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LIC Jeevan Lakshya 933

LIC Jeevan Lakshya  933 (UIN No. 512N297V02) ,is a non-linked, limited premium payment, with-profit endowment assurance plan. It is offered by reputed insurance companies to provide financial security to the policyholder’s family in case of any unfortunate event and ensure their future goals are met. The LIC Jeevan Lakshya  933 also comes with the benefit of guaranteed additions during the premium payment term.

Eligibility Criteria of LIC Jeevan Lakshya Policy

If you want to avail of this policy, have a look at the following table to know about the eligibility criteria.

LIC Jeevan Lakshya 933

LIC Jeevan Lakshya 933 (UIN No. 512N297V02) ,is a non-linked, limited premium payment, with-profit endowment assurance plan. It is offered by reputed insurance companies to provide financial security to the policyholder’s family in case of any unfortunate event and ensure their future goals are met. The LIC Jeevan Lakshya  933 also comes with the benefit of guaranteed additions during the premium payment term

jeevan lakshya 933

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Eligibility Criteria of LIC Jeevan Lakshya Policy

If you want to avail of this policy, have a look at the following table to know about the eligibility criteria.

ParametersFacts
Age at entryMinimum - 18 years

Maximum - 50 years
Maximum maturity age65 years
Policy TermMinimum - 13 years

Maximum - 25 years
Policy Paying TermPolicy Term minus 3 years
Policy TypeEndowment Plan
Rider BenefitAvailable
Sum assuredMinimum - Rs. 1 Lakh

Maximum - No upper limit

(The Basic Sum Assured will be in multiples of 10,000/-)

key features of lic jeevan lakshya

The Jeevan Lakshya 933 plan comes with several significant features that make it a popular choice among individuals. Here are the key features:

LIMITED PREMIUM PAYMENT

Policyholders only need to pay premiums for a specific term, which is shorter than the policy term. This ensures that the policy remains in force, even after the premium payment term is over.

LIFE COVERAGE

The plan offers life coverage throughout the policy term, providing financial protection to the policyholder’s family.

GUARANTEED ADDITIONS

The policy accumulates guaranteed additions during the premium payment term, enhancing the policy’s overall value.

MATURITY BENEFIT

If the policyholder survives the entire policy term, they receive the maturity benefit, which includes the sum assured along with accrued bonuses and guaranteed additions.

DEATH BENEFIT

In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with accrued bonuses and guaranteed additions, providing financial support.

key features of lic jeevan lakshya 933

Benefits of LIC Jeevan Lakshya 933 POLICY

Jeevan Lakshya 933 offers a plethora of benefits, ensuring financial security and growth for the policyholder and their family. Some key benefits include:

FINANCIAL SECURITY

The plan provides financial security to the policyholder’s family in case of any unforeseen event.

GUARANTEED ADDITIONS

The policy accumulates guaranteed additions during the premium payment term, which enhances the policy’s maturity value.

MATURITY BENEFITS

If the policyholder survives the entire policy term, they receive the maturity benefit, ensuring a lump sum amount for future goals.

DEATH BENEFIT

In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with accrued bonuses and guaranteed additions, providing financial support.

Benefits of LIC Jeevan Lakshya POLICY

Jeevan Lakshya 933 offers a plethora of benefits, ensuring financial security and growth for the policyholder and their family. Some key benefits include:

FINANCIAL SECURITY

The plan provides financial security to the policyholder’s family in case of any unforeseen event.

GUARANTEED ADDITIONS

The policy accumulates guaranteed additions during the premium payment term, which enhances the policy’s maturity value.

MATURITY BENEFITS

If the policyholder survives the entire policy term, they receive the maturity benefit, ensuring a lump sum amount for future goals.

DEATH BENEFIT

In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with accrued bonuses and guaranteed additions, providing financial support.

Option to take Death Benefit in installments

Option to take Death Benefit in installments

Mode of Installment paymentMinimum Installment amount
AnnuallyRs. 50,000
Half-yearlyRs. 25,000
QuarterlyRs. 15,000
MonthlyRs. 5000

PREMIUM PAYMENT OPTIONS

Jeevan Lakshya 933 offers flexible premium payment options to suit the policyholder’s financial preferences. Policyholders can choose from yearly, half-yearly, quarterly, or monthly premium payment modes. The premium amount depends on factors such as age, sum assured, premium payment term, and policy term.

MATURITY AND DEATH BENEFITS

The Jeevan Lakshya 933 plan provides both maturity and death benefits to ensure financial security for the policyholder and their family. If the policyholder survives the entire policy term, they receive the maturity benefit, which includes the sum assured, accrued bonuses, and guaranteed additions. In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with accrued bonuses and guaranteed additions.

