LIC Jeevan Lakshya Plan 833: Features and Benefits Explained

LIC Jeevan Lakshya Plan 833 is designed with one specific purpose in mind — protecting a family's financial goals even if the breadwinner is no longer there. I have recommended this plan to young parents for over a decade because it has a feature that no basic endowment plan offers: income during the policy term if the insured person dies.

**The core idea behind Jeevan Lakshya**

Most insurance plans pay a lump sum on death. Jeevan Lakshya does something more practical. If the policyholder dies during the policy term, the plan immediately pays 10% of the Sum Assured every year until the original maturity date. On top of this annual income, LIC also continues to add bonuses to the policy. At the end of the original maturity date, the nominee receives the full Sum Assured plus all accumulated bonuses.

This means a family does not just get a one-time payment. They get a steady income to cover school fees, rent, and household expenses year after year.

**Entry conditions**

The minimum entry age is 18 years and the maximum is 50 years. The minimum policy term is 13 years and the maximum is 25 years. The minimum Sum Assured is Rs 1 lakh. Premium payment term is three years less than the policy term.

**Death benefit explained with an example**

Say a 35-year-old takes Jeevan Lakshya with a Sum Assured of Rs 20 lakh for a 20-year term. He dies in year 5. His family will receive: - Rs 2 lakh per year (10% of Rs 20 lakh) for the remaining 15 years — that is Rs 30 lakh in total annual payouts - At the end of year 20, an additional Sum Assured of Rs 20 lakh plus bonuses

The total benefit the family receives is far more than Rs 20 lakh, which makes this plan extremely valuable for families with young children who need income continuity.

**Maturity benefit**

If the policyholder survives the full term, he receives the Sum Assured plus Simple Reversionary Bonus plus any Final Additional Bonus.

**Premium waiver on death**

After the policyholder's death, future premiums are waived. The policy continues in force, bonuses keep accumulating, and the annual income keeps coming. The family does not have to pay a single rupee more.

**Who should choose Jeevan Lakshya**

I particularly recommend this plan to: - Fathers with school-going children who need income continuity, not just a lump sum - People who are the sole earner in their family - Those who want their family's education and lifestyle goals to continue uninterrupted

**Loan against the policy**

After 2 years of premium payment, a loan can be taken. This flexibility makes the plan suitable even for people who might need access to funds during the policy term.

**Tax benefits**

Both the premium and the maturity amount qualify for tax benefits under Section 80C and 10(10D) respectively, subject to the standard conditions.

If you are a parent reading this and you have not yet secured your child's future in case of an unfortunate event, I would like to speak with you. Call 9415313434 and I will help you calculate the right Sum Assured based on your child's age, education plans, and your current income.