• Policy Term: 13 to 25 years
• Premium Paying Term = Policy Term − 3 years
• Annual Income Benefit: 10% of Basic Sum Assured on death during policy term
• Maturity Benefit = Basic Sum Assured + Bonuses + Final Additional Bonus
• Rebate: 2% yearly mode, 1% half-yearly mode
• Withdrawn from sale on 01 October 2024
• GST assumed: 4.5% first year and 2.25% renewal years.
• Actual premiums and bonuses depend on LIC underwriting and official declarations.
LIC Jeevan Lakshya Plan 933
LIC Jeevan Lakshya Plan 933 was launched by the Life Insurance Corporation of India on February 1, 2020, and was later withdrawn from new sales on October 1, 2024. It was a traditional, non-linked, participating life insurance policy designed to provide long-term financial protection along with savings benefits and annual income support for the family.
What is LIC Jeevan Lakshya Plan 933?
LIC Jeevan Lakshya Plan 933 is a participating individual life assurance policy that combines insurance protection with long-term savings and guaranteed income benefits. The plan was specially designed for individuals who wanted to secure their family’s future financial needs such as children’s education, marriage expenses, and other long-term goals.
The policy provided financial support through both death benefits and maturity benefits.
Main Benefits of LIC Jeevan Lakshya Plan 933
Death Benefit with Annual Income Support
If the policyholder passed away during the policy term, the nominee received annual income benefits every year from the year of death until policy maturity.
Maturity Benefit
If the policyholder survived until maturity, LIC paid a lump-sum amount consisting of:
- Basic Sum Assured
- Accrued bonuses
- Final Additional Bonus if applicable
This helped create a long-term financial corpus for future needs.
Launch and Withdrawal Details
When Was LIC Jeevan Lakshya Plan 933 Launched?
LIC officially introduced Jeevan Lakshya Plan 933 on February 1, 2020.
When Was LIC Jeevan Lakshya Plan 933 Withdrawn?
The plan was withdrawn from new business acceptance on October 1, 2024. Although new customers can no longer purchase the policy, existing policyholders continue to receive benefits according to the original policy terms and conditions.
Why Was LIC Jeevan Lakshya Plan 933 Popular?
LIC Jeevan Lakshya Plan 933 became popular because it offered:
- Combination of insurance protection and savings
- Annual income support for nominees after death
- Lump-sum maturity benefits
- Participation in LIC bonuses
- Long-term financial security for children and family members
- Stable returns without stock market risk
Eligibility Criteria for LIC Jeevan Lakshya Plan 933
What Are the Eligibility Conditions for LIC Jeevan Lakshya Plan 933?
| Parameter | Details |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 50 years |
| Maximum Maturity Age | 65 years |
| Policy Term | 13 years to 25 years |
| Premium Paying Term | Policy term minus 3 years |
| Minimum Sum Assured | ₹1,00,000 in multiples of ₹10,000 |
| Policy Type | Endowment insurance plan |
These eligibility conditions were designed to provide adequate life insurance coverage while keeping the premium payment period comparatively shorter and more manageable.
Key Features of LIC Jeevan Lakshya Plan 933
What Are the Main Features of LIC Jeevan Lakshya Plan 933?
Annual Income Benefit
In case of the policyholder’s death during the policy term, the nominee received annual income equal to 10% of the Basic Sum Assured every year until policy maturity.
Lump Sum Maturity Benefit
If the insured person survived the policy term, LIC paid the maturity amount including:
- Basic Sum Assured
- Simple Reversionary Bonuses
- Final Additional Bonus if applicable
Limited Premium Payment Term
Premiums were payable for a duration that was 3 years shorter than the policy term, reducing the financial burden in later years.
Participating Insurance Policy
LIC Jeevan Lakshya Plan 933 participated in LIC profits through:
- Simple Reversionary Bonus
- Final Additional Bonus
These bonus additions increased overall policy benefits.
Rider Benefits
Additional protection could be added through optional riders such as:
- Accidental Death Benefit Rider
- Critical Illness Rider
- Term Assurance Rider
Tax Benefits
- Premiums paid qualified for tax deductions under Section 80C of the Income Tax Act
- Maturity and death benefits remained tax-free under Section 10(10D) subject to prevailing tax rules
Benefits of LIC Jeevan Lakshya Plan 933
Death Benefit
If the policyholder died during the policy term, the nominee received:
- Annual income benefit equal to 10% of the Basic Sum Assured every year from the year following death until maturity
- At maturity, the nominee additionally received:
- 110% of Basic Sum Assured
- Accrued bonuses
The death benefit payable under the plan was never less than 105% of the total premiums paid, ensuring financial security for the nominee.
This feature made the policy especially useful for families needing regular financial support after the policyholder’s death.
Maturity Benefit
If the policyholder survived until the end of the policy term, LIC paid:
- Full Basic Sum Assured
- Accumulated Simple Reversionary Bonuses
- Final Additional Bonus if applicable
The maturity amount could be used for major financial goals such as:
- Children’s education
- Marriage expenses
- Retirement planning
- Long-term wealth creation
How LIC Jeevan Lakshya Plan 933 Works
LIC Jeevan Lakshya Plan 933 functions as a combination of life insurance protection and long-term savings benefits.
- Premiums are paid during the premium paying term, which is 3 years shorter than the selected policy term
- If the policyholder dies during the policy term, the nominee starts receiving annual income benefits until maturity
- If the policyholder survives the entire term, maturity benefits along with bonuses are paid at the end of the policy
The plan also participates in LIC profits through bonus declarations.
