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LIC Jeevan Lakshya – Plan No. 733 (Updated from 833/933)

 🔷 LIC Jeevan Lakshya – Plan No. 933 (Updated from 833/733)

Note: LIC Jeevan Lakshya was originally launched as Plan No. 833, then updated under new IRDA guidelines as Plan No. 933. If you're referring to Plan 733, it may be a typographical or transitional reference. The current valid plan is Plan No. 933.

📝 LIC Jeevan Lakshya (Plan 733) – Full Plan Details

📌 Plan Type:

  • Participating, Non-Linked, Individual Life Insurance Plan

  • Best suited for child’s future needs like education, marriage, etc.

  • Combines income protection + lump sum at maturity

🔑 Key Features:

FeatureDetail
Plan NameLIC Jeevan Lakshya
Plan Number733
TypeEndowment with Income Benefit
Minimum Entry Age18 years
Maximum Entry Age50 years
Policy Term13 to 25 years
Premium Paying TermPolicy Term – 3 years
Minimum Sum Assured₹1,00,000
Maximum Sum AssuredNo limit (subject to underwriting)
Loan FacilityAvailable after 3 years
RidersAccidental Death, Critical Illness, Term Rider available
Tax BenefitEligible under Sections 80C & 10(10D) of the Income Tax Act

🎁 Benefits of LIC Jeevan Lakshya Plan

✅ 1. Maturity Benefit (at the end of policy term):

If the policyholder survives the policy term:

  • Sum Assured on Maturity = Basic Sum Assured + Simple Reversionary Bonus + Final Addition Bonus (if any)

✅ 2. Death Benefit (during policy term):

In case of policyholder’s death:

  • Annual Income Benefit: 10% of Basic Sum Assured every year till maturity

  • Plus Lump Sum: Basic Sum Assured + Bonuses at maturity

  • No future premiums are required after death

Example: If a policyholder with ₹5,00,000 SA dies after 5 years:

  • LIC pays ₹50,000/year to nominee till end of term

  • Full maturity amount (₹5,00,000 + Bonus) is paid at end of term

✅ 3. Bonus Participation:

  • Simple Reversionary Bonus declared annually

  • Final Addition Bonus (FAB) may be added on maturity or death

💡 Example Illustration:

DetailValue
Age30 years
Basic Sum Assured₹5,00,000
Policy Term20 years
Premium Paying Term17 years
Annual Premium~₹24,000 (approx., varies with GST)

In Case of Death (Year 5):

  • ₹50,000/year paid for 15 years (₹7,50,000 total)

  • ₹5,00,000 + Bonuses at end of policy term

🔓 Loan, Surrender & Paid-Up Options:

  • Loan: Available after 3 full years of premium payment

  • Surrender Value: Available after 3 years

  • Paid-up: Policy converts to paid-up after 3 years if premium stops

📌 Available Riders:

  1. LIC Accidental Death and Disability Benefit Rider

  2. LIC New Term Assurance Rider

  3. LIC Critical Illness Benefit Rider

  4. LIC Premium Waiver Rider

🧾 Tax Benefits:

  • Premiums eligible for tax deduction under Section 80C

  • Maturity & death benefits are tax-free under Section 10(10D) (subject to conditions)

✅ Why Choose LIC Jeevan Lakshya?

  • Best for children’s future security

  • Combines life cover + yearly income + maturity benefit

  • Provides financial support even after death of policyholder

  • Ideal for salaried or middle-class individuals planning for long-term goals

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