LIC Jeevan Lakshya Plan 933: Details, Features, and Benefits

LIC Jeevan Lakshya plan 933 is an Individual, Non-linked, Participating Life Assurance plan. It provides a regular income flow with Annual Income benefits, safeguards against uncertainties, and offers maturity and death benefits. The plan also caters to future needs, particularly for children, with additional benefits.

LIC Jeevan Lakshya’s plan is ideal for securing the family and children’s financial future. It combines savings and risk coverage. This LIC Jeevan Lakshya plan premium plan is non-linked and classified as a With-Profits Endowment Assurance plan. It started in March 2015. In the event of the policyholder’s death, the LIC 933 plan provides an annual income to the family. A lump sum amount is also paid at maturity, regardless of the policyholder’s survival. To purchase the LIC Jeevan Lakshya policy, contact agents, and brokers or visit LIC branch offices.

Read More: LIC New Endowment Plan 914

LIC Jeevan Lakshya Plan 933 Eligibility

If you want to avail yourself of the LIC Jeevan Lakshya policy, have a look at the following table to learn about the eligibility criteria.

LIC Jeevan Lakshya Plan 933 Features

The key features of LIC Jeevan Lakshya policy are as follows

• The minimum sum assured is Rs 1,00,000, with multiples of Rs 10,000.
• Policy term ranges from 13 to 25 years, with flexible premium payment frequencies.
• The Electronic Clearing Service (ECS) option is available for convenient premium payments.
• The minimum entry age is 18 years, and the maximum age is 50 years, with a maximum maturity age of 65 years.
• Bonuses are included in the plan, with profits distributed through a Simple Reversionary Bonus and a Final Additional Bonus (if applicable) at maturity.
• The premium payment term is three years less than the policy term.
• Optional riders available: LIC’s Accidental Death and Disability Benefit Rider and LICNew Term Assurance Rider.

Read More: LIC New Jeevan Anand Plan 815

LIC Jeevan Lakshya Plan 933 Benefits

LIC Jeevan Lakshya’s plan offers a range of LIC 933 plan details benefits that provide both protection and savings opportunities. To understand these benefits in detail, please refer to the following information

1. Death Benefit

In the event of the Assured under LIC Jeevan Lakshya plan’s unfortunate demise before the policy’s maturity, the beneficiary or nominee will receive death benefits. The death benefit amount will be at least 105% of the total premiums paid up to the date of death.

The death benefits include the Sum Assured on Death, Vested Simple Reversionary Bonuses, and Final Additional bonuses. 

2. Maturity Benefit

If the Life Assured survives the entire policy period, they will receive the maturity benefits, including the Sum Assured on Maturity (equal to the Basic Sum Assured), Final Additional Bonus, and Vested Simple Reversionary Bonuses.

3. Profit Participation

The policy participates in the Corporation’s profits, and Life Assured receives Simple Reversionary Bonuses if the policy is active. If the Life Assured passes away prematurely, the policy continues to participate in profits until maturity.

The insurer pays the vested Simple Reversionary Bonuses and Final Additional Bonus on the maturity due date, regardless of the Life Assured’s survival.

LIC Jeevan Lakshya Plan 933 Rider’s Benefits

To strengthen the policy and provide additional benefits, LIC offers four Rider benefits with LIC 933 plan details. Policyholders can choose from these options.

1. LIC’s Accidental Death and Disability Benefit Rider

It can be chosen during the premium payment term of the Base plan. The Rider provides the following benefits

• In the event of accidental death, the Accident Benefit Sum Assured is paid as a lump sum.
• If accidental disability occurs within 180 days of the accident, an amount equal to the Accident Benefit Sum Assured is paid in monthly installments over ten years.
• Premiums for Accident Benefit Sum Assured and the portion of Basic Sum Assured equal to Accident Benefit Sum Assured are waived for accidental disability.

2. LIC’s Accident Benefit Rider

You have the option to purchase the Accidental Death and Disability Benefit Rider during the premium payment term of the Base plan by paying an additional premium. The Rider provides the Accident Benefit Sum Assured as a lump sum in the event of accidental death.

3. LIC’s New Term Assurance Rider

The Term Assurance Rider can only be selected at the time of policy purchase. If the Life Assured passes away during the policy term, the beneficiary or nominee receives an amount equal to the Term Assurance Rider Sum Assured.

4. LIC’s New Critical Illness Benefit Rider

Once the Rider is chosen, if the Life Assured is diagnosed with any of the specified 15 Critical Illnesses, the Critical Illness Sum Assured will be paid.

Read More: LIC Aadhaar Shila Plan

LIC Jeevan Lakshya Plan 933 Details

To provide you with a better understanding of LIC Jeevan Lakshya plan 933, here are some LIC 933 plan details

1. Rebates

The rebates for this policy are structured as follows:

• Yearly mode: 2% of the Tabular Premium
• Half-yearly mode: 1% of the Tabular Premium
• Quarterly and Salary Deduction: No rebate

High Sum Assured Rebate (on Premium)

2. Grace Period

The grace period for LIC 933 plan details is 30 days for yearly, half-yearly, and quarterly premiums, and 15 days for monthly premiums, starting from the date of the first unpaid premium. This also applies to rider premiums, if applicable.

3. Surrender Value

You have the option to surrender the policy at any time, provided you have paid premiums for a minimum of 2 years for an active policy. Upon surrender, the Corporation will pay Life Assured the higher of the Guaranteed Surrender Value or Special Surrender Value.

4. Taxes

Any statutory taxes imposed by the Indian government or constitutional Tax Authority of India on the policy will adhere to the tax laws and rates applicable.

5. The Policy Paid Up

If Life Assured has paid premiums for at least two years for an active policy and subsequent premiums are unpaid, the policy will not expire. Instead, it will be converted into a paid-up policy until the end of the policy term.

LIC Jeevan Lakshya Plan 933 Documents Required

To purchase LIC Jeevan Lakshya plan 933, you need to submit the following documents

• Fill out and sign the plan proposal form.
• Provide the first premium payment in the form of a cheque or cash.
• Attach a passport-sized photograph and a valid identity proof containing residential address and date of birth details.
• Submit an income proof document.

Conclusion

LIC Jeevan Lakshya’s policy offers a comprehensive combination of protection and savings, making it a suitable choice for individuals seeking financial security for their families. With features like death benefits, maturity benefits, participation in profits, and optional riders, the policy provides a range of benefits tailored to meet diverse needs.

The policy’s flexibility in premium payment options, rebates, and grace period further enhance its appeal. By considering the key features, document requirements, and surrender value provisions, potential policyholders can make informed decisions about securing their future with the LIC Jeevan Lakshya policy.

LIC Jeevan Lakshya Plan 933 – FAQs

What is the minimum and maximum sum assured available under the LIC Jeevan Lakshya policy?

Ans. The minimum sum assured for the LIC Jeevan Lakshya policy is Rs 1,00,000. There is no specified maximum limit, allowing flexibility based on individual requirements.

Is there a grace period for premium payment under LIC Jeevan Lakshya plan 933?

Ans. Yes, there is a grace period for premium payment under LIC Jeevan Lakshya plan 933. It is 30 days for yearly, half-yearly, and quarterly premiums and 15 days for monthly premiums from the date of the first unpaid premium.

How can I surrender my LIC Jeevan Lakshya plan 933, and what will be the surrender value?

Ans. You can surrender your LIC Jeevan Lakshya plan 933 by submitting a written request to the Corporation. To be eligible for surrender, you need to have paid premiums for at least two years.