LIC Jeevan Lakshya Plan (933)
LIC Jeevan Lakshya Plan (933) Review
LIC’s Jeevan Lakshya Policy (933) is a participating endowment plan which provides both investment and insurance benefits. Since it is a participating plan, bonus benefits will be available. In case of death of the policyholder a regular income is provided to the nominee in addition to a lump sum at the maturity. There are some additional benefits which you can take in the form of riders. We will explain the benefits of this plan with the help of a few examples.
| Launch Date | 1st February 2020 |
| Table Number | 933 |
| Policy Type | Endowment |
| Bonus | Yes |
| UIN | 512N297V02 |
Benefits
In case of the death of the policyholder before the end of the policy term, the nominee will receive all of the following:
- 10% of the Basic Sum Assured as an Annual Income Benefit from the next policy anniversary date to the policy anniversary date one year before the Maturity Date. We will explain this better in the example.
- 110% of the Basic Sum Assured payable on the Maturity Date
- Simple Reversionary Bonus which has accrued throughout the policy term payable on the Maturity Date
- Final Addition Bonus if declared payable on the Maturity Date
The Death Benefit shall not be less than 105% of all premiums paid as on date of death of the policyholder.
At the end of the policy term, the policyholder will receive the following:
- Basic Sum Assured
- Simple Reversionary Bonus
- Final Addition Bonus if declared
If the policyholder is not happy with the plan, he can cancel the policy within 15 days of the plan issuance. This period is called the free-look period. Upon cancellation, the premium paid net of any applicable expenses would be returned.
In case of Yearly, Half-yearly and Quarterly premium payment mode you have a grace period of 30 days from the premium due date. In case of monthly premium payment mode, the grace period is 15 days.
You can avail a long against this policy after you have paid 2 years of premium.
You have the choice of taking the following rider by paying an extra premium amount:
- LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
- LIC’s New Term Assurance Rider (UIN: 512B210V01)
- LIC’s Accident Benefit Rider (UIN: 512B203V03)
- LIC’s New Critical Illness Benefit Rider (UIN: 512A212V01)
If you surrender the plan anytime before paying 2 years of premiums, you will not be paid anything back. In case you have paid at least 2 years premiums, the policy will acquire a Surrender Value. The exact surrender value factor can only be known by contacting the LIC office.
How it works
When buying the LIC Jeevan Lakshya Plan (933), the customer has to decide on the following:
- Basic Sum Assured - the amount of cover that you want. You can choose a minimum amount of Rs. 1,00,000. There is no upper limit.
- Policy Term - the period for which you wish to have the cover. The term can be anywhere between 13 to 25 years
- Premium Payment Term - You need to pay the premiums for the Policy Term minus 3 years only.
Based on the basic sum assured, your age and the policy term selected, your annual premium will be decided.
Since it is a Participating plan, you will receive Simple Reversionary Bonus and Final Additions as and when declared by LIC.
Eligibility
| Minimum | Maximum | |
| Sum Assured * | Rs. 1,00,000 | No limit |
| Policy Term | 13 years | 25 years |
| Premium Payment Term | Policy Term minus 3 years | |
| Entry Age (nearest birthday) | 18 years | 50 years |
| Maximum Maturity Age (nearest birthday) | 65 years | |
| Premium paying frequency | Annually, Half-yearly, Quarterly, Monthly | |
FAQs
How much bonus is declared under the plan?The rate of bonus is not fixed. It varies depending on the performance of the insurer and is paid only if the insurer makes a profit in any financial year.
Check the Bonus rates of LIC’s Jeevan Lakshya Plan
What type of bonus is declared under the policy?The plan pays simple reversionary bonuses for every year the policy is in force. On death during the plan tenure or on maturity, a Final Bonus might also be paid in addition to the vested bonuses.
Are there any rebates on the premium?The plan offers two types of premium rebates. First, the high Sum Assured rebate which offers a rebate of 1.50% to 3% if the Sum Assured is Rs.2 lakhs and above. The second rebate offered is for paying the premium in annual or half-yearly mode. For annual mode, the rebate is 2% of the tabular premium while for the half-yearly mode the rebate is 1%.
How much is the revival period?You can revive your lapsed policy within 5 years of the last paid premium
Claim Process
How to make a maturity or surrender claim?
A maturity claim is easy to make. The policyholder would have to fill and sign the claim discharge form and submit it to the insurer for availing the maturity benefit along with the original policy document, NEFT Mandate Form, and age proof if age was not admitted earlier.
In case of surrender, the policyholder should inform the company in writing to avail the surrender value.
The maturity or surrender amount can be either claimed lump sum or in instalments of 5, 10, or 15 years. For this, you just need to inform the company 3 months prior to the maturity date.
How to make a death claim?
In case of a death claim, the nominee should fill up the claim discharge form and submit it to the company along with -
- Original policy document
- NEFT Mandate Form for the direct settlement of claim into the nominee’s bank account
- Proof of Title which is the nominee’s Identity Proof
- Proof of Death - death certificate
- Medical treatments availed prior to death
- Proof of age if age was not admitted in the policy
- Police inquest report, newspaper cuttings reporting the accident, copy of driving licence for road accidents, post-mortem report, etc. might be required in case of accidental or unnatural death.
