LIC Jeevan Lakshya Plan 733 Calculator
UIN: 512N297V03 | Calculate Premium & Benefits
The LIC Jeevan Lakshya Plan 733 is a popular life insurance policy provided by the Life Insurance Corporation (LIC) of India. It is designed to offer financial security to your family in case of your untimely demise while also functioning as a savings plan with maturity benefits. To make the best decisions about this plan, understanding how the LIC Jeevan Lakshya Plan 733 calculator works is essential.
What is LIC Jeevan Lakshya Plan 733?
LIC Jeevan Lakshya Plan 733 is an endowment plan combining insurance protection with savings. This plan offers:
- Life coverage for the policy term.
- Annual income benefit to the nominee in case of the policyholder’s death.
- Maturity benefits include the sum assured, bonuses, and final additional bonus.
The plan is well suited for those looking for financial protection for their family, especially for children’s educational and marriage needs. It provides peace of mind by ensuring continuous income and a lump sum benefit even after the policyholder’s demise.
Key Features of LIC Jeevan Lakshya Plan 733
- Age Eligibility: 18 to 50 years.
- Policy Term: 13 to 25 years.
- Sum Assured: Minimum ₹2,00,000 (multiples of ₹10,000).
- Annual Income Benefit: 10% of the sum assured every year to the nominee after the policyholder’s death until maturity.
- Maturity Benefit: Sum assured plus vested simple reversionary bonuses and a final additional bonus.
- Death Benefit: Minimum 105% of the total premiums paid as of the date of death, plus bonuses.
- Premium Payment Terms: Premiums can be paid yearly, half-yearly, quarterly, or monthly (ECS only).
- Loan Facility: Available after one full year of premium payment.
- Surrender Value: Available after paying premiums for at least one full year.
- Tax Benefits: Premiums paid under the plan qualify for exemption under Section 80C, and maturity proceeds are tax-free under Section 10(10D).
How Does the LIC Jeevan Lakshya Plan 733 Work?
This plan works by offering life insurance protection coupled with a savings component:
- If the policyholder survives the policy term: The maturity benefit, which includes the sum assured, bonuses, and final additional bonus, is paid at the end of the term.
- If the policyholder dies during the policy term, the nominee receives an annual income amounting to 10% of the sum assured every year till the maturity of the policy, plus the maturity benefit at the end of the term.
- Additional Benefits: Riders such as accidental death, disability, and critical illness can be added to enhance coverage.
An example would be if the policyholder passes away 10 years into a 25-year policy with a sum assured of ₹10,00,000, the nominee receives ₹1,00,000 annually till maturity and the maturity amount at the end of the policy term.
Understanding the LIC Jeevan Lakshya Plan 733 Calculator
The LIC Jeevan Lakshya Plan 733 calculator is a digital tool that estimates the premiums payable, maturity benefits, and death benefits based on your inputs, such as age, policy term, and sum assured.
Benefits of Using the Calculator
- Instant premium estimation: Know how much premium you need to pay yearly, half-yearly, quarterly, or monthly.
- Maturity value projections: Understand the lump sum you will get on maturity, including bonuses.
- Death benefit estimation: See how much your nominee will get in case of your demise.
- Financial planning: Helps you select the right sum assured and