Money Excel - Personal Finance Blog

Menu
  • Home
  • Business Ideas
  • Stock Market
  • Mutual Funds
  • Incometax
  • Credit Card
  • Insurance
  • Downloads
Home
Insurance
LIC Jeevan Lakshya (Table 833) Details

LIC Jeevan Lakshya (Table 833) Details

Raviraj Parekh June 21, 2020

LIC Jeevan Lakshya

LIC Jeevan Lakshya (Table 833) is third launch by LIC in the month of March, 2015. LIC Jeevan Lakshya is limited premium endowment plan with profit. LIC Jeevan Lakshya policy is designed to provide annual income benefit to the policy holder family. Under this policy 10% of sum assured will be paid to nominee on every policy anniversary in case of unfortunate death of policy holder till maturity. On maturity again sum assured and bonus will be payable. Let’s take a closer look at LIC Jeevan Lakshya.

LIC Jeevan Lakshya Details

Eligibility:-

Minimum Age -18 Years

Do not miss below posts -
  • 7 Free Insurance you may not be aware of
  • LIC Aadhaar Shila Plan (844) – Features and Benefit Review
  • LIC Aadhaar Stambh Plan (843) – Features and Benefit Review

Maximum Age -50 Years

Basic Sum Assured – Minimum 1 Lac, Maximum – No limit

Maximum Maturity Age – 65 Years

Policy Term – 13 Years to 25 Years

Premium paying term – Policy term – 3 Years

E.g Policy term is 20 years, then premium paying term will be 20 years – 3 years = 17 years

Premium paying mode – Monthly, Quarterly, Half Yearly, Yearly 

LIC Jeevan Lakshya Benefits:-

Death Benefits:-

  • On unfortunate death of policy holder during policy term 10% of basic sum assured will be paid to nominee every year from year of death till maturity date of policy.
  • On maturity date nominee will be again paid by –

110% of sum assured + Bonus + Final additional Bonus (if any)

Maturity Benefits:-

  • If policy holder survives policy term and all premium dues have been paid then at the maturity following shall be payable.

Sum assured + Bonus + Final Additional Bonus (if any)

LIC Jeevan Lakshya Policy Riders:-

LIC Jeevan Lakshya provides following optional riders benefits on payment of extra premium.

  • Accidental death and disability benefit rider –

This rider benefit can be opted any time within premium paying term of policy. Accidental benefit risk cover is applicable during policy term only.

  • If this rider is opted amount equals to accident benefit sum assured will be payable in case of accidental death.
  • In case of accidental permanent disability of policy holder, basic sum assured will be divided and paid in terms of EMI spread over 10 years. Future premium will be waived off.

Maximum limit for Accidental rider is 1Cr.

  • Term Assurance rider –

Term assurance rider can be taken only at the time of taking LIC Jeevan Lakshya policy. Policy holder need to pay small additional premium amount for this rider.

  • If this rider is opted amount equals to term assurance rider sum assured will be payable in case of death.

Maximum limit for Term assurance rider is 25 Lac.

LIC Jeevan Lakshya Policy Illustration:-

Mr.Rohit purchase LIC Jeevan Lakshay Policy with following details.

Age -25 years

Policy term – 20 years

Premium paying term – 17 years

Basic sum assured – 10 Lac

Death Benefit: Suppose Mr.Rohit passed away after 5 years from the policy purchase date. Death benefit payable to nominee will be:-

  • From 6th year to 20th year nominee will be paid with sum of 1 Lac every year. (10% of basic sum assured).
  • At the end of policy term after 20 years nominee will receive 11 Lac (110% of sum assured) + Bonus

Maturity Benefit:- Suppose Mr.Rohit survive policy term maturity benefit payable to him will be:-

  • Maturity amount = 10 Lac + Bonus + Final Additional Bonus (if any)

Looking at first instance this policy seems to be attractive, however premium details are yet not available. I will update this post as soon as will get information about premium.

How you find LIC Jeevan Lakshya? Do share your views.

Jeevan Lakshya

Tweet
Share
Whatsapp
Pinterest
Prev Article
Next Article
Tags:Jeevan Lakshya LIC Jeevan Lakshya new lic jeevan lakshya table 833

About The Author

Raviraj Parekh

Raviraj is the man behind moneyexcel.com. He is PGDBA, engaged in blogging for 10 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

Leave a Reply Cancel Reply

Search

Top Posts & Pages

  • Rakesh Jhunjhunwala Portfolio Holdings - April 2021
  • Income Tax Calculator FY 2020-21 (AY 2021-22) – Excel Download
  • Cash Deposit Machine Locator – How to find CDM Near You?
  • 20 small manufacturing business ideas with low cost
  • 235 Small Business Ideas with Low Investment in 2021-22
  • 10 Best Small Trading Business Ideas
  • How to check Property Records and Land Records online in India?
  • Top 60 Manufacturing Business Ideas
  • Download Income Tax Calculator FY 2021-22 (AY 2022-23)
  • 10 ways to Convert Black Money to White

Subscribe to Blog via Email

Join 5,483 other subscribers

Follow MoneyExcel

Money Excel – Personal Finance Blog

Personal Finance Blog
Copyright © 2021 Money Excel - Personal Finance Blog
| About |Downloads | Contact Us | Sitemap | Disclaimer | Privacy Policy |