LIC Tax Saving Policy

LIC Jeevan Lakshya Plan,LIC Jeevan Lakshya Policy,Buy LIC Jeevan Lakshya Anand in Bangalore,India.

LIC Jeevan Lakshya plan

LIC Jeevan Lakshya plan 833 is a participating non-linked plan which offers a combination of protection and savings. LIC Jeevan lakshya Plan 833 details would help for understanding the plan, it provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder.

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.

Basic information on LIC Jeevan lakshya plan 833:

Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)

Term : 13 to 25 Years

P.P.T. : (Policy Term – 3) Years

Minimum Entry Age : 18 Year Completed

Maximum Entry Age : 50 Year (Nearest Birthday)

Maximum Maturity Age : 65 Year (Nearest Birthday)

Minimum Sum Assured : Rs. 1,00,000

Maximum Sum Assured : NO LIMIT (Depending upon Income)

Maximum Accidental Death and Disability Benefit Rider up to age 65.

Jeevan Lakshya Plan 833 Benefits :

Maturity Benefit

Sum Assured on Maturity equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Death Benefit

On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force by paying upto-date premiums, Death Benefit, defined as sum of Sum Assured on Death, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Where Sum Assured on Death is defined as the sum of:

  • Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.
  • Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and

The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.

The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.

Premiums referred above exclude tax, extra premium and rider premium(s), if any.

Surrendered Value :

The Policy can be surrendered at any time during the policy term provided atleast 3 full years premiums have been paid.

Loan : Available after payment of premium of 3 full years.

Income Tax Benefit :

  • Premium paid under this plan is eligible for TAX rebate under section 80c.
  • Maturity under this plan is free under sec 10(10D).

Overall, LIC Jeevan Lakshya Plan 833 matches Child Education till marriage. This plan can be purchased for family’s safety also.

As premium is tax free the same way returns are 100% also 100% tax free.

It is recommended that this plan can be purchased for Child Education, girl child marriage and safety etc.,

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