LIC Jeevan Lakshya Plan 933, launched on 1st February 2020, is a traditional, non-linked, participating life insurance plan that combines life protection with savings. This plan is specially designed to provide financial support to the family, particularly for children’s education and marriage, even in the absence of the policyholder.
This plan offers annual income (10% of Sum Assured) in case of the policyholder’s demise during the policy term and a lump sum maturity benefit at the end of the term — ensuring your family’s future is financially protected.
Key Highlights of LIC Jeevan Lakshya Plan 933
✅ Annual Income (10% of SA) to the nominee on policyholder’s death until maturity
✅ Lump sum maturity benefit: Sum Assured + Bonuses
✅ Premium Paying Term is 3 years less than Policy Term
✅ Ideal for Child’s Education and Marriage Planning
✅ Accidental, Critical Illness & Term Rider options available
✅ Tax benefits under Section 80C and maturity under Section 10(10D)
Plan Parameters / Eligibility
| Parameter | Details |
|---|---|
| Minimum Entry Age | 18 Years |
| Maximum Entry Age | 50 Years |
| Policy Term | 13 to 25 Years |
| Premium Paying Term | Policy Term – 3 Years |
| Minimum Sum Assured | ₹1,00,000 (Multiples of ₹10,000) |
| Maximum Maturity Age | 65 Years |
| Premium Payment Mode | Yearly, Half-Yearly, Quarterly, Monthly (ECS/NACH) |
Premium Rebates
Mode Rebate
| Premium Mode | Rebate |
|---|---|
| Yearly | 2% |
| Half-Yearly | 1% |
| Quarterly & Monthly | Nil |
High Sum Assured Rebate
| Basic Sum Assured | Rebate |
|---|---|
| Up to ₹1,90,000 | Nil |
| ₹2,00,000 to ₹4,90,000 | 2% of BSA |
| ₹5,00,000 and above | 3% of BSA |
Benefits of LIC Jeevan Lakshya 933
1. Maturity Benefit
If the policyholder survives till the end of the policy term, the following is paid:
✅ Basic Sum Assured
✅ Accrued Simple Reversionary Bonus
✅ Final Additional Bonus (FAB)
Formula:
🟩 Maturity = Sum Assured + Bonus (SRB) + FAB
2. Death Benefit
In case of death during the policy term, the nominee receives:
- Annual Income Benefit
- 10% of Basic Sum Assured every year from the year of death till maturity
- Maturity Benefit on Term Completion
- 110% of Basic Sum Assured + Bonuses (SRB + FAB)
🔒 Death Benefit will never be less than 105% of total premiums paid
Example: How LIC Jeevan Lakshya Works
Let’s take the example of Mr. Suresh, who purchases this plan with the following details:
| Particular | Value |
|---|---|
| Name | Mr. Suresh |
| Age | 30 Years |
| Sum Assured | ₹10,00,000 |
| Policy Term | 21 Years |
| Premium Paying Term | 18 Years |
| Policy Start Year | 2020 |
| Annual Premium | ₹54,289 (1st Year), ₹53,120 (from 2nd year onward) |
| Total Premium Paid | ₹9,57,329 |
Maturity Benefit (If Survives Till 2041)
| Year | Age at Maturity | Total Premium Paid | Maturity Benefit (Approx.) |
|---|---|---|---|
| 2041 | 51 Years | ₹9,57,329 | ₹21,29,000 (SA + SRB + FAB) |
Death Benefit Example (If Death Occurs in 2030)
If Mr. Suresh unfortunately dies in 2030 (at age 39):
- Premium Paid Till Death: ₹5,32,369
- Nominee gets:
- ₹1,00,000 per year (10% of SA) from 2030 to 2041 (11 years) → ₹11,00,000
- On Maturity in 2041: ₹21,29,000
- In case of accidental death, an additional ₹10,00,000 is also paid.
| Type of Claim | Amount |
|---|---|
| Yearly Income (10% x 11 years) | ₹11,00,000 |
| Maturity (110% SA + Bonuses) | ₹21,29,000 |
| Accidental Death Benefit (If opted) | ₹10,00,000 |
| Total (Accidental) | ₹42,29,000 |
Policy Servicing Options
| Option | Details |
|---|---|
| Loan Facility | Available after 2 full years of premium payments |
| Surrender Value | Available after paying at least 2 years of premium |
| Paid-Up Value | Eligible if policy is discontinued after 2+ years |
Paid-Up Value Formula:
Paid-Up Value = Sum Assured × (Premiums Paid / Total Premiums Payable)
Additional Information
| Clause | Explanation |
|---|---|
| Policy Revival | Allowed within 5 years from the date of first unpaid premium |
| Riders Available | Accidental Death, Disability Rider, Critical Illness, Term Rider |
| Suicide Clause | Within 12 months – 80% premium refunded; After 12 months – Full claim payable |
| Cooling-Off Period | 15 days from receipt of policy document |
| Date Backing | Available |
| Proposal Form | Form No. 300 Only |
Why Choose LIC Jeevan Lakshya Plan 933?
- 📘 Perfect for Child Education/Marriage Planning
- 🏦 Guaranteed Annual Income for Family
- ✅ One-time Maturity Lump Sum for Future Stability
- 🛡️ Extensive Life Cover with Bonus
- 💼 Tax Benefits on Premium and Returns