RIDERS AND ADD-ONS

To be eligible for the Jeevan Lakshya 933 plan, individuals need to meet certain criteria set by the insurance company. The minimum entry age is 18 years, and the maximum entry age typically ranges from 50 to 55 years, depending on the insurance provider. The policy continues until the policyholder’s demise or the maturity date, whichever occurs earlier. To apply for the plan, individuals need to fill out the application form and undergo the necessary medical and documentation procedures as required by the insurance company.

ELIGIBILITY AND APPLICATION

To be eligible for the Jeevan Lakshya 933 plan, individuals need to meet certain criteria set by the insurance company. The minimum entry age is 18 years, and the maximum entry age typically ranges from 50 to 55 years, depending on the insurance provider. The policy continues until the policyholder’s demise or the maturity date, whichever occurs earlier. To apply for the plan, individuals need to fill out the application form and undergo the necessary medical and documentation procedures as required by the insurance company.

 

TAX BENEFITS

Section 80C of the Income Tax Act, 1961 permits tax deductions for premiums paid towards the Jeevan Lakshya 933 plan. Additionally, the maturity benefit and death benefit received are generally tax-exempt under Section 10(10D) of the Income Tax Act, 1961, subject to prevailing tax laws.

PREMIUM PAYMENT OPTIONS

LIC Jeevan Lakshya 933 offers flexible premium payment options to suit the policyholder’s financial preferences. Policyholders can choose from yearly, half-yearly, quarterly, or monthly premium payment modes. The premium amount depends on factors such as age, sum assured, premium payment term, and policy term.

MATURITY AND DEATH BENEFITS

The LIC Jeevan Lakshya 933 plan provides both maturity and death benefits to ensure financial security for the policyholder and their family. If the policyholder survives the entire policy term, they receive the maturity benefit, which includes the sum assured, accrued bonuses, and guaranteed additions. In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with accrued bonuses and guaranteed additions.

RIDERS AND ADD-ONS

LIC Jeevan Lakshya 933 provides policy holders with the option to enhance their coverage by adding riders or additional benefits to the base plan. These riders offer supplementary protection for specific events or circumstances. Some common riders include accidental death benefit riders, critical illness riders, and waiver of premium riders. Policyholders can choose the riders based on their individual needs and requirements.

ELIGIBILITY AND APPLICATION

To be eligible for the LIC Jeevan Lakshya 933 plan, individuals need to meet certain criteria set by the insurance company. The minimum entry age is 18 years, and the maximum entry age typically ranges from 50 to 55 years, depending on the insurance provider. The policy continues until the policyholder’s demise or the maturity date, whichever occurs earlier. To apply for the plan, individuals need to fill out the application form and undergo the necessary medical and documentation procedures as required by the insurance company

TAX BENEFITS

Section 80C of the Income Tax Act, 1961 permits tax deductions for premiums paid towards the Jeevan Lakshya 933 plan. Additionally, the maturity benefit and death benefit received are generally tax-exempt under Section 10(10D) of the Income Tax Act, 1961, subject to prevailing tax laws.

Know More About lic jeevan lakshya 933 Policy

There are a few more things about this lic jeevan lakshya 933 policy that you need to know before purchasing it to have a better idea. Have a look at the below details to know more.

REBATES

The rebates for this policy function in the following way.

Mode Rebate:

Yearly mode – 2% of Tabular Premium

Half-yearly mode – 1% of Tabular premium

Quarterly & Salary Deduction – NIL

High Sum Assured Rebate (on Premium):

Know More About lic jeevan lakshya 933 Policy

There are a few more things about this lic jeevan lakshya 933 policy that you need to know before purchasing it to have a better idea. Have a look at the below details to know more.

The rebates for this policy function in the following way.

Mode Rebate:

Yearly mode – 2% of Tabular Premium

Half-yearly mode – 1% of Tabular premium

Quarterly & Salary Deduction – NIL

High Sum Assured Rebate (on Premium):

REBATES

Sum Assured (In Rupees)Rebate (In Rupees)
1,00,000 to 1,90,000Nil
2,00,000 to 4,90,0002 percent of basic Sum Assured
5,00,000 and above3 percent of basic Sum Assured

How Does LIC Jeevan Lakshya Policy Work?

To better understand the benefits and workings of the Jeevan Lakshya 933 plan, let’s consider a couple of examples:

Example 1: Mr. Sharma, aged 34, chooses the Jeevan Lakshya 933 plan with a sum assured of Rs. 20,00,000. He selects a premium payment term of 22 years and a policy term of 25 years. If he survives the entire policy term, he will receive the maturity benefit of Rs. 20,00,000 (sum assured + accrued bonuses + guaranteed additions), ensuring financial security for his family.

How Does LIC Jeevan Lakshya Policy Work?

To better understand the benefits and workings of the Jeevan Lakshya 933 plan, let’s consider a couple of examples:

Example 1: Mr. Sharma, aged 34, chooses the Jeevan Lakshya 933 plan with a sum assured of Rs. 20,00,000. He selects a premium payment term of 22 years and a policy term of 25 years. If he survives the entire policy term, he will receive the maturity benefit of Rs. 20,00,000 (sum assured + accrued bonuses + guaranteed additions), ensuring financial security for his family.

AgeGenderPolicy
buying
year
Policy
term
Premium
paying term
(Policy term
minus 3 years)
Sum
assured
Disability and
Accidental Rider
Benefit
34Male202225 years22 yearsRs. 20 lakhsYes

First & second-year premium details:

ModePremiumTotal Premium for 1st
Year (4.5% GST)
Total Premium for 2nd
Year (2.25% GST)
MonthlyRs. 7308Rs. 329Rs. 7472
QuarterlyRs. 21925Rs. 987Rs. 22418
Half-YearlyRs. 43393Rs. 1953Rs. 44369
AnnuallyRs. 85870Rs. 3864Rs. 87802

The above table showcases the first and second year onwards premium details for different modes.

The above table showcases the first and second year onwards premium details for different modes.

Maturity Benefit Details:

Sum assuredApproximate bonusApproximate Final Additional Bonus (FAB)Total
Rs. 20 lakhs2300000900000Rs. 52 lakhs

The insured person will get INR 52 lakhs once the policy fully matures.

CONCLUSION

The Jeevan Lakshya 933 plan provides comprehensive financial protection and guaranteed income for the policyholder’s family. By understanding the plan’s features, benefits, and examples, individuals can make an informed decision about securing their future with this insurance policy. It is advisable to assess your specific financial needs, consult with an insurance advisor, and carefully review the terms and conditions of the plan before making a purchase decision.

CONCLUSION

The Jeevan Lakshya 933 plan provides comprehensive financial protection and guaranteed income for the policyholder’s family. By understanding the plan’s features, benefits, and examples, individuals can make an informed decision about securing their future with this insurance policy. It is advisable to assess your specific financial needs, consult with an insurance advisor, and carefully review the terms and conditions of the plan before making a purchase decision.

How Does the lic jeevan lakshya plan 933 Work?

The Jeevan Lakshya 933 plan operates on the principle of providing financial protection and a guaranteed income to the policyholder’s family. Policyholders need to choose the premium payment term, sum assured, and policy term at the time of policy inception. They need to pay premiums regularly during the premium payment term. In case of the policyholder’s demise during the policy term, the nominee receives the sum assured along with accrued bonuses and guaranteed additions. If the policyholder survives the entire policy term, they receive the maturity benefit, which includes the sum assured, accrued bonuses, and guaranteed additions.

How Does the lic jeevan lakshya plan 933 Work?

The Jeevan Lakshya 933 plan operates on the principle of providing financial protection and a guaranteed income to the policyholder’s family. Policyholders need to choose the premium payment term, sum assured, and policy term at the time of policy inception. They need to pay premiums regularly during the premium payment term. In case of the policyholder’s demise during the policy term, the nominee receives the sum assured along with accrued bonuses and guaranteed additions. If the policyholder survives the entire policy term, they receive the maturity benefit, which includes the sum assured, accrued bonuses, and guaranteed additions.

FAQ

Most frequent questions and answers

Jeevan Lakshya 933 is a life insurance plan offered by a reputed insurance company. It is a non-linked, limited premium payment policy that provides financial protection and savings for the policyholder and their family.

Jeevan Lakshya 933 offers several features, including a death benefit, survival benefit, maturity benefit, optional riders for additional coverage, and tax benefits.

Jeevan Lakshya 933 is available to individuals who meet the entry age criteria set by the insurance company. The policy can be purchased by anyone looking to secure their family’s financial future.

In the unfortunate event of the policyholder’s demise during the policy term, the death benefit, which is the sum assured, along with any applicable bonuses, is paid to the nominee.

Yes, Jeevan Lakshya 933 provides survival benefits in the form of annual income. A certain percentage of the sum assured is paid annually to the policyholder until the end of the policy term or until the policyholder’s demise, whichever is earlier.

On survival till the end of the policy term, the maturity benefit, which includes the sum assured and any accrued bonuses, is paid to the policyholder.

Yes, Jeevan Lakshya 933 offers additional riders for enhanced coverage. Policyholders can opt for riders such as accidental death benefit, critical illness benefit, or premium waiver benefit, depending on their individual needs.

Yes, the premiums paid towards Jeevan Lakshya 933 are eligible for tax deductions under Section 80C of the Income Tax Act, 1961.