LIC Jeevan Lakshya is a popular endowment insurance plan from Life Insurance Corporation of India (LIC) that combines life cover with savings. It helps families get regular income if the policyholder dies early and a lump sum at maturity.

What is LIC Jeevan Lakshya?

LIC Jeevan Lakshya is an individual, non-linked, participating life insurance plan. It gives protection during the policy term and builds savings through bonuses. The key feature is the annual income benefit of 10% of the sum assured if the policyholder dies, paid yearly until near maturity, plus a large maturity payout.

This plan suits parents who want to secure their children’s future, like for education or marriage. Premiums are paid for a limited period, but coverage lasts the full term. It offers tax benefits under Sections 80C and 10(10D).

History and Plan Variants

LIC launched Jeevan Lakshya as Plan No. 833 (UIN: 512N297V01) around March 2015. It was withdrawn on February 1, 2020.

LIC then introduced Plan No. 933 (UIN: 512N297V02) as an updated version. This was withdrawn effective October 1, 2024.

The current version is Plan No. 733 (UIN: 512N297V03), launched on October 1, 2024, following IRDAI regulations. It has changes like a higher minimum sum assured and better surrender options.

All variants share the core idea but differ in eligibility, premiums, and rules due to updates.

Key Features of Jeevan Lakshya

The plan offers death benefits, maturity benefits, and extras like loans and riders.

• Annual Income on Death: 10% of Basic Sum Assured (BSA) paid yearly from the next anniversary until one year before maturity.
• Maturity Benefit: 110% of BSA + vested bonuses + Final Additional Bonus (FAB).
• Premium Paying Term (PPT): Policy term minus 3 years.
• Riders: Optional like Accidental Death Benefit and Term Assurance Rider.
• Loan Facility: Available after 2-3 years (varies by variant).
• Surrender: Possible after 2 years in older plans; after 1 year in 733.

For official details, visit LIC India website.

Eligibility Criteria

Eligibility varies slightly across variants. For the latest Plan 733:

Parameter	Minimum	Maximum
Entry Age	18 years	50 years
Policy Term	13 years	25 years
PPT	10 years	22 years
Maturity Age	–	65 years
Basic Sum Assured	Rs. 2,00,000	No limit

Older plans like 833 had a minimum BSA of Rs. 1,00,000. Premium modes include yearly, half-yearly, quarterly, and monthly.

Benefits Explained

Death Benefit

If the policyholder dies during the term:

• Nominee gets 10% BSA annually until one year before maturity.
• On maturity date: 110% BSA + bonuses + FAB.
• Total not less than 105% of premiums paid.

Example: BSA Rs. 5 lakhs, death in year 5. The nominee gets Rs. 50,000/year for the remaining years till year 23 (for a 25-year term), plus maturity payout.

Maturity Benefit

Survive the term? Get BSA + Simple Reversionary Bonuses + FAB. Bonuses are declared yearly, around Rs. 40-50 per Rs. 1,000 BSA recently.

Paid-up and Surrender

Policy becomes paid up after full premiums for certain years. Surrender value is the higher of the guaranteed or special surrender value.

Plan 833 Details

Plan 833 launched in 2015 and was withdrawn in 2020. Entry age 18-50, term 13-25 years, PPT = term-3, min BSA Rs. 1 lakh.

Death: 10% BSA yearly + 110% BSA + bonuses at maturity. Good for child security. Sample premium for 30-year-old, Rs. 5 lakh BSA, 25-year term: ~Rs. 21,000 yearly.

Plan 933 Details

Followed Plan 833, withdrawn Oct 1, 2024. Similar benefits, but updated premiums. Min BSA Rs. 1-2 lakh. Death benefit min 105% premiums. Grace period 30/15 days.

Suited families needing steady income post death. Calculators online estimate maturity at ~2-3x premiums with bonuses.

Plan 733 Details

Latest, from Oct 1, 2024. Min BSA Rs. 2 lakh. Surrender after 1 year, loan after 1 year. Revised premiums are lower in some cases. PPT credit for early surrender: 60% for 10-14 years of PPT, 100% for 15+.

Enhanced for IRDAI rules. Death under paid-up: min 105% premiums. Free look: 30 days.

Variant	Launch/Available	Min BSA	Surrender After	Key Change
833	2015, withdrawn 2020	Rs. 1L	3 years	Original
933	~2020, withdrawn 2024	Rs. 1L	2 years	Updated premiums
733	Oct 1, 2024	Rs. 2L	1 year	IRDAI compliant, revised rates

How to Use LIC Jeevan Lakshya Calculator

A calculator estimates premiums, maturity, and death benefits. Input: age, gender, BSA, term, PPT, mode.

Steps:

1. Go to sites like Policybazaar or LIC tools.
2. Enter age (e.g., 35), BSA (Rs. 5L), term (20 years).
3. Output: Yearly premium of ~Rs. 25,000, maturity of ~Rs. 12-15L with bonuses.​

Assumes current bonus rates; actual varies.

Example for Plan 733, age 30 male, Rs. 5L BSA, 25-year term:

• Yearly premium: ~Rs. 21,000 (first year with GST).
• Maturity (est.): Rs. 13L+.

Sample Premium and Maturity Illustration

For a 35-year-old male, Rs. 10L BSA, 20-year term (PPT 17 years), Plan 733 est.:

Year	Premium (Yearly)	Est. Bonus per 1000	Maturity Est.
1-17	Rs. 45,000	Rs. 45	–
20	Paid-up	Accum. Rs. 9L	Rs. 19L

Actual depends on LIC declarations.

Riders and Add-ons

Enhance with:

• LIC’s Accidental Death & Disability Rider.
• New Term Assurance Rider.
• Premium waiver on critical illness.

Total rider premium <=30% base in 733.

Tax Benefits

Premiums qualify for deduction u/s 80C (up to Rs. 1.5L). Maturity is tax-free u/s 10(10D) if the premium is less than 10% BSA.

How to Buy and Claim

Buy via LIC agent, branch, or online. Documents: ID proof, age proof, proposal form.

Claims: Death – death certificate, policy doc. The nominee gets a payout. Maturity—survival proof.

FAQs

Conclusion

LIC Jeevan Lakshya (now 733) offers solid family protection with savings growth. Its income feature sets it apart for uncertain times. Use calculators to plan; consult an LIC agent for personalized advice. Start early for better benefits and tax savings.