unpaid premium.

Loan :

Loan Facility is obtainable under Lic Jeevan Lakshya policy after payment of premiums for at least 3 full years.

Suicide clause :

If the life assured commits suicide before 12 months from the date of beginning of risk, he / she will be returned back with 80 percent of single premium paid exclusive of any taxes & extra premium, if any.

Taxes :

Taxes, if any, shall be as per the Tax laws & the rate of tax shall be as applicable from time to time.

Cooling – off Period :

If Policy holder is dissatisfied with the Terms & Conditions of the policy, the he / she may return the policy within 15 days from the date of receiving of the policy.

Backdating Interest :

The policies can be dated back within the very same financial year.

Policy Stamping :

Under Lic Jeevan Lakshya policy, stamping charges will be 20 paise per thousand of basic sum assured.

Assignments / Nominations :

Assignments & Nominations is achievable under this Lic Jeevan Lakshya Policy plan no 833.

Advantage Illustration of the Lic Policy Jeevan Lakshya 

Mr. Viren has taken LIC Jeevan Lakshya policy with subsequent details :

  • Viren’s age : 30 years
  • Policy Tenure : 20 years
  • Basic Sum Assured : 10 lakhs
  • Premium Paying tenure : ( Policy tenure – 3 years )= 20 years- 3 years = 17 years

Demise Advantage: If Viren dies after 5 years from the date of receiving of policy.  The demise advantage payable will be:

  • From the 6th year of policy period, nominee will receive Rs. 1, 00, 000 /- (10 percent of Basic sum assured) on every policy anniversary till end of the policy tenure (20th Year).
  • At end of policy tenure / maturity date, Nominee will be paid Rs. 11, 00, 000 /- (110 percent of sum assured) + Vested simple Revisionary Bonuses + Final Additional Bonus (If Any).

Maturity Advantage: If Mr. Viren is surviving till the conclusion of the policy, the maturity advantage received will be :

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)

Frequently asked questions of the LIC Plan Jeevan Lakshya

Q1. What will be the Commission payable to intermediaries?

A1. Commission rates (as a percentage of premium net of taxes) during the premium paying tenure are as under:

Agents & Corporate Agents:

Premium Paying Tenure 1st Year 2nd & 3 rd Year Subsequent Years
10 to 14 years 20 percent 7.5 percent 5 percent
15 years & above 25 percent 7.5 percent 5 percent

Bonus Commission:   40 percent of 1st year commission.


Premium Paying Tenure 1st Year 2nd & 3 rd Year Subsequent Years
10 to 14 years 25 percent 5 percent 5 percent
15 years & above 30 percent 5 percent 5 percent

Bonus Commission: No bonus commission is payable to brokers.


Q2. What will be the credit to Development Officer?

A2. Credit (as a  percent of the first year premium net of taxes) are as under:

Premium Paying Tenure Credit
 10 to 14 years 60 percent
15 years & above 100 percent


Q3. Is Lic Jeevan Lakshya Policy eligible for CEIS Rebate?

A3. Lic Jeevan Lakshya Policy concluded 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, given that policy is not taken through any intermediary are as under:

Premium Paying Tenure CEIS Rebate
 10 to 14 years 5 percent
15 years & above 10 percent

For further details, please refer the mentioned below official link :

Click here for LIC Jeevan Lakshya Policy

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