Bonus Structure Under LIC Jeevan Lakshya Plan 933
- Simple Reversionary Bonus is declared annually and accumulates during the policy term
- Final Additional Bonus is paid as a one-time benefit at maturity or death if applicable
These bonus additions help increase the overall value of the policy.
Using LIC Jeevan Lakshya Plan 933 Calculator
The LIC Jeevan Lakshya Plan 933 Calculator helps estimate premiums, maturity benefits, and death benefits without manual calculations.
Since the plan includes multiple benefit components such as bonuses and annual income payouts, the calculator simplifies policy evaluation for both new and existing policyholders.
What Inputs Are Required in LIC Jeevan Lakshya Plan 933 Calculator?
The calculator generally requires the following details:
- Age of the policyholder
- Policy term between 13 years and 25 years
- Basic Sum Assured amount
- Premium payment frequency
- Optional rider selection if required
What Does LIC Jeevan Lakshya Plan 933 Calculator Show?
The calculator provides estimates for:
- Approximate premium payable
- Estimated maturity value including bonuses
- Death benefit projections
- Annual income benefit payable to nominee in case of death
The calculator helps individuals understand policy affordability and expected financial benefits before purchasing the plan.
Premium Calculation and Rebates
Premium amounts under LIC Jeevan Lakshya Plan 933 depended on:
- Basic Sum Assured
- Policy term
- Policyholder’s age
- Premium payment mode
LIC also offered premium rebates for larger sum assured values and selected payment frequencies.
Mode-Based Premium Rebates
| Premium Payment Mode | Rebate |
|---|---|
| Yearly | 2% |
| Half-yearly | 1% |
| Quarterly | No rebate |
| Monthly | No rebate |
Sum Assured-Based Rebates
| Basic Sum Assured | Premium Rebate |
|---|---|
| ₹2,00,000 to ₹4,90,000 | 2% |
| ₹5,00,000 and above | 3% |
These rebates encouraged higher coverage and annual or half-yearly premium payments.
Riders Available with LIC Jeevan Lakshya Plan 933
What Additional Riders Could Be Added?
LIC offered optional riders to enhance policy protection:
Accidental Death and Disability Rider
Provided additional compensation in case of accidental death or disability.
Critical Illness Rider
Offered financial support for treatment of specified critical illnesses.
Term Assurance Rider
Provided additional life insurance coverage beyond the base policy.
These riders required payment of additional premium but offered broader financial protection for families.
Tax Benefits Under LIC Jeevan Lakshya Plan 933
What Tax Benefits Were Available?
- Premiums paid qualified for tax deductions under Section 80C of the Income Tax Act up to ₹1.5 lakh annually
- Maturity proceeds and death benefits remained tax-free under Section 10(10D) subject to prevailing tax laws
These tax advantages made LIC Jeevan Lakshya Plan 933 attractive as both an insurance and tax-saving investment option.
Withdrawn Status of LIC Jeevan Lakshya Plan 933
LIC Jeevan Lakshya Plan 933 was officially withdrawn from new sales on October 1, 2024. After this date, no fresh policies could be purchased under this plan. However, existing policyholders continue to receive all policy benefits according to the original terms and conditions until maturity or claim settlement.
The plan was included in the list of insurance products withdrawn by Life Insurance Corporation of India during the financial year 2024–25. Individuals seeking similar benefits are advised to explore LIC’s latest alternative plans or consult authorized LIC representatives for updated policy options.
Who Should Consider LIC Jeevan Lakshya Plan 933?
Although the plan is no longer available for new purchase, it was considered suitable for:
- Individuals seeking both life insurance protection and long-term savings
- Families wanting regular income support in case of the policyholder’s death
- People interested in bonus-based traditional insurance plans
- Parents planning financially for children’s education or marriage
- Investors preferring guaranteed and stable returns without market risk
Frequently Asked Questions
What is LIC Jeevan Lakshya Plan 933?
LIC Jeevan Lakshya Plan 933 was a traditional participating endowment insurance policy that offered life insurance protection, annual income benefits for nominees, and lump-sum maturity benefits.
When Was LIC Jeevan Lakshya Plan 933 Launched and Withdrawn?
The policy was launched on February 1, 2020, and later withdrawn from new business acceptance on October 1, 2024.
Who Was Eligible for LIC Jeevan Lakshya Plan 933?
Individuals between 18 years and 50 years of age could purchase the policy with policy terms ranging from 13 years to 25 years.
What Happens if the Policyholder Dies During the Policy Term?
If the insured person died during the policy term, the nominee received:
- Annual income benefit equal to 10% of Basic Sum Assured every year until maturity
- Maturity benefit including:
- 110% of Basic Sum Assured
- Accrued bonuses
What Was the Maturity Benefit Under LIC Jeevan Lakshya Plan 933?
On survival until maturity, the policyholder received:
- Basic Sum Assured
- Accumulated Simple Reversionary Bonuses
- Final Additional Bonus if applicable
Was There a Limited Premium Payment Feature?
Yes, premiums were payable for a duration that was 3 years shorter than the selected policy term.
Conclusion
LIC Jeevan Lakshya Plan 933 remained a well-structured endowment insurance policy that combined savings, protection, and regular income support for nominees. Its limited premium payment structure, bonus participation, and annual income feature made it a valuable financial planning option for many families.
Although the policy has now been withdrawn, understanding its structure and benefits remains useful for existing policyholders and individuals comparing traditional LIC insurance plans.
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