LIC Jeevan Lakshya (Plan 733) - Overview
LIC Jeevan Lakshya (Plan 733) is a limited-premium endowment plan designed specifically to protect your family's income in your absence. Its unique feature is the annual income benefit paid to the family if the policyholder dies during the policy term, plus a large maturity benefit at the end.
Key Features
- Family income benefit — annual income to family on death of policyholder, till the end of the policy term.
- Lump-sum death benefit — Sum Assured (minus any income already paid) paid immediately on death.
- Maturity benefit — Sum Assured + bonus + FAB at the end of the term (only if you survive).
- Limited premium payment — pay for fewer years than the policy term.
- Bonus + FAB — every year LIC adds bonus to your policy.
Eligibility
| Minimum Age at Entry | 18 years |
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| Maximum Age at Entry | 50 years |
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| Maximum Age at Maturity | 70 years |
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| Policy Term | 15 to 35 years |
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| Premium Paying Term (PPT) | Policy Term - 3 (for 15-25 yr term)
Policy Term - 5 (for 26-35 yr term) |
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| Minimum Sum Assured | ₹1,00,000 |
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Death Benefit (the unique feature)
If the policyholder dies during the policy term, the family receives:
- Lump sum: 100% of Sum Assured (or 110% if death is due to accident), paid immediately.
- Annual income: 10% of Sum Assured every year, paid at the start of each year, for the remaining policy term (i.e., till the original maturity date).
Example: Amit, age 30, buys Jeevan Lakshya with SA = ₹10,00,000 and 20-year term. He dies in year 7. His family receives:
- Lump sum immediately: ₹10,00,000 (or ₹11,00,000 if accidental death)
- Annual income for next 13 years: ₹1,00,000/year = ₹13,00,000 total
- Total family benefit: ₹23,00,000+ (or ₹24,00,000 if accidental)
Maturity Benefit
If the policyholder survives the full term:
- Sum Assured + Accrued Bonus + FAB (if any) is paid as lump sum.
Premium Illustration
For a 30-year-old, SA = ₹10,00,000, term = 20 years, PPT = 17 years:
- Approximate yearly premium: ~₹55,000 (before GST)
- With 18% GST: ~₹64,900
- Total premiums paid (17 years): ~₹11,03,000
- Approximate maturity: SA + bonus + FAB = ~₹19,00,000 to ₹20,00,000
Plan 733 vs Other Plans
| Feature | Jeevan Lakshya 733 | New Jeevan Anand 715 | Jeevan Labh 736 |
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| Family income on death | Yes (10% SA per year) | No (lump sum only) | No |
| PPT | Term - 3 or Term - 5 | Equal to term | 10, 15 or 16 years |
| Best for | Income replacement for family | Long-term wealth + lifelong cover | Front-loaded premiums, large maturity |
Frequently Asked Questions
What is the main benefit of Jeevan Lakshya?
The annual family income benefit on death. If you die during the policy term, your family receives a lump sum (Sum Assured) plus 10% of Sum Assured every year till the end of the original policy term. This is unique among LIC plans and is designed to replace your monthly income for your family.
Is the annual income taxable?
The death benefit (lump sum + annual income) from a LIC policy is generally tax-free under Section 10(10D) of the Income Tax Act, subject to the premium-to-Sum-Assured ratio condition.
Can I increase the annual income on death?
No, the annual income is fixed at 10% of Sum Assured. To increase it, you would need to take a higher Sum Assured (which means a higher premium) or add a Term Rider.
