LIC of India launched a new savings cum protection plan on 1st October 2024, called the LIC Jeevan Lakshya Plan 733 (Table No. 733). This policy is a unique blend of protection and savings, crafted especially for parents or guardians who want to secure the future of their children even in their absence.
It is a Non-Linked, Participating, Individual Life Insurance Plan, which means your investment is not affected by market fluctuations and comes with annual bonuses and additional benefits. The plan ensures that in case of the untimely demise of the policyholder during the policy term, the nominee receives annual income support and a lump sum maturity benefit at the end of the term.
🔑 Key Highlights of LIC Jeevan Lakshya Plan 733
- ✔️ Offers Annual Income Benefit (10% of Sum Assured per year) on policyholder’s death
- ✔️ Maturity Benefit = Sum Assured + Bonuses (Reversionary + Final)
- ✔️ Ideal for Child Education, Marriage, or Family Financial Security
- ✔️ Limited premium payment: Pay only for (Policy Term – 3) years
- ✔️ Tax Benefits: Sec. 80C (Premiums), Sec. 10(10D) (Maturity)
- ✔️ Multiple Riders available: Accidental, Disability, Critical Illness, Term Rider
🛡️ What Makes Jeevan Lakshya Special?
This plan is designed to replace your income for your dependents in case of your unfortunate demise. What’s unique is that the policy not only provides a lump sum but also ensures that your family receives 10% of the sum assured every year until the end of the policy term—perfect for regular expenses like education fees or household needs.
✅ Plan Eligibility & Parameters
| Parameter | Details |
|---|---|
| Entry Age | 18 to 50 years |
| Policy Term | 13 to 25 years |
| Premium Paying Term | Policy Term – 3 years |
| Maturity Age (Max) | 65 years |
| Sum Assured | ₹2,00,000 and above (multiples of ₹50,000) |
| Premium Payment Mode | Yearly, Half-Yearly, Quarterly, Monthly (ECS) |
| Loan Facility | After 1 full year of premium payment |
| Surrender Value | Available after 1 full year of premium payment |
💰 Rebates & Discounts
1. Mode Rebate (on premium payment frequency)
| Mode | Rebate (%) |
|---|---|
| Yearly | 2% |
| Half-Yearly | 1% |
| Quarterly/Monthly | Nil |
2. High Sum Assured Rebate
| Basic Sum Assured (BSA) | Rebate |
|---|---|
| ₹2,00,000 to ₹5,00,000 | Nil |
| ₹5,00,000 to ₹10,00,000 | 4% of BSA |
| ₹10,00,000 and above | 5% of BSA |
🎁 Benefits in LIC Jeevan Lakshya Plan 733
1. Maturity Benefit
If the policyholder survives till maturity, they receive:
Sum Assured + Vested Simple Reversionary Bonus + Final Addition Bonus (FAB)
This lump sum amount can be used for child marriage, higher education, home buying, etc.
2. Death Benefit
If the policyholder passes away during the policy term, the family (nominee) receives:
- 10% of the Basic Sum Assured every year till the policy maturity date (Annual Income Benefit)
- At maturity, Sum Assured on Death + Bonuses is paid.
✅ The Sum Assured on Death is defined as:
Higher of:
- 110% of Basic Sum Assured
- 7 times of Annual Premium
🔒 Minimum Death Benefit = 105% of all premiums paid till the date of death (excluding taxes and riders).
📊 LIC Jeevan Lakshya Plan 733 – Example with Table
Let’s take an example of Mr. Suresh, a 30-year-old buying this plan:
| Details | Value |
|---|---|
| Age | 30 Years |
| Sum Assured | ₹10,00,000 |
| Policy Term | 21 Years |
| Premium Paying Term | 18 Years (21 – 3) |
| Yearly Premium (1st Yr) | ₹54,289 |
| Yearly Premium (2nd Yr+) | ₹53,120 |
| Total Premium Paid | ₹9,57,329 (approx.) |
| Maturity Year | 2041 |
| Age at Maturity | 51 |
✅ Maturity Benefit (If Suresh survives till 2041)
| Component | Estimated Amount |
|---|---|
| Sum Assured | ₹10,00,000 |
| Reversionary Bonus | ₹6,00,000 (approx.) |
| Final Additional Bonus | ₹5,29,000 (approx.) |
| Total Maturity Value | ₹21,29,000 |
🧾 Death Benefit Illustration
If Suresh dies in 2030 (after 10 years), the nominee will receive:
- ₹1,00,000 (10% of SA) every year till maturity (11 years = ₹11,00,000)
- Final Payout at Maturity: ₹21,29,000 (SA on Death + Bonuses)
💥 Total Death Benefit = ₹32,29,000
If death is accidental: Additional ₹10,00,000 paid (Accidental Sum Assured)
🔴 Policy stops after maturity payout.
📌 Other Important Features
| Feature | Details |
|---|---|
| Revival | Within 5 years from the date of first unpaid premium |
| Riders Available | Accidental Death, Disability, Critical Illness, Term Rider |
| Suicide Clause | Within 12 months: 80% premiums refunded; After 12 months: Full SA + Bonus |
| Loan | Available after 1 year |
| Surrender | Allowed after 1 full year of premium payment |
| Paid-Up Value | Available if at least 1 year premiums paid |
| Proposal Form | Form No. 300 only |
| Cooling-Off Period | 15 Days from policy receipt |
| Back-Dating Facility | Available |
🧮 How Paid-Up Value is Calculated?
If premiums are discontinued after a few years, the policy becomes a paid-up policy, and the benefit is reduced proportionately.
Paid-Up Value Formula:
Paid-Up Value =
Sum Assured × (Total Premiums Paid ÷ Total Premiums Payable)
🏁 Final Verdict – Who Should Buy LIC Jeevan Lakshya Plan 733?
This plan is ideal for salaried individuals, young parents, and anyone looking to:
- Secure child’s education or marriage
- Provide regular income to family in case of untimely death
- Earn tax-free maturity returns
- Pay limited-time premiums for long-term benefits
📦 Quick Summary Table
| Feature | Details |
|---|---|
| Policy Type | Endowment, With-Profit, Non-linked |
| Sum Assured | ₹2,00,000 to No Limit (in multiples of 50k) |
| Policy Term | 13 to 25 years |
| Premium Paying Term | Policy Term – 3 years |
| Annual Payout on Death | 10% of Basic Sum Assured every year |
| Maturity Benefit | SA + Bonus + Final Bonus |
| Death Benefit | 110% SA + Bonuses + Annual Payouts |
| Riders | Available |
| Loan/Surrender | Yes (after 1 year) |
| Online Purchase | Yes via LIC portal |
