LIC Jeevan Lakshya Policy (Plan No. 933)


The LIC Jeevan Lakshya policy (plan no. 933) aims to provide complete security and stability to the policyholder and his or her family regardless of being alive or not. This is a non-linked participating plan which ensures investment and insuring.

Along with this, the plan also takes care of the liquidity needs through the availability of loans. The main factor of this plan which in turn is very attractive towards people is that the plan takes care of children and minorities should anything happen to the policyholder.


  • The plan comes with some attractive options for the policyholders. Some key features of the plan are mentioned below
  • The minimum sum assured over this plan is rs. 1,00,000
  • The Premium payment modes are annually, semi-annually, quarterly and monthly. The company has introduced Electronic Clearing Service or ECS which is a rather much easier way of payment.
  • The premium payment term is a maximum of three years despite the policy term.
  • This is a participating endowment plan, which means the profit earned by the company will be an add on bonus over the basic sum assured

Benefits of the LIC Jeevan lakshya Policy (plan no. 933)

The plan offers several benefits to taking note of. Being it an endowment plan, it has insurance offers and investment offers. Let us take a look at the benefits below:

  • Death benefit- If the policyholder happens to suffer from demise during the policy term, the beneficiary is awarded the Sum Assured on Death. Where the Sum Assured on Death is defined as the Annual Income Benefit which is equal to 10% of the Basic Sum Assured. The amount shall be payable from the anniversary coinciding with or the date of death of the assured

The Assured Absolute Amount equals 10% of the Basic Sum Assured which is payable at maturity. The Death benefit shall be no less than 105% of the Basic Sum Assured.

  • Maturity Benefit – If the assured survives the time of the policy then he or she will be awarded a maturity benefit which shall be equal to the Basic Sum Assured in addition to any Reversionary bonuses and Final Additional bonuses (if any). This is only applicable if the assured successfully pays all the premiums.
  • Participation in Profits – If the assured dies while the policy is active, the policy itself will not stop participating in the profits of the company. At the date of maturity then, the company will provide a Simple Reversionary Bonus and a Final Reversionary Bonus (if any) along with the profits that the company earned. This will be applicable if the premiums are paid thereon. The amount then will be paid to the nominee. However Final Additional Bonuses will not be payable under reduced paid-up policies.

Additional Benefits under the policy

Apart from the basic benefits that are offered under the policy, several optional benefits are provided to the assured. They are as follows:

  • LIC’s Accidental Death benefit and Disability Benefits Rider- These benefits will be provided if the policyholder purchases this at the time of the issue. An additional sum will be payable to the nominee if the assured suffers a death due to an accident during the policy term. In case of an accident, causing a disability to the assured, then the assured will be paid an additional amount during the time of maturity.
  • New Term Assurance Rider- The new term assurance rider needs to be purchased at the time of the inception of the plan. This will be applicable if the assured happens to die within the policy term. The advantage of this rider is that there will be an additional sum payable to the nominee which will be equal to the basic sum assured.


The table provided below showcases the parameters and eligibility to purchase and invest in the policy.

Minimum age of entry 18 years
Maximum age of entry 50 years
Minimum sum assured Rs. 1,00,000
Maximum sum assured No limit
Modes of premium payment Yearly, half-yearly, quarterly, and monthly
Minimum policy term 13 years
0Maximum policy term 25 years
Maximum age of maturity 65 years


Exclusions under the plan

This plan will not be applicable in case the assured dies by committing suicide. In that case, the assured will be paid 80% of the single premium and extra premium. If the policyholder commits suicide within 12 months of the term of the policy, only then the amount will be returned to the insured.


  1. Is there a surrender value under the policy?

There is a guaranteed surrender value that will be provided if you surrender the policy after 3 years of paying the premiums.

  1. Can I apply for loans?

Yes, loans are available if you pay premiums religiously for three years.

  1. What if I don’t pay a premium?

If you do not pay your premium, then you will be provided with a grace period of 30 days from the date of the last unpaid premium.

  1. What kind of documents is required for this policy?

The policyholder must fill up the application form 300

Medical records

Address proof – Aadhar card, Vota Id Card or driving license

KYC documents

Depending upon the Sum assured, you may be asked to undergo medical tests.

  1. What is a paid-up value?

If you fail to pay your premium even after the grace period is over, then the policy may be terminated unless, the premiums have been paid for three successful years, then it will continue as a paid-up value.

  1. How much paid-up value?

It is the total number of paid premiums is the death sum assured and the maturity sum assured. The income value will be subjected to the equivalent fraction beginning from the death of the life assured.

  1. What kind of tax benefits is provided?

The plan adheres to Section 80 C and 10D of the income tax act of India 1961

  1. What is the premium paying term?

Irrespective of the policy term, the premium paying term is 3 years

  1. Is maximum coverage of maturity age different for different riders?

For both riders, the maximum coverage of maturity is 65 years

  1. Does my policy get terminated if I stop paying my premiums?

No, if you fail to pay even after the grace period, the plan will be terminated temporarily but can be revived within 2 years. Checkout other policies as well.

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