The LIC Jeevan Lakshya 933 plan is a participating, non-linked endowment assurance plan that provides investment and insurance benefits. The policy gives a regular income to the nominee in case of the policyholder’s death, making it one of the best features of the LIC Jeevan Lakshya Plan 933.
The LIC Jeevan Lakshya 933 plan was launched on 1st February 2020 with table number 933 and UIN 512N297V02.
This article contains LIC Jeevan Lakshya 933 plan details with its benefits and features. Read on to know more about it.
Read more: LIC Dhan Rekha Plan 863
Benefits of LIC Jeevan Lakshya Plan 933
1. Death Benefit
In the instance of the policyholder’s death, the nominee receives the following benefits under the LIC Jeevan Lakshya plan 933 before the policy ends.
- 10% of the Basic Sum Assured
This amount comes as an Annual Income Benefit from the upcoming date of the policy anniversary to the date of the policy anniversary that falls one year before the Maturity Date.
- 110% of the basic sum will be paid on the Maturity Date.
- A simple reversionary bonus accrued throughout the policy term is payable on the Maturity Date.
- If the company declares an additional bonus, it is payable on maturity.
- The Death benefit has to be greater than 105% of the total premium paid as of the policyholder’s death date.
2. Maturity Benefit
Maturity is the time when the policy ends naturally. In the LIC Jeevan Lakshya plan 933, the policyholder will receive the following benefits on maturity:
- Basic Sum Assured
- Final Additional Bonus if declared
- Simple Reversionary Bonus
3. Free-look period
If the policyholder is unhappy with his LIC Jeevan Lakshya 933 policy, he has 15 days to cancel the policy. This 15-day period is the free-look period.
Once canceled, the premium paid and other applicable expenses are returned.
4. Grace Period
If you pay your premium yearly, half-yearly, or quarterly for the LIC Jeevan Lakshya 933 plan, the company gives a grace period of 30 days from the due date of the premium to pay your premium. If the premium payment mode is monthly, then the grace period is 15 days.
One of the most important LIC Jeevan Lakshya 933 plan details is that you can avail of a loan against your LIC Jeevan Lakshya plan 933 if you pay a premium of a minimum of 2 years.
6. Participation Profit
The policy takes part in different profits that a corporation earns. Therefore, as the corporation succeeds and reaps its benefit, so does the policy. These benefits come in the form of Simple reversionary bonuses. Even if the policyholder’s death occurs before the policy matures, the policy will still be a part of the corporate’s profits.
Ultimately, the insurer gives a simple reversionary bonus and the final additional bonus on the maturity date.
7. Rider Benefits
Riders are the additional benefits one can add to their existing policy by paying an additional cost. A rider is a great way to help you tailor-make the policy and make it stronger to best suit your needs.
There are four rider benefits from the LIC Jeevan Lakshya 933 plan, and you can choose from these to best suit your needs:
- LIC’s New Term Assurance Rider (UIN: 512B210V01)
You can opt for this rider benefit only when you purchase the policy. This benefit ensures that the beneficiary or the nominee can enjoy the Term Assurance Rider Sum Assured amount in case of the policyholder’s death.
- LIC’s Accidental Disability and Death Benefit Rider (UIN: 512B209V02)
You can choose this rider benefit within the Base plan premium payment term and enjoy the benefits throughout the policy term. The benefits of this plan are mentioned below:
- If the death is accidental, the assured accident benefit sum is payable as a lump sum.
- In case of disability got from this accident (within 180 days from the accident date), an amount matching the Accident Benefit Sum Assured is paid in monthly installments over a period of 10 years.
- Future premiums under Accident Benefit Sum Assured and Basic Sum Assured premiums equal to the Accident Benefit Sum Assured will be waived for accidental disability.
- LIC’s New Critical Illness Benefit Rider (UIN: 512A212V01)
If you buy this rider, you will get cover for any of the 15 specified critical illnesses. This means the Critical Illness Sum Assured is paid to the Life Assured if any specified illnesses are diagnosed.
- LIC’s Accident Benefit Rider (UIN: 512B203V03)
You can buy the LIC’s accident benefit rider anytime within the base plan premium paying term by paying an extra amount. In case of accidental death, this rider will give you the accident benefit sum assured as a lump sum amount.
8. Surrender Value
Surrender value in terms of insurance means the amount an insurance company has to pay the policyholder if they decide to terminate the policy before its maturity.
One thing that stands out in the lic 933 plan details is the surrender value policy for the LIC Jeevan Lakshya plan 933 because of its flexibility. If the policyholder surrenders the plan before they pay a minimum premium of 2 years, they are not liable for any surrender value. However, if the premium of 2 years is paid, the policy will collect a surrender value for itself.
One can check the exact surrender value of their LIC Jeevan Lakshya 933 by contacting their POC at LIC.
How does LIC Jeevan Lakshya Plan 933 work?
While buying the LIC Jeevan Lakshya plan 933, the policyholder has to look for the following things:
- Basic Sum Assured: The basic sum assured is the first thing you must decide before buying your LIC Jeevan Lakshya 933 because this determines your future financial goals. You can decide this amount as per your needs and budget. The minimum amount is INR 1,00,000 for LIC Jeevan Lakshya 933. The upper limit has no cap.
