Life Insurance Corporation of India (LIC), a household name in India, has been helping millions of people secure their financial future through a wide range of life insurance plans. Among these, LIC Jeevan Lakshya Plan No 933 stands out as an ideal solution for individuals seeking a combination of life cover, savings, and financial protection. This plan, which is a limited premium paying, non-linked, endowment plan, aims to meet the needs of policyholders looking for financial security while simultaneously working towards their long-term goals, such as building a corpus for their children’s education, their retirement, or even a major life event.
This comprehensive guide will explore all the essential aspects of LIC Jeevan Lakshya Plan No 933, from its features and benefits to the eligibility criteria, premium calculation, and much more. Whether you’re looking for a life insurance policy to protect your family’s future or an investment avenue that provides both security and growth, this plan could be the right choice for you.
What is LIC Jeevan Lakshya Plan No 933?
LIC Jeevan Lakshya Plan No 933 is a limited premium paying, non-linked, endowment plan that offers the dual benefits of risk cover and savings. It is designed to provide financial protection in the event of death during the policy term and offers the policyholder the opportunity to build a corpus for future goals through the accumulated bonuses.
The plan is tailored to meet both long-term protection needs and wealth accumulation, making it a versatile option for individuals across different life stages. Whether you’re saving for your child’s education, a family wedding, or planning for a comfortable retirement, LIC Jeevan Lakshya offers a lump-sum payout on maturity that can help you achieve your financial goals.
Key Features of LIC Jeevan Lakshya Plan No 933
- Type of Plan: Limited premium paying, non-linked endowment plan.
- Policy Term: The policy term is 16 to 25 years, with premiums payable for a limited period.
- Premium Payment Term: You can choose a premium payment term of 5, 6, or 8 years, making it easier to tailor the plan to your financial situation.
- Death Benefit: The sum assured on death is paid along with bonuses, if any, in case of the policyholder’s death during the policy term.
- Maturity Benefit: If the policyholder survives the term, they receive the sum assured on maturity along with any bonuses that have accumulated over the years.
- Bonus Facility: The policy participates in with-profit plans, and as such, it is eligible for Simple Reversionary Bonuses and Final Additional Bonuses, if declared.
- Loan Facility: You can take a loan against the policy’s surrender value if needed.
- Tax Benefits: The premiums paid towards the policy are eligible for tax deductions under Section 80C of the Income Tax Act, and the maturity benefit is tax-free under Section 10(10D).
Benefits of LIC Jeevan Lakshya Plan No 933
LIC Jeevan Lakshya Plan No 933 offers a variety of benefits that make it an attractive option for those seeking both financial protection and savings. Let’s take a closer look at these key benefits.
1. Financial Protection for Your Family
The primary benefit of this policy is the life cover it provides to the policyholder. In the event of the policyholder’s death during the policy term, the sum assured on death is paid to the nominee. This amount is in addition to the accumulated bonuses, ensuring your family is financially protected even in your absence.
The death benefit is the higher of:
- The basic sum assured on death.
- The sum assured on death plus bonuses.
This feature ensures that your family members are provided with a substantial amount to help them sustain their lifestyle and meet their financial needs.
2. Wealth Creation through Bonuses
LIC Jeevan Lakshya Plan No 933 participates in the corporation’s with-profit plan, meaning it is eligible to receive bonuses during the policy term. These bonuses help increase the sum assured, making the plan a great vehicle for wealth accumulation. The two types of bonuses available are:
- Simple Reversionary Bonus: This bonus is declared annually and is added to the policy’s sum assured.
- Final Additional Bonus: This bonus is paid at the time of policy maturity or on death if declared by the corporation.
The bonuses can significantly increase the maturity benefit, helping you accumulate a larger corpus for your future needs.
3. Maturity Benefit
Upon surviving the policy term, the policyholder receives the maturity benefit, which includes:
- Sum Assured on Maturity: The original amount chosen by the policyholder at the time of taking the policy.
- Bonus Amounts: Both the Simple Reversionary Bonus and Final Additional Bonus, if any, are added to the sum assured.
- Extra premiums for riders (if opted for).
The maturity benefit is a lump sum payout that can be used to fulfill various financial goals such as funding your child’s higher education, planning for retirement, or fulfilling any other long-term financial objectives.
4. Limited Premium Payment Option
One of the standout features of LIC Jeevan Lakshya Plan No 933 is its limited premium payment option. The premium payment term is shorter than the policy term, meaning you can pay premiums for a shorter duration while still receiving coverage for the entire policy term. You can choose one of the following premium payment terms:
- 5 years
- 6 years
- 8 years
This option makes the plan more affordable for policyholders who wish to complete their premium payments within a limited time frame.
5. Loan Facility
LIC Jeevan Lakshya Plan No 933 allows the policyholder to avail of a loan against the policy’s surrender value. This can be a useful feature in times of financial need, such as funding an emergency or covering unexpected expenses. However, it is important to note that any loan taken will be deducted from the death or maturity benefit if not repaid.
6. Tax Benefits
The policy also offers attractive tax benefits under the Income Tax Act of 1961. These include:
- Section 80C: Premiums paid towards the policy are eligible for tax deduction up to ₹1.5 lakh per annum.
- Section 10(10D): The death benefit and maturity benefit (subject to conditions) are exempt from tax.
This makes LIC Jeevan Lakshya a great tax-saving instrument in addition to being a tool for wealth creation and financial protection.
7. Customizable Coverage with Riders
LIC Jeevan Lakshya Plan No 933 offers a range of riders that you can add to your policy for enhanced coverage. These riders are designed to cover specific risks that go beyond the basic life cover. Two of the most popular riders offered with this plan are:
- LIC Accident Benefit Rider: Provides additional coverage in case of accidental death or disability.
- LIC Critical Illness Rider: Covers critical illnesses such as cancer, heart attack, and stroke, providing you with financial assistance to manage treatment costs.
These riders can help further protect your family from unexpected events.
Eligibility Criteria for LIC Jeevan Lakshya Plan No 933
To avail of LIC Jeevan Lakshya Plan No 933, the following eligibility conditions must be met:
- Minimum Age at Entry: 18 years (completed).
- Maximum Age at Entry: 50 years (age as of last birthday).
- Minimum Age at Maturity: 28 years.
- Maximum Age at Maturity: 70 years.
- Policy Term: 16 to 25 years.
- Premium Payment Term: 5, 6, or 8 years.
The eligibility criteria make it accessible to individuals across various age groups, especially those who are looking for a short-term commitment to premiums with long-term coverage.
How to Calculate Premium for LIC Jeevan Lakshya Plan No 933?
The premium for LIC Jeevan Lakshya Plan No 933 depends on several factors:
- Age of the Policyholder: Premiums are generally lower for younger individuals and increase with age.
- Sum Assured: The premium increases with a higher sum assured.
- Policy Term: Longer policy terms tend to attract higher premiums.
- Rider Options: Additional coverage through riders increases the premium.
- Payment Frequency: Annual, semi-annual, and monthly premium options are available, and premiums may vary based on the mode of payment.
To calculate the exact premium for your policy, you can use the LIC premium calculator available on their official website or consult an LIC agent who can provide a personalized quote based on your specific requirements.
How to Apply for LIC Jeevan Lakshya Plan No 933?
Applying for LIC Jeevan Lakshya Plan No 933 is a straightforward process. Here are the steps to follow:
- Visit an LIC Branch: You can visit the nearest LIC branch, fill out the application form, and submit the necessary documents.
- Online Application: LIC also allows you to purchase this plan online through their official website. You can complete the application process and make the premium payments online.
- Submit Documents: Along with the application form, you will need to submit identity proof, age proof, address proof, and a passport-sized photograph. A medical examination may be required depending on your age and health history.
Conclusion
LIC Jeevan Lakshya Plan No 933 is a robust life insurance plan that provides a unique combination of life cover, financial protection, and wealth creation. With its limited premium payment term, bonus facility, tax benefits, and the option to customize coverage with riders, it is an excellent option for those looking to secure their family’s future while building a substantial corpus for their long-term financial goals.
Whether you’re saving for a child’s education, planning for retirement, or preparing for any major life events, LIC Jeevan Lakshya can help you meet your financial objectives with peace of mind. Visit your nearest LIC branch or consult an LIC agent to learn more about this plan and how it can benefit you and your loved ones.
