LIC Jeevan Lakshya plan 833 is a new plan designed by LIC. LIC Jeevan Lakshya plan 833 provides the benefits of a saving plan whole life insurance plan. The main aim of the LIC Jeevan Lakshya Plan 833 is to protect the insured and the insured. The people who want to have risk cover for themselves and their families can opt for LIC Jeevan Lakshya plan 833. At the end of the plan, the policy provider will provide the sum assured to the insured, along with other benefits and bonuses. However, in this article, we will discuss LIC Jeevan Lakshya plan 833, LIC Jeevan Lakshya plan details, and many more.
Key Features of LIC Jeevan Lakshya Plan 833
If you opt for LIC Jeevan Lakshya plan 833, then learn about LIC Jeevan Lakshya plan details. However, some of the essential key features of the plan are
- No tax will be charged on the maturity amount under section 10D.
- The assured will be provided with the sum assured, simple reversionary bonuses, and a final addition bonus on the plan’s maturity.
- If the insured dies, then annual income is provided to the nominee.
- If the insured dies, the bank will provide the annual income feature to the nominee to satisfy their educational needs.
- The LIC Jeevan Lakshya plan 833 offers the minimum sum assured of 1,00,000. However, there is no maximum limit.
- the LIC Jeevan Lakshya 833 plan tenure s about 13 to 25 years.
- the policyholder of the LIC Jeevan Lakshay plan 833 can pay off the premium yearly, half-yearly, quarterly, or monthly. However, there is also an option of ECS available in the policy.
- the premium term for paying is three years.
- the minimum eligibility for the policy is 18 years. However, the maximum is 50 years.
- LIC Jeevan Lakshya plan also provides the accidental death and disability benefits rider and new term insurance rider along with the policy.
Read More: LIC Jeevan Akshay VI Pension Plan
Plan Parameters of LIC Jeevan Lakshya Plan 833
The important LIC JeevanLakshya plan details or parameters are given below
|Age of Entry||18 – 50 years|
|Premium Mode||Yearly, half-yearly, quarterly, monthly (ECS only)|
|Policy Term||13 – 25 years|
|Premium Term||Policy term – 3 years|
|Sum Assured||1,00,000 and above|
|Premium Mode Rebate||2% on yearly,1% on half yearly, nil on quarterly and monthly|
|High Sum Assured Rebate||0% on SA on 0 to 2,00,000
2% on SA on 2,00,000 to 4,90,000
3% SA on 5,00,000 and above
|Loan||After 3 years|
|Surrender||After three years|
|Revival||Within two years of the lapse|
Benefits of LIC Jeevan Lakshya Plan 833
The LIC Jeevan Akshay plan 833 is a health plan with various features. However, some of the benefits of LIC Jeevan Lakshya Plan 833 are
1. Maturity Benefits
The bank provides maturity benefits to policyholders when the policy matures. If the policyholder survives till the end of the policy, then all the maturity benefits are provided to the insured only. If the policyholder dies before maturity, all the benefits will be provided to the insured’s family. The policy provider provides the maturity benefits, the sum assured, and other gifts and bonuses.
2. Death Benefits
The bank provides the death benefits to the policy’s nominee after the insured’s death. If the insured dies before the end of the policy, then all the death benefits will be provided to the insured. However, if the insured survives till the end of the policy, then all the death benefits will be provided to the policyholder along with the sum assured.
3. Accidental Death and Disability Benefits
The LIC Jeevan Lakhya plan 833 also provides accidental death and rider benefits to protect the insured from death and accident while riding. You have to avail of this option during the policy period. If the insured dies in an accident, the bank provides an additional amount to help the family. Moreover, there is also an option for installments. If the insured dies, then the bank will provide the accidental benefits in installments.
4. New Term Assurance Rider
The term assurance rider is an optional benefit chosen by the policyholder. In this benefit, if the policyholder faces any accident or dies, an additional amount along, with the sum assured, is provided to the insured’s family. However, the eligibility criteria for new term assurance riders are
|Criteria||New-term insurance rider||Accidental death and disability benefits|
|Age of Entry||Minimum – 18 years,
Maximum – 50 years
|Minimum – 18 years,
Maximum – 5 years of PPT of Jeevan Lakshya
|Maximum Coverage Maturity Age||65 years||65 years|
|Sum Assured||Minimum – 1 lac||Maximum – equal to the basic sum assured subject to Rs.100 lakh overall limits|
|Policy Term||Minimum – 13 years,
, maximum – 25 years
LIC Jeevan Lakshya’s Plan 833 Details
If you’re about to buy this plan, then you must know other LIC Jeevan Lakshya plan details. However, some of the necessary LIC Jeevan Lakshya plan details are:
1. Grace Period Under the Policy
The LIC Jeevan Lakshya plan 833 provides their policyholders a grace period of 15 or 30 days. The grace period refers to the period a bank provides to a person for clearing due payments. The policy gets terminated if the policyholder fails to submit the payment money.
2. Free Look Period
The banks also provide a free look period to the policyholders. The idea behind the free look period is that the policyholder will be given a designated time, and if they don’t like the policy, they can return it.
The LIC Jeevan Lakshya plan 833 is among one of the best plans of LIC. It is a conventional plan, along with the benefits of a savings account. The bank provides the sum assured and many bonuses and benefits to the policyholder. However, we’ve already discussed the details of the essential features, benefits, and LIC Jeevan Lakshya plan.
LIC Jeevan Lakshya Plan 833 – FAQs
What is the return of Jeevan Lakshya policy?
Ans. The company provides 80% returns after excluding tax and other premiums.
How many years after the LIC policy can be surrendered?
Ans. The LIC policy can be surrendered after three years of the policy. However, usually, the surrender value during the year is proportionally low.
How to calculate the surrender value?
Ans. The surrender value can be calculated with the formula by adding the total premium paid and subtracting it from the charges levied by the insurer for surrendering the plan mid-term.
What are the surrender charges?
Ans. The surrender charges are the total value of the annuity.
Can we close the LIC policy before maturity?
Ans. No, you cannot surrender the policy anytime you want. The company has given the rule of submitting the policy after the completion of 3 years.