LIC Jeevan Lakshya (Plan 733) - Details

LIC Jeevan Lakshya (Plan 733) - Details

LIC Jeevan Lakshya (Plan No. 733)

Key Features

  • Plan Type: Participating (with profits) Term Assurance Plan
  • Purpose: Family income protection with money-back benefits
  • Premium Payment Term: (Policy Term - 3) years
  • Minimum Age at Entry: 18 years
  • Maximum Age at Entry: 50 years
  • Minimum Policy Term: 13 years
  • Maximum Policy Term: 25 years
  • Minimum Sum Assured: ₹1,00,000 (No upper limit)

Benefits

Survival Benefits:

  • 10% of Basic Sum Assured paid every year from 11th policy year till policy term minus 1 year
  • Maturity Benefit: 110% of Basic Sum Assured + Loyalty Addition (if any) at maturity

Death Benefit:

  • If death occurs during policy term: Annual Income Benefit (10% of Basic Sum Assured) paid every year till policy term ends
  • Sum Assured on Death (Basic Sum Assured + Loyalty Addition) paid at the end of policy term
  • Death benefit is higher of:
    • 10 times annual premium (subject to 105% of total premiums paid)
    • Absolute amount assured to be paid on death

Example Illustration

Parameter Value
Policyholder's Age 30 years
Policy Term 20 years
Premium Payment Term 17 years (20 - 3)
Sum Assured ₹10,00,000
Annual Premium (approx.) ₹65,000 (varies by age)
Survival Benefits ₹1,00,000 (10% of SA) annually from 11th to 19th year
Maturity Benefit ₹11,00,000 + Loyalty Addition at 20th year
Death Benefit ₹1,00,000 annually till 20th year + ₹10,00,000 at end

Additional Features

  • Loan: Available after 3 years
  • Grace Period: 30 days for monthly mode, 15 days for other modes
  • Surrender Value: Available after 3 years
  • Tax Benefits: Premiums eligible under Section 80C, benefits under Section 10(10D)

Suitability

This plan is ideal for:

  • Primary earners wanting to secure family's financial future
  • Parents planning for children's education/marriage
  • Those seeking regular income along with life cover

Note: Exact benefits depend on age, term and sum assured. Loyalty additions are not guaranteed.

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