LIC of India new plan launched on 1st. february 2020 which name is LIC Jeevan Lakshya Plan 933 (LIC Table no. 933) is a combination of risk cover and saving plan which is most suitable for the purpose of providing financial problems of children and family. This policy provides life cover during the policy term and Sum Assured + Bonuses on survival as maturity.
In case of death of policyholder during the policy term, LIC Jeevan Lakshya Plan 933 policy provides 10% of sum assured every year till maturity and again provides Sum Assured + Bonuses as maturity to the family.
Please Note: You can now buy online LIC Jeevan Lakshya plan 933 through credit card/debit card, net banking, upi and wallets on our LIC's New Business Platform.
| AGE OF ENTRY |
18 to 50 years |
|
PREMIUM PAYING MODE |
Yearly, Half Yearly, Quarterly, Monthly (ECS Only) |
|
POLICY TERM |
13 to 25 years |
|
PREMIUM PAYING TERM |
(Policy Term – 3) years |
|
SUM ASSURED |
100000 and above (in multiples of 10000) |
|
PREMIUM MODE REBATE |
2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly |
|
HIGH SUM ASSURED REBATE |
0% of SA on 0 to 2,00,000 |
|
LOAN |
After 2 Years |
|
SURRENDER |
After 2 Years |
|
REVIVAL |
Within 5 Years from FUP |
LIC Jeevan Lakshya 933 Plan Parameters
Rebate means discount on premium. Two rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.
Mode Rebate: Rebate given based on premium payment mode chosen.
|
PREMIUM PAYMENT MODE |
PERCENTAGE(%) |
|
Yearly Mode |
2% |
|
Half yearly Mode |
1% |
|
Quarterly and Monthly |
Nil |
High Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.
|
BASIC SUM ASSURED (BSA) |
REBATE PER RS. 1000 /- S.A. |
|
Rs. 1,00,000 to Rs. 1,90,000 |
NIL |
|
Rs. 2,00,000 to Rs. 4,90,000 |
2 % of (B.S.A) |
|
Rs. 5,00,000 to and above |
3 % of (B.S.A) |
Benefits
LIC Jeevan Lakshya 933 Maturity Benefit = Sum Assured + Simple Reversionary Bonus + Final Addition Bonus will be payable as maturity amount.
LIC Jeevan Lakshya 933 policy Death Benefit
If Death Occurs during the policy term 10% of the basic sum Assured will be paid to nominee every year from the year of death till the date of maturity.
At end of policy term again maturity will be paid to Nominee Sum Assured on death (110% of sum assured) + Vested simple Reversionary Bonuses+FAB (If Any).
LIC Jeevan Lakshya Plan 933 Surrender, Loan and Paid-up value details is given below.
Surrender period : Policy can be surrender after 2 years at least 2 full years payment of premiums.
Loan Facility : Loan facility is available under LIC Jeevan Lakshya plan 933, after at least 2 full years of premium paid.
Paid-up value : Once a LIC Jeevan Lakshya Plan 933 policy has completed minimum 2 full years and more premiums paid, and policyholder chooses to stop paying further premiums, it automatically becomes eligible for paid-up value.
Paid-up value formula
|
Paid-up value = Sum Assured * Total number of premiums paid/Total number of premiums to be paid |
An example of Suresh who is purchasing this Plan with following details.
|
Sum Assured (Rs.) |
10,00,000 |
|
Age (Years) |
30 |
|
Policy Term(Years) |
21 |
|
Premium Paying Term |
18 (Policy Term – 3) years |
|
Purchase Year |
2020 |
|
Yearly Premium |
1st. yrs (54289), |
LIC Jeevan Lakshya Plan 933 with an Example
As per above example, policy holder needs to pay the premium of Rs. 54,289 1st. year and Rs. 53,120 2nd year onward every year for 18 years (Premium Paying Term) and after completion of 21 years (Policy Term). The benefits (maturity & Year-wise death claims) related to this plan is given below.
If Policy holder survives 21 years, then Maturity (Sum Assured + Bonus +FAB) will be as under.
|
MATURITY YEAR |
AGE AT MATURITY | TOTAL PREMIUM PAID |
MATURITY AMOUNT (APPROX.) |
|---|---|---|---|
|
2041 |
51 |
9,57,329 |
21,29,000 |
Death Claim Details
In case of unfortunate death of policyholder during policy term, this plan provides 10% of sum assured every year till maturity and again maturity amount is also payable to the nominee. To understand this benefit, let’s suppose death happens 10 year after taking this policy, age of the policy holder and year at time of death will age 39 and year 2030 respectively. 10% of sum assured will be payable from year of death till maturity and again maturity amount is also payable to the nominee. . Following table provides year-wise details.
Suppose if, unfortunate normal death of policyholder happens in year 2030 (at age 39), then by that time total premium paid will be Rs. 5,32,369 and nominee will get death benefits 10% of sum assured every year it means Rs. 1,00,000 every year till maturity and Rs. 21,29,000 maturity again. And additional benefits of Rs. 10,00,000 as accidental death claim in case of death due to accident paid to their nominee and policy will be stop.
Revival : Policy should be revived before 5 years from last unpaid premiums.
Loan Facility : Loan facility is available under LIC Jeevan Labh plan, after at least 2 full years payment of premiums.
Riders Facility : Accidental Death and Disability Benefit Rider, critical illness and Term Assurance Rider is available.
Suicide Clause : If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 1 year. Full Sum assured + Bonus will be paid by LIC to their nominee.
Cooling off Period : Policy holder can return back policy within 15 days from date of receiving the policy.
Date Backing Facility : Available.
Proposal Form : Form No. 300 only.
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