LIC Jeevan Lakshya Plan Review 2018

LIC Jeevan Lakshya Plan table no. 833 is another limited premium endowment plan launched by LIC India in 2015.

This year LIC has launched 2 more policy, Jeevan Sangam and Children’s money back plan. It is expected that LIC is planning to launch few more policies in coming months. In this article I will review Jeevan Lakshya plan 833 and find out whether one should buy this policy or not.

Key features of LIC Jeevan Lakshya Plan

Let’s list out the key features and eligibility of LIC Jeevan Lakshya policy.

Entry Age: Min 18 years and max 50 years.

Policy Term:   From 13 to 25 years. Max maturity age for the policy is 65 years.

Premium Paying Term: Less than 3 year from policy term. E.g. if your policy term is 20 years, then premium paying term will be 20 – 3 = 17 years.

Sum assured value: Min sum assured value 1 lakh and there is no limit for max sum assured value.

Payment options: One can choose the premium paying term from monthly, quarterly, half-yearly or yearly.

Death Benefit: In case of death during policy tenure, 10% of sum assured will be paid to family till maturity period. And at the end of this plan family will further get sum assured + vested bonus + FAB if any.

Maturity Benefit: In case of survival, at the end of the policy tenure insurer will get sum assured + vested bonus + FAB if any.

Riders: One can buy addition accidental and disability rider. Not only that one can also avail new term assurance rider at the time of buying Jeevan Lakshya Plan. Check out Jeevan Lakshya riders in detail here.

Rebate on premium: Get 3% rebate on premium on sum assured value more than 5 lakh. Also get 2% rebate for yearly premium paid options.

Surrender rules: To surrender this plan one have to pay 3 year premium. If you stop paying premium before that your policy will lapse.

Loan facility: You can also apply loan against this plan.

Don’t miss LIC Online Term plan review

You can check out how much commission an LIC agent is going to earn by selling Jeevan lakshya plan to you.

Jeevan Lakshya Premium calculator

If you are looking for lic Jeevan Lakshya premium calculator, then you have to wait. I have checked LIC’s website and in-fact there is no such calculator available. Still the old policies calculators.

Anyway, you can check out the sample premium calculations for Jeevan lakshya plan. E.g. For a 30 year male, the premium amount for a sum assured value of Rs 1,00,000 will be Rs 4366 / year. The policy tenure is 25 years.

LIC Jeevan Lakshya maturity amount calculation

As per the above data the maturity value of Jeevan Lakshya after 25 years will be as below.

jeevan lakshya maturity amount calculation

Amount 1,17,500 will be considering interest rate of 4% and amount 1,90,000 will be considering 8% interest. But again these are all assumptions. In practice the net gain will be around 5-6% range only.

I took this data from lic website only. You can check out the complete maturity value chart here. In fact you can check out the complete jeevan lakshya plan circular launched by life insurance corporation of India.

Jeevan Lakshya Surrender value

Although this might be too early to talk about Jeevan Lakshya surrender value, as this is a new policy from lic f India. But I am sure that in few years people will start looking for how to calculate surrender value of Jeevan lakshya plan or how much I will get if I surrender Jeevan lakshya plan.

Anyway, this policy is also following the standard surrender rules like other lic policies. But the guaranteed surrender value calculation is not at all easy. You can find out the chart below to get some idea about that.

lic jeevan lakshya surrender value

Should I buy LIC Jeevan Lakshya Plan?

LIC Jeevan Lakshya policy is nothing but another endowment plan. Although they are targeting this plan for children future and their 10% payment in every year in case of death clause will surely attract people.

If you consider the above example, by paying Rs 4,336 one can only buy a life cover of Rs 1,00,000 only. And the return after 25 years is also not at all attractive.

Look for other alternatives, buy a pure term insurance plan and invest money in mutual fund for long term to get maximum return.

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  1. I hv taken Jeevan lakshya plan just 10- 15 days ago to tax saving and investment purpose but I want to terminate this policy and want to take some other low premium (around 10000-15000 /-year) can I replace this policy with other new policy ? since minimum policy surrender is 03 years, what will be other course of actions other than this

  2. 10% of Sum assured benefit after death till maturity period and at the end of policy Sum assured + vested bonus + FAB is beneficial to the customer. But as compare, term plan better than endowment plans.

    1. Actually one can’t compare a term plan with endowment plan. Term plan is only for life insurance purpose, but endowment plan is a combination of insurance + savings. In case of term plan, one is not going to get the paid premium, that’s why people choose endowment plan as they think at least they will get their money back even they survive till maturity.

    1. Thanks Pawan for your comments. But I think feature wise this could be a nice plan, for return point of view may not be the best investment product.

    1. Hi Srividya,

      I think you can share your knowledge about this policy or explain how Jeevan lakshya can be benefited for someone. As you have good knowledge about LIC policies.

  3. I need LIC Jeevan Lakshya Premium Chart Table 833 urgently. can you please share the same?

    1. Hi Shanker,

      Kindly track LIC India website for further updates. Or you may contact to the nearest LIC branch office for that. By the time let me try to collect the same and share in my blog as well.

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