LIC Jeevan Lakshya Plan 933 – Benefits, Eligibility, Plan Term, Premium, Documents

Friends, in today’s article, we are going to know about LIC Jeevan Lakshya Plan 933. This is a non linked plan and was launched by LIC in March 2015. Non linked plan means that this plan is not linked to the share market. This plan gives you both money savings and financial security in the future. LIC has made this plan to avoid any financial loss in the future of the family. If you also want to secure the future of your family, then definitely buy this plan.

Eligibility for LIC Jeevan Lakshya Plan 933

Entry age should be between 18 to 50 years
Policy term between 13 to 25 years
Minimum Sum Assured 1 Lakh
Maximum Sum Assured No Limit
Maturity age 65 years
Payment Types Monthly, Quarterly, Half Yearly, Yearly

Premium payment

The premium paying term in LIC Jeevan Lakshya Plan 933 is less than the policy term. In this plan, the insured will have to pay 3 years less premium than the policy term. For example, if you have taken this plan for 20 years, then you will have to pay the premium for 17 years only. In this plan, you have to pay the premium for a short period of time, but you will get its cover for a longer period of time. That’s why this plan is one of the best plans of LIC.

Benefits of LIC Jeevan Lakshya Plan 933

death benefit
If the insured dies before the completion of the policy term, then all the premiums due are waived off. This means that LIC will pay all the premiums due after death.
Apart from this, every year 10% of the Sum Assured will be given to the nominee as regular income. For example, if the insured has bought this insurance for Rs 5 lakh, then after his death Rs 50,000 will be given to the nominee every year.
And when your plan matures, then the nominee will get 110% of the sum assured. Along with this, Simple Reversionary Bonus and Final Addition Bonus will also be given.

maturity benefit

After the LIC Jeevan Lakshya plan matures, along with the sum assured, some bonuses will also be given to the insured. In this you are given two types of bonuses, Simple Reversionary Bonus and Final Addition Bonus.
Apart from this, the insured can take the benefit on death and maturity in two ways. Lump-Sum Payment and Installment Payment. In Lump-Sum Payment, you will be paid the benefit together. But in Installment Payment you will be paid Monthly, Half yearly and yearly benefit.

tax benefit
The amount of premium you pay in LIC Jeevan Lakshya Plan 933 will be exempted under Income Tax Act 80C.
Apart from this, the amount of maturity benefit and death benefit is also exempt under Income Tax Act 10 (10D).

loan benefit
In this plan, after paying the premium for 2 years, you also get the facility of loan.

surrender benefit
You can surrender the Jeevan Lakshya plan after paying premiums for at least 2 years. But while surrendering, do keep in mind that it will harm you. Because in this plan, you will be given back less money than the premium you have paid so far.

rider benefit
The insured can also avail additional benefits in this plan after paying additional premium. There are 4 riders available in this plan.
The first of these is the Accidental Death and Disability Benefit Rider. The second is the Accident Benefit Rider. The third is the New Term Assurance Rider and the fourth is the Critical Illness Rider.

Free Look Period Benefit
In this plan, you are also given the facility of free look period. With this, if you are not satisfied after taking this plan, then you can return this plan within 15 days. But why you want to return this plan, you have to tell the reason for it.

(Read More – LIC Micro Bachat Plan 951)

How to buy LIC Jeevan Lakshya Plan 933

You can buy this plan by visiting your nearest LIC office. Apart from this, you can also buy this plan through any agent of LIC.

LIC Jeevan Lakshay Plan Grace Period

Even after the last date to pay the premium, you get a few days time, this is called Grace Period. If you pay Monthly premium, then you get Grace Period of 15 days. But if you pay quarterly, half yearly and annual premium, then you will get a grace period of 30 days. After this your plan or policy will lapse.

LIC Jeevan Lakshay Plan Revival

When you do not pay the premium in the Jeevan Lakshya plan, your plan will be discontinued. But you can get it started again. After the closure of LIC Jeevan Lakshya plan, you can get it started again within 5 years.

Rebates in LIC Jeevan Lakshya Plan

In LIC Jeevan Lakshya Plan, if you pay the premium annually, you will get a discount of 2% and if you pay the premium for 6 months, you will get a discount of 1%.

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