LIC Jeevan Lakshya Plan 833 Maturity Calculator Guide

LIC Jeevan Lakshya Plan 833 Maturity Calculator

Are you looking for a reliable insurance plan? The LIC Jeevan Lakshya Plan 833 might be the answer. This plan offers both protection and savings. Let’s explore this plan in detail and learn how to use the LIC Jeevan Lakshya Plan 833 maturity calculator effectively.

What is LIC Jeevan Lakshya Plan 833?

LIC Jeevan Lakshya Plan 833 is a special insurance plan. It’s a participating, non-linked plan. This means it offers bonuses based on LIC’s performance. The plan aims to secure your family’s future. It focuses on children’s needs if something happens to you.

The plan provides financial protection and helps you save for the future. It’s designed to meet various life goals. These goals could be your child’s education, marriage, or retirement.

Key Features and Benefits

Here are the main features of the LIC Jeevan Lakshya Plan 833:

Feature	Description
Plan Type	Participating, non-linked
Policy Term	13 to 25 years
Premium-Paying Term	Policy Term: 3 years
Minimum Entry Age	18 years
Maximum Entry Age	50 years
Maximum Maturity Age	65 years
Minimum Sum Assured	₹100,000
Maximum Sum Assured	No limit (in multiples of ₹10,000)

Let’s look at these features in more detail:

Plan Type: As a participating plan, it shares in LIC’s profits. This means you can earn bonuses.
Policy Term: You can choose a term that suits your needs. The longer the term, the more time your money has to grow.
Premium Paying Term: You pay premiums for 3 years less than your policy term. This gives you a premium holiday in the last 3 years.
Entry Age: The plan is suitable for adults from 18 to 50 years old. This wide range makes it accessible to many people.
Sum Assured: You can choose a sum assured that fits your budget and needs. The minimum is ₹100,000, but there’s no upper limit.

Understanding the LIC Jeevan Lakshya Plan 833 Maturity Calculator

The LIC Jeevan Lakshya Plan 833 maturity calculator is a useful tool. It helps you estimate your policy’s future value. Here’s how to use it:

Enter your age: This is your current age.
Choose the policy term: Select a term between 13 and 25 years.
Enter the sum assured: This is the amount of life cover you want.
Select the premium payment mode: yearly, half-yearly, quarterly, or monthly.
Click “Calculate.” The calculator will process your inputs.

The calculator will show you:

Premium amount: This is how much you need to pay regularly.
Estimated maturity benefit: This is what you might get at the end of the policy term.
Death benefit: This is what your family would receive if something happened to you.

Remember, actual values may differ. They depend on LIC’s bonus declarations. The calculator gives you an estimate, not a guarantee.

Eligibility Criteria

To buy this policy, you must meet these conditions:

You should be at least 18 years old. This ensures you’re an adult who can make financial decisions.
You should not be older than 50 years old. This upper limit helps LIC manage risks effectively.
You must choose a policy term between 13 and 25 years. This long-term commitment allows your money to grow.
The minimum sum assured is ₹100,000. This ensures a meaningful level of coverage.

These criteria help LIC offer the plan to people who can benefit most from it.

Premium payment options

You can pay your premiums in different ways:

Yearly: Pay once a year. This often comes with a small discount.
Half-yearly: Pay twice a year. This splits the yearly amount into two parts.
Quarterly: Pay four times a year. This breaks the amount into smaller chunks.
Monthly: Pay every month. This is usually done through ECS, or salary deductions.

The plan offers a grace period for premium payments:

30 days for yearly, half-yearly, or quarterly modes
15 days for the monthly mode

This grace period gives you some flexibility if you’re a bit late with your payment.

Maturity and death benefits

Maturity Benefit

If you survive till the end of the policy term, you’ll get:

Sum Assured on Maturity: This is equal to your Basic Sum Assured.
Vested Simple Reversionary Bonuses: These are bonuses added to your policy over the years.
Final Additional Bonus: This is an extra bonus that may be given at maturity.

This maturity benefit can help you meet your financial goals. It could fund your child’s higher education or your own retirement.

Death Benefit

If you die during the policy term, your family will receive:

Sum Assured on Death: This includes an annual income benefit and an assured absolute amount.
Annual Income Benefit: This is 10% of the Basic Sum Assured. It’s paid every year from your death until the policy matures.
Assured Absolute Amount: This is 110% of the Basic Sum Assured. It’s paid at maturity.
Vested Simple Reversionary Bonuses: These are the bonuses accumulated until your death.
Final Additional Bonus: This may be given at maturity.

This comprehensive death benefit ensures your family’s financial security even in your absence.

Additional Riders

You can add these riders to your policy:

LIC’s Accidental Death and Disability Benefit Rider: This gives extra protection in case of accidents.
LIC’s New Term Assurance Rider: This provides additional life cover at a low cost.

These riders offer extra protection for specific events. They can customize your policy to meet your needs.

Tax Benefits

The LIC Jeevan Lakshya Plan 833 offers tax benefits:

Premium payments are eligible for tax deduction under Section 80C of the Income Tax Act. This can reduce your taxable income.
Maturity benefits are tax-free under Section 10(10) of the Income Tax Act. This means you don’t pay tax on what you receive at maturity.

Always consult a tax expert for the latest tax rules. Tax laws can change, and it’s important to have up-to-date information.

Pros and cons

Pros:

Combines protection and savings: You get life cover and investment growth.
Flexible premium payment options: Choose the mode that suits you best.
Tax benefits: Save on taxes while securing your future.
Additional rider options: Customize your policy for extra protection.

Cons:

Long-term commitment required: You need to pay premiums for many years.
Returns may be lower compared to other investment options: The focus is on security, not high returns.
Limited flexibility in sum assured changes: Once chosen, it’s hard to change your sum assured.

FAQs

Can I surrender my LIC Jeevan Lakshya Plan 833?

Yes, you can surrender the policy after paying premiums for at least 3 years. However, early surrender may result in lower returns.

Is there a loan facility available with this plan?

Yes, you can take a loan against the policy once it acquires a surrender value. This can help in financial emergencies.

How are bonuses calculated in this plan?

LIC declares simple reversionary bonuses based on its performance. A final additional bonus may also be paid at maturity. The exact amounts depend on LIC’s profits.

Can I revive a lapsed policy?

Yes, you can revive a lapsed policy within 2 years of the first unpaid premium. You’ll need to pay all due premiums with interest.

Is a medical examination required for this plan?

It depends on your age and the sum assured. LIC will inform you if a medical exam is needed. This helps LIC assess the risk accurately.

More Related LIC Plan Calculators

Conclusion

In conclusion, the LIC Jeevan Lakshya Plan 833 offers a balanced approach to life insurance and savings. The LIC Jeevan Lakshya Plan 833 maturity calculator is a valuable tool that helps you estimate your potential returns and plan your financial future effectively. This plan provides comprehensive protection for your family, with features like the annual income benefit and maturity lump sum. While it requires a long-term commitment, the tax benefits and flexibility in premium payments make it an attractive option for many.

Remember to use the LIC Jeevan Lakshya Plan 833 maturity calculator to explore different scenarios and make informed decisions. However, always read the policy document carefully and consult a financial advisor before investing. With careful planning and the right tools, you can secure a brighter future for yourself and your loved ones.

LIC Jeevan Lakshya Plan 833 Maturity Calculator: Your Comprehensive Guide to Smart Financial Planning