LIC Jeevan Lakshya Plan (Plan No. 733)
LIC Jeevan Lakshya Plan 733 is a life insurance plan with savings offered by LIC of India. It helps provide financial security for the family of the insured person. This plan also gives a guaranteed annual income in addition to life insurance, making it useful for long-term financial goals. Earlier, this plan was called LIC Jeevan Lakshya 833 and LIC Jeevan Lakshya 933.
Eligibility Criteria of LIC Jeevan Lakshya Plan
| Parameter | Criteria |
|---|---|
| Sum Assured | Min: Rs. 2,00,000 Max: No limit |
| Entry Age | Min: 18 years Max: 50 years |
| Maturity Age | Min: 31 year Max: 65 years |
| Policy Term | Min: 13 year Max: 25 years |
Key Features of LIC Jeevan Lakshya Plan 733
- You can take a loan from your policy if you need money.
- The LIC Jeevan Lakshya plan gives you both savings and life insurance in one plan.
- You can add extra riders for more protection, like accident or disability cover, by paying a little extra.
- You can choose to get your benefits as a lump sum or in smaller payments (instalments).
- You get discounts on premiums if your sum assured is high.
Benefits of LIC Jeevan Lakshya Plan
Death Benefit
If the person covered by the policy dies before the policy ends, the nominee will get a death benefit. This includes:
The sum assured on death is calculated as the higher of:
7 times the yearly premium, or110% of the basic sum assured (which will also include an annual income benefit of 10% of the basic sum assured every year).
Death Benefit in Instalments
Instead of getting all the money at once, the nominee can choose to receive the death benefit in smaller payments over time.
Payments can be spread over 5, 10, or 15 years.This choice can be made during the lifetime of the person covered.It can apply to all or part of the death benefit.Mode of Payment Minimum instalment amount Monthly 5,000 Quarterly 15,000 Half-Yearly 25,000 Yearly 55,000 
Maturity Benefit
If the person covered by the LIC Jeevan Lakshya policy survives until the policy ends, they will get the maturity benefit. This is the total money paid at the end of the policy. It includes the sum assured on maturity, which is the main guaranteed amount, plus any Simple Reversionary Bonuses that have been added during the policy term. If there is a Final Additional Bonus, that is included too. This ensures the policyholder gets both their original coverage and extra profit from the plan when it matures.
Settlement Option
The policy also offers a settlement option, which lets the policyholder take the maturity benefit in smaller payments over time instead of getting all the money at once. This can help manage money better, especially for long-term planning. The policyholder can choose to receive payments over 5, 10, or 15 years.
They can decide to take the full maturity amount or just part of it, and the payments can be a fixed amount or a percentage of the total. The instalments are paid in advance at the intervals chosen, giving flexibility for budgeting.
Mode of Payment Minimum instalment amount Monthly 5,000 Quarterly 15,000 Half-Yearly 25,000 Yearly 55,000 
Participation in Profits
The LIC Jeevan Lakshya plan is a participating plan, which means it can get bonuses from LIC. These bonuses are extra money added to your policy to increase its value.
Even if the policyholder dies, the policy will still get bonuses until the end of the policy term. Any Final Additional Bonus and Simple Reversionary Bonuses that are declared will be paid when the policy matures, no matter what.
Tax Benefits
The premiums you pay for this plan can be used for a tax deduction under Section 80C of the Income Tax Act. Also, the money you get from the policy, whether as a maturity benefit or death benefit, is tax-free under Section 10(10D). This helps you save on taxes while getting insurance and savings.
Optional Rider Benefits in LIC Jeevan Lakshya
- 1
Accidental Death and Disability Rider
You can add this rider anytime while you are paying premiums. If the insured person dies in an accident, the nominee gets an extra amount equal to the sum assured of this rider.
If the insured person becomes disabled due to an accident, the same amount is paid to them in monthly instalments for up to 10 years. This rider gives extra protection on top of the main policy.
- 2
New Term Assurance Rider
This rider can be added when you first buy the policy by paying a little extra premium. If the insured person dies during the policy term, the nominee gets an additional amount equal to the sum assured of this term assurance rider. This gives extra life cover along with the main policy.
LIC Jeevan Lakshya Policy Details
Grace Period
If you forget to pay a premium, LIC gives you 30 extra days to pay it. If you do not pay within these 30 days, the policy will stop (lapse). But you can restart (revive) the policy within 2 years from the date of the first missed premium.
Free Look Period
If you do not like the policy terms, you can cancel the policy within 30 days of receiving it, as long as no claim has been made yet. LIC will return your money.
Paid-up Value
If you pay premiums for about 3 years and then stop paying, your LIC Jeevan Lakshya plan becomes paid-up. This means the death benefit and maturity benefit will be reduced based on how many premiums you actually paid. The income benefit will also be reduced in the same way from the time of death of the insured.
Surrender Value
If you close (surrender) the policy before finishing all premiums, LIC will pay you a surrender value. This is a part of the premiums you paid, depending on how long you paid and the policy term.
If you pay premiums for at least 3 years, you can get the Guaranteed Surrender Value, which is a fixed percentage of all the premiums you have paid until that time.
Policy Revival
If your policy stops (lapses) because you missed paying premiums, you can restart it as long as you have not missed payments for more than 2 years.
Policy Loan
You can take a loan from your LIC Jeevan Lakshya policy after paying at least 1 full year of premiums.If your policy is active (in-force) and you have paid 2 full years of premiums, you can take up to 75% of the surrender value.If your policy is paid-up, you can take up to 65% of the surrender value.
The interest rate for loans from May 1, 2024, to April 30, 2025, is 9.5% per year, calculated twice a year.
Exclusion in LIC Jeevan Lakshya Plan
The only exclusion in this plan is suicide.If the insured person commits suicide within 12 months of starting the policy, LIC will not pay the claim. Instead, LIC will return 80% of the premiums paid.If suicide happens within 12 months after restarting (revival) the policy, LIC will pay the higher of:80% of the premiums paid, orThe surrender value of the policy.
Disclaimer: Squareinsurance.in does not endorse or recommend any specific insurance company or insurance plan. For more details about this plan, please check the plan brochure or the policy document.
FAQs
It is a life insurance plan that also helps you save money. It gives your family financial security and also provides a yearly income and savings.
Yes, you can choose to get the money in small instalments over 5, 10, or 15 years instead of one full amount.
Yes, you can close the policy after 3 years and get a surrender value, which is part of the premiums you paid.
Yes, it is a good policy if you want safe and guaranteed returns with life insurance protection for your family. It gives both insurance and savings together, and also allows you to take a loan if needed.
This plan gives both insurance and savings. Some main benefits are:
- Yearly income of 10% of the basic sum assured
- 110% of the basic sum assured as the guaranteed amount
- Bonuses added to increase your money
- Option to take a loan from the policy