- Policy term: This is the term or time you want the LIC Jeevan Lakshya 933. The term can vary from 13 to 25 years, and you can choose it per your financial goals and timelines.
- Premium Payment term: One of the most useful Jeevan 933 plan details is that your payable premium is the overall term premium minus three years premium amount. This means you are additionally saving money worth three premiums.
Your basic sum assured, policy term, and age while conceiving the policy decide your annual premium amount.
As a participating plan, the policyholder shall receive a basic reversionary bonus and some frill additions as declared by LIC for your LIC Jeevan Lakshya 933 plan.
Eligibility Criteria for Buying LIC Jeevan Lakshya Plan 933
The minimum eligibility for buying the LIC Jeevan Lakshya plan 933 is given below:
|Sum Assured *||Rs. 1,00,000||Unlimited|
|Policy Term||13 years||25 years|
|Premium Payment Term||Total premium paying term minus 3 years|
|Entry Age (nearest birthday)||18 years||50 years|
|Maximum Maturity Age (nearest birthday)||65 years|
|Premium paying frequency||Annually, Half-yearly, Quarterly, Monthly|
Documents Required to Buy LIC Jeevan Lakshya Plan 933
Before buying the LIC Jeevan Lakshya 933 plan, you need to have the following documents:
- A scheme proposal form duly filled and signed.
- A check or cash as payment for the first term of the period.
- Valid identity proof like an Aadhaar card.
- Residential proof, like utility bills.
- Proof of date of birth, documents like class 10th mark sheet.
- A passport-size picture.
- A document for your income proof, like bank statements or salary slips.
Read more: LIC Jeevan Arogya Plan 904
LIC Jeevan Lakshya Plan 933: How to Make a Claim?
A maturity claim for LIC Jeevan Lakshya plan 933 is easy to file. The policyholder has to fill up and sign a form. They can submit the form to the insurer and an original document for the commencement of the LIC Jeevan Lakshya plan 933.
The other documents you will need for the claim are NEFT Mandate Form and age proof.
For the surrender claim of LIC Jeevan Lakshya plan 933, the policyholder must inform the insurer (company) in writing to get the surrender value.
You can take out the maturity or surrender amounts either as a lump sum or in installments. The installments could be 5, 10, or 15 years. To claim this type of installment, the policyholder must inform the company at least 3 months before the maturity date.
The process to make a Death claim: In order to make the death claim for the LIC Jeevan Lakshya plan 933, the nominee has to fill up a claim discharge form which they can submit along with the following documents:
- The original document of the policy
- NEFT Mandate Form for the direct settlement of claim into the nominee’s bank account
- The nominee’s Identity Proof, which doubles as proof of title
- Death certificate, proof of death
- History of medical treatments that were availed before death
- Proof of age
- In case of accidental or unnatural death, you’ll need a list of other crucial documents. The documents would include a Police inquest report, a copy of the driving license for road accidents, newspaper cuttings reporting the accident, and a post-mortem report.
Exclusions of LIC Jeevan Lakshya Plan 933
LIC India’s policies have some fundamental rules and provide no exclusions. However, there is one clause for the cases of suicide suitable for LIC Jeevan Lakshya plan 933, which is: ‘If the policyholder commits suicide within 12 months of starting the policy, LIC will return 80% of the premium (the single amount that was paid, excluding taxes).
LIC Jeevan Lakshya Plan 933 – FAQs
Can I revive the LIC Jeevan Lakshya 933 Policy?
Ans. The policy expires if the premiums are not paid in due time. However, you can revive the policy within 5 years from the first unpaid premium date, provided it is before maturity. You’ll have to pay all the arrears of premiums along with the interest to revive your policy.
If you also had rider benefits, the revival of riders will depend on the base policy and will not be considered in isolation. A point to note here is that the corporation can decline the revival of a discontinued policy.
What are the general bonus rate and other LIC Jeevan Lakshya 933 Plan details?
Ans. The most important lic 933 plan details include the fact that it is an endowment plan, providing both investment and insurance benefits. Since the policy is participating, the bonus is not fixed or guaranteed. However, it varies from 2.5% to 5%.
Is LIC a safe option to invest in?
Ans. LIC is Government owned and comes with a sovereign guarantee of the Indian Government, making it a safe and reliable investment option. The tax benefit is the additional benefit of buying a policy like the LIC Jeevan Lakshya 933. Anyone who buys a LIC can enjoy tax deductions under Section 80C of the Income Tax Act, 1961.
Is the monthly income received from LIC tax-free?
Ans. The whole amount received from LIC as a maturity benefit is tax-free. This is true for the total bonus amount as well.
How can I apply for the LIC Jeevan Lakshya plan 933?
Ans. You cannot buy the Lic Jeevan Lakshya 933 plan online. You’ll have to visit any of the LIC’s branches offline, where the experts will give you all the lic 933 plan details.
Another option is to contact any licensed and registered agents you know about. They will guide you through the whole process, making it a hassle-free process.