The LIC Jeevan Lakshya Plan 833 is a popular life insurance plan offered by LIC of India designed to provide financial security for your family while helping you save systematically for your long-term goals. One of the essential tools to understand and maximize the benefits of this plan is the LIC Jeevan Lakshya Plan 833 Calculator, which helps you calculate premiums, maturity value, bonuses, and death benefits effectively.

hat is LIC Jeevan Lakshya Plan 833?

LIC Jeevan Lakshya 833 is a participating, non-linked, with-profits endowment plan that provides a mix of insurance protection and savings benefits. It is specially designed for people who want to secure their family’s financial needs in case of their untimely demise while also aiming to create a corpus to achieve future goals like children’s education or marriage.

Key Features of LIC Jeevan Lakshya Plan 833

• Life Coverage During Policy Term: Provides life cover for the entire policy term with high sum assured benefits.
• Annual Income Benefit: In case of the policyholder’s death during the policy term, the nominee receives 10% of the sum assured every year as income till the maturity date.
• Maturity Benefits: On survival to the end of the policy term, the insured receives the sum assured plus accrued bonuses.
• Bonuses: The plan participates in LIC’s declared bonuses, which include Simple Reversionary Bonus and Final Additional Bonus, enhancing the value of the policy.
• Tax Benefits: Premiums paid qualify for deductions under Section 80C of the Income Tax Act, and maturity proceeds are exempt under Section 10 (10D).
• Flexible Policy Terms: Policy terms range from 13 to 25 years with premium payment terms linked to the policy term.
• Loan Facility: Loan can be availed after 3 years of policy commencement.
• Surrender Value: Policy can be surrendered after 3 years, with a guaranteed surrender value based on paid premiums and bonuses.

Why Use LIC Jeevan Lakshya Plan 833 Calculator?

Understanding the exact benefits and premium obligations of an insurance policy is crucial before investing. The LIC Jeevan Lakshya Plan 833 Calculator is an online or manual tool that does the following:

• Calculates Annual Premiums: Based on the sum assured, policy term, age, and premium mode (yearly, half-yearly, quarterly, monthly).
• Estimates Maturity Amount: By considering bonuses declared by LIC, it estimates the total maturity amount you can expect at the end of the policy term.
• Shows Death Benefits: Helps estimate the total sum payable to the nominee if the policyholder dies during the policy term.
• Demonstrates Bonus Accumulation: Provides insight into how bonuses accumulate over time, increasing the maturity benefit.
• Assists in Financial Planning: Helps you evaluate affordability and plan finances accordingly.

Using the calculator simplifies decision-making by giving a clear picture of costs and benefits under multiple scenarios.

How Does LIC Jeevan Lakshya Plan 833 Work?

The LIC Jeevan Lakshya Plan 833 operates by combining life insurance protection with a savings component in the form of bonuses:

1. Policyholder Pays Regular Premiums: You pay premiums regularly for a premium paying term that is usually the policy term minus 3 years.
2. If the Policyholder Survives the Term: You receive the sum assured plus accumulated bonuses (Simple Reversionary Bonus + Final Additional Bonus).
3. If the Policyholder Dies During the Term: The nominee receives 125% of the sum assured plus accumulated bonuses paid immediately and then 10% of the sum assured every year till maturity.
4. Bonuses: LIC declares bonuses annually based on their investment performance, which are added to the policy value. These bonuses increase the final payout.
5. Loan and Surrender Benefits: After paying premiums for 3 years, you may take a loan or surrender your policy earning the surrender value.

Important Parameters of LIC Jeevan Lakshya Plan 833 Calculator

When using the LIC Jeevan Lakshya Plan 833 Calculator, you need to input several key parameters to get accurate results:

Parameter	Description
Age of Entry	Between 18 to 50 years
Policy Term	13 to 25 years
Sum Assured	Minimum ₹1,00,000, multiples of ₹10,000
Premium Paying Term	Policy Term minus 3 years
Premium Payment Mode	Yearly, Half-Yearly, Quarterly, Monthly (ECS only)
Bonus Rate	Based on LIC’s declared Simple Reversionary Bonus and Final Additional Bonus
Riders (Optional)	Accidental Death & Disability Benefit Rider

Step-by-Step Guide to Using LIC Jeevan Lakshya Plan 833 Calculator

To use the LIC Jeevan Lakshya Plan 833 Calculator, follow these easy steps:

Enter Personal Details

• Fill in the age at entry and select gender.
• Choose policy term (between 13 to 25 years).

