LIC Jeevan Lakshya 833 was the first version of Jeevan Lakshya, a with-profit plan that pays 10% of the sum assured yearly to the family after the policyholder's death, plus a lump sum at maturity. Terms run 13 to 25 years with premiums for 3 years less. It is closed to new buyers. For ₹10 lakh over 20 years at age 30, the premium is about ₹54,243 a year.
Jeevan Lakshya 833 Premium, Maturity & Income Calculator
Your estimate
- Premium per instalment
- ₹27,122
- Premium paying term
- 17 years
- Total premium paid
- ₹4,61,074
- Total bonus (estimated)
- ₹4,50,000
- Final additional bonus
- ₹10,000
- Annual income to family on death15 payments if death is in year 5
- ₹50,000
- Lump sum to family at maturity date
- ₹6,72,500
- Death benefittotal if death is in policy year 5
- ₹14,22,500
- Age at maturity
- 50 years
- Total premium paid₹4,61,07448%
- Net gain₹4,98,92652%
Payouts to the family if death happens in policy year 5
| End of policy year | Annual income (10% of SA) | Lump sum (110% of SA + bonuses) |
|---|---|---|
| 5 | ₹50,000 | ₹0 |
| 6 | ₹50,000 | ₹0 |
| 7 | ₹50,000 | ₹0 |
| 8 | ₹50,000 | ₹0 |
| 9 | ₹50,000 | ₹0 |
| 10 | ₹50,000 | ₹0 |
| 11 | ₹50,000 | ₹0 |
| 12 | ₹50,000 | ₹0 |
| 13 | ₹50,000 | ₹0 |
| 14 | ₹50,000 | ₹0 |
| 15 | ₹50,000 | ₹0 |
| 16 | ₹50,000 | ₹0 |
| 17 | ₹50,000 | ₹0 |
| 18 | ₹50,000 | ₹0 |
| 19 | ₹50,000 | ₹0 |
| 20 | ₹0 | ₹6,72,500 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Jeevan Lakshya Plan 833?
LIC Jeevan Lakshya Plan 833 (UIN 512N297V01) is the original Jeevan Lakshya: a non-linked, with-profit, limited premium savings plan built so that a family goal survives the death of the earning member. Instead of a single death payout, the family receives a yearly income until the policy term ends and then a lump sum on the maturity date.
The plan is withdrawn. Jeevan Lakshya 933 replaced it on 1 February 2020, and Jeevan Lakshya 733 is the version sold today. Existing 833 policies are not affected and run to maturity on their original terms.
Jeevan Lakshya 833 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 833 / 512N297V01 |
| Policy term | 13 to 25 years |
| Premium paying term | Policy term minus 3 years |
| Entry age | 18 to 50 years |
| Maximum maturity age | 65 years |
| Minimum sum assured | ₹1,00,000, in multiples of ₹10,000 |
| Premium modes | Yearly, half-yearly, quarterly, monthly (ECS) |
| Loan and surrender | After 3 full years’ premiums |
| Status | Withdrawn; existing policies continue |
How the premium is worked out
Premiums come from a rate table per ₹1,000 of sum assured by age and term. The calculator interpolates between listed ages and terms, deducts the high sum assured rebate and the 2% yearly or 1% half-yearly mode rebate.
Example. A 30-year-old with ₹10 lakh cover over 20 years pays about ₹54,243 a year for 17 years, ₹9,22,131 in all. There has been no GST on this premium since 22 September 2025; older receipts show about ₹55,463 because 2.25% GST applied to renewal premiums before then.
A smaller policy: ₹3 lakh taken at age 28 for 16 years costs about ₹22,697 a year for 13 years (₹2,95,061 in total).
Maturity benefit
At the end of the term you receive the basic sum assured + simple reversionary bonuses + final additional bonus (if declared). With a ₹45 bonus rate and an illustrative final bonus of ₹20 per ₹1,000:
- ₹10 lakh over 20 years: about ₹19,20,000;
- ₹3 lakh over 16 years: about ₹5,22,000.
Bonus rates are declared yearly and are not guaranteed; your LIC bonus statement shows what has already been added.
Death benefit and family income
If the life assured dies during the term, premiums stop and the family receives 10% of the basic sum assured each year from the anniversary after death to the one before maturity, then 110% of the sum assured plus vested bonuses on the maturity date. The total is at least 105% of premiums paid.
Example. In the ₹10 lakh, 20-year policy with death in year 8, the family gets ₹1,00,000 a year for 12 years and ₹14,80,000 at maturity, about ₹26,80,000 in all. In the ₹3 lakh, 16-year policy with death in year 5, it is ₹30,000 a year for 11 years plus ₹4,03,500 at maturity, about ₹7,33,500.
Tip: keep the policy bond and nominee details up to date. Because payouts are spread over many years, the nominee will deal with LIC repeatedly, not just once.
Loan, surrender and paid-up value
The policy gains a surrender value after three full years’ premiums. From then on you can take a loan against it or surrender it. If premiums stop, it continues as a paid-up policy with a reduced sum assured. Since the premium term ends three years before maturity, most 833 policies are now close to or past that point; continuing is usually the better choice.
Tax benefits
Premiums count under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) in the old regime, and maturity is generally tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) when the premium is within the prescribed share of the sum assured. Payments to the family after death are tax-free.
833 vs 933 vs 733
The family income design is identical in all three. Plan 833 used older rates and a three-year wait for loans and surrender. Plan 933 (2020 to 2024) updated the rates and rules while keeping the ₹1 lakh minimum, and Plan 733 raised the minimum to ₹2 lakh with the October 2024 surrender rules. Use our Jeevan Lakshya calculator to compare versions.
How to use this calculator
Enter the entry age, term and sum assured from your bond, choose your premium mode and set a bonus rate. Pick a policy year to see the family income table. All results are estimates for planning.
Frequently asked questions
Is LIC Jeevan Lakshya 833 still sold?
No. Plan 833 was replaced by Jeevan Lakshya 933 on 1 February 2020, and 933 was later replaced by Plan 733. Existing 833 policies continue with the same premiums, bonuses and family income benefit.
What is the death benefit in Jeevan Lakshya 833?
Future premiums are waived. The nominee gets 10% of the basic sum assured every year until the year before maturity, and then 110% of the sum assured plus vested bonuses on the maturity date. The total is never below 105% of premiums paid.
How much will I get at maturity from Jeevan Lakshya 833?
The basic sum assured plus all simple reversionary bonuses and any final additional bonus. For ₹10 lakh over 20 years at ₹45 per ₹1,000 with an illustrative ₹20,000 final bonus, the estimate is about ₹19.2 lakh.
When can I take a loan on Jeevan Lakshya 833?
After three full years' premiums have been paid. The loan is a share of the surrender value, and the same three-year condition applies if you want to surrender the policy.
What rebates apply to Jeevan Lakshya 833 premiums?
Yearly payment earns a 2% rebate and half-yearly a 1% rebate. There is also a high sum assured rebate: about ₹1 per ₹1,000 from ₹2 lakh and ₹3 per ₹1,000 from ₹5 lakh of cover.
What is the minimum sum assured in Jeevan Lakshya 833?
₹1,00,000, in multiples of ₹10,000, with no upper limit. The current version, Plan 733, raised the minimum to ₹2 lakh.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.