LIC Jeevan Lakshya Plan 933 Calculator

LIC Jeevan Lakshya Plan 933 was launched on 1st February 2020 and was withdrawn on 1st October 2024. It was a traditional, non-linked, participating life insurance policy designed mainly to provide financial security with an annual income benefit along with lump sum maturity benefits.

Life insurance plans are more than just policies; they are long-term commitments aimed at securing your family’s future financially. The LIC Jeevan Lakshya Plan 933 is one such endowment plan designed to provide both protection and savings with guaranteed income benefits.

Introduction to LIC Jeevan Lakshya Plan 933

LIC Jeevan Lakshya (Plan No. 933) is a non-linked, participating, individual life assurance plan designed for those who want a secure, stable, and regular income stream for their loved ones in case of an unfortunate event. The plan provides:

• Death Benefit: Annual income benefit to the nominee from the year of death till maturity.
• Maturity Benefit: Lump sum payout including sum assured and bonuses at the end of the policy term.

The plan is tailored for financial needs such as children’s education, marriage, and long-term savings.

Launch Date: 1st February 2020
Withdrawal Date: 1st October 2024

This means the plan is no longer available to new customers since October 2024; however, existing policyholders continue to enjoy the benefits.​

Eligibility Criteria

To be eligible for this plan, the policyholder must meet certain criteria:

The above criteria ensure that the policyholder gets adequate coverage while having a manageable premium paying period.​

Key Features of LIC Jeevan Lakshya Plan 933

• Annual Income Benefit: In case of the policyholder’s demise during the policy term, the nominee receives 10% of the basic sum assured every year till the end of the policy term.
• Lump Sum Maturity Benefit: If the policyholder survives the entire policy term, maturity benefits including the basic sum assured and bonuses are paid.
• Limited Premium Payment Term: Premiums are paid for 3 years less than the policy term, easing the premium burden in later years.
• Participating Policy: Eligible to receive Simple Reversionary Bonuses and a Final Additional Bonus, declared by LIC.
• Rider Benefits: Accidental death, critical illness, and term assurance riders can be attached for additional protection.
• Tax Benefits: Premiums paid qualify for deduction under Section 80C of the Income Tax Act, and maturity proceeds are tax-free under Section 10(10D).​

Benefits of LIC Jeevan Lakshya Plan 933

Death Benefit

If the policyholder passes away during the policy term, the nominee gets:

• An annual income benefit equal to 10% of the basic sum assured every year from the year following the policyholder’s death till the maturity date.
• On maturity, the nominee receives 110% of the basic sum assured plus accrued bonuses.

The death benefit will never be less than 105% of the total premiums paid, thereby safeguarding the nominee’s financial interests. This feature is especially beneficial for providing a steady income for the family during difficult times.

Maturity Benefit

If the policyholder survives till maturity:

• The full basic sum assured is paid.
• Along with the sum assured, accumulated Simple Reversionary Bonuses (SRB) and Final Additional Bonus (FAB), if any, are added.

This lump sum benefit can be used for various financial goals, such as children’s education, marriage, or retirement.​

How LIC Jeevan Lakshya Plan 933 Works

This endowment plan works as a combination of life insurance coverage and savings.

• You pay premiums for the premium payment term (policy term minus 3 years).
• In case of the policyholder’s death, the annual income benefit starts and continues till the policy matures.
• If the policyholder survives, maturity benefit including bonuses is paid.

The bonuses are declared annually by LIC depending on its profits. Simple Reversionary Bonuses are added each year and accumulate, while the Final Additional Bonus is a one-time payout given on maturity.

Using the LIC Jeevan Lakshya Plan 933 Calculator

Calculating premiums and maturity amounts manually can be confusing due to multiple components — basic sum assured, bonuses, income benefits, etc. The LIC Jeevan Lakshya Plan 933 calculator simplifies this by providing instant estimates based on your inputs.

What Inputs Are Needed?

• Age of the policyholder
• Policy term (13 to 25 years)
• Basic sum assured amount
• Mode of premium payment (yearly, half-yearly, quarterly, monthly)
• Optional riders, if any

What Outputs Does the Calculator Provide?

• Estimated yearly premium amount
• Maturity benefit estimate including bonuses
• Death benefit projections
• Annual income benefit estimate in case of death

This tool helps prospective policyholders understand the financial commitment and benefits before buying the policy. Additionally, it allows existing policyholders to check projections of their policy returns.

Several online LIC calculators offer this feature, including trusted platforms like LIC’s official site and reliable insurance portals.​

Premium Calculation and Rebates

Premiums depend on the basic sum assured, policy term, the age of the policyholder, and the premium payment mode. LIC offers rebates to encourage timely and larger premium payments:

• Mode-based Rebate:
  • Yearly payment: 2% rebate
  • Half-yearly payment: 1% rebate
  • Quarterly or monthly payments: No rebate
• Sum Assured-based Rebate:
  • Rs. 2,00,000 to Rs. 4,90,000: 2% rebate on premium
  • Rs. 5,00,000 and above: 3% rebate on premium

This rebate structure encourages paying premiums annually or half-yearly and opting for higher coverage to benefit from price reductions.​

Riders Available with Jeevan Lakshya Plan 933

To enhance the base plan, LIC offers various riders that can be attached:

• Accidental Death and Disability Rider: Provides additional compensation on accidental death or disability.
• Critical Illness Rider: Covers treatment costs for specified critical illnesses.
• Term Assurance Rider: Adds extra life cover for enhanced security.

These riders come at an additional premium but offer a broader range of protection suitable for families needing comprehensive coverage.​

Tax Benefits Under the Plan

• Premiums paid under LIC Jeevan Lakshya Plan 933 qualify for deductions under Section 80C of the Income Tax Act up to ₹1.5 lakh annually.
• Maturity proceeds and death benefits are exempt from tax under Section 10(10D), subject to conditions. This adds to the plan’s attractiveness as a tax-saving financial instrument.​

Withdrawn Status of LIC Jeevan Lakshya Plan 933

The policy was withdrawn on 1st October 2024, meaning no new policies can be bought under this plan. Existing policyholders will continue enjoying their benefits until maturity or claim.

Withdrawn plans are listed officially by LIC, and Jeevan Lakshya 933 figures among the plans withdrawn in FY 2024-25. Those interested should consider LIC’s current alternatives for similar benefits or consult LIC agents for updated plans.​

Who Should Consider LIC Jeevan Lakshya Plan 933?

Even though withdrawn now, the plan was suited for:

• Individuals seeking a combination of life coverage and savings.
• Those who want regular income benefits to protect family finances in case of an untimely death.
• People looking for long-term investment with guaranteed bonuses.
• Parents planning for their children’s education and marriage.

Frequently Asked Questions

Conclusion

LIC Jeevan Lakshya Plan 933 was a comprehensive endowment plan providing a blend of protection, savings, and a unique annual income benefit to the nominee in case of the policyholder’s untimely death. It offered a limited premium payment term and participating bonuses, adding to maturity benefits.

Although currently withdrawn, understanding this plan helps appreciate LIC’s plan design philosophy and how calculators assist in estimating policy outcomes clearly.