Choose Sum Assured

• Decide your desired sum assured. It should be ₹1,00,000 or more in multiples of ₹10,000.

Select Premium Payment Mode

• Choose how often you want to pay premiums: yearly, half-yearly, quarterly, or monthly.

Calculate Premium

• The calculator will instantly show the yearly or premium mode-specific premium you need to pay based on inputs.

Calculate Maturity Benefit

• The calculator then estimates the maturity amount using the current bonus rates declared by LIC. It adds the sum assured and approximate bonuses.

Check Death Benefits

• It also illustrates death benefits if the policyholder dies during the policy term, showing lump sum and yearly income benefits.

Benefits of LIC Jeevan Lakshya Plan 833

This plan offers multiple benefits that make it ideal for family financial security:

Comprehensive Life Coverage

The policy provides coverage throughout the tenure, protecting your family against financial crises in case of your untimely death.

Regular Income for Family

In case of death during the policy term, the nominee receives 10% of the sum assured every year till maturity, ensuring a steady income flow.

Attractive Maturity Benefits

On survival, you get the sum assured plus bonuses declared by LIC, helping build a good corpus for your future goals.

Loan Facility

After 3 years, you can take loans against your policy to meet urgent financial needs.

Tax Benefits

Premiums qualify for tax deductions under Section 80C, and maturity proceeds are tax-free under Section 10(10D).

Accidental Death and Disability Rider

Optional rider for added protection provides double sum assured in case of accidental death and monthly payouts in case of disability.

Understanding Bonuses in LIC Jeevan Lakshya Plan 833

Bonuses make the plan more valuable as they add to the sum assured amount you receive at maturity or on death.

• Simple Reversionary Bonus: Declared annually based on LIC’s profits, accumulated yearly.
• Final Additional Bonus (FAB): A lump sum bonus paid at maturity or death in addition to the simple bonuses.

These bonuses depend on LIC’s performance and are not guaranteed but historically have been consistent.

Sample Calculation Using LIC Jeevan Lakshya Plan 833 Calculator

Suppose you are 30 years old, want a policy term of 20 years with a sum assured of ₹10,00,000 payable yearly:

• Annual premium could be around ₹58,000.
• On maturity after 20 years, estimated maturity value (including bonuses) could be approximately ₹20,00,000.
• In case of death during the term, the nominee gets 125% of sum assured upfront plus 10% yearly till maturity, along with bonuses.

These figures are indicative and can vary based on exact inputs and declared bonuses.

Where to Find LIC Jeevan Lakshya Plan 833 Calculator?

Various LIC-approved websites and insurance portals provide the LIC Jeevan Lakshya Plan 833 Calculator online. LIC’s official website or licensed insurance partners usually offer reliable calculators.

Some external portals like PolicyBazaar, Insurance21, and LIC Plan Calculator websites feature user-friendly calculators where you can enter your specifics and view instant results.

How to Choose the Right Sum Assured and Policy Term?

• Analyze your financial goals such as children’s education, marriage, and other family needs.
• Consider your current income, savings, and liabilities.
• Use the LIC Jeevan Lakshya Plan 833 Calculator to simulate different sums assured and terms for affordable premiums with adequate coverage.
• Balancing long-term commitment and affordability is key.

Tax Benefits Explained Simply

The premiums you pay for LIC Jeevan Lakshya Plan 833 are eligible for a tax deduction up to ₹1.5 lakhs per year under Section 80C of the Income Tax Act. Additionally, the maturity amount you receive (sum assured + bonuses) is exempt from tax under Section 10(10D), making it a tax-efficient investment.

Tips to Maximize Benefits

• Choose yearly premium mode for attractive premium rebates.
• Opt for higher sum assured to ensure better coverage and bonuses.
• Pay premiums without delay to avoid policy lapse.
• Consider opting for the Accidental Death and Disability Rider for extra protection.
• Use the LIC calculator periodically to review and plan accordingly.

Conclusion

The LIC Jeevan Lakshya Plan 833 is an excellent choice for those seeking a combined insurance and savings plan that protects their family financially against uncertainties while systematically building a corpus for future goals. The LIC Jeevan Lakshya Plan 833 Calculator is an invaluable tool that simplifies understanding the premium obligations, maturity benefits, and death cover under this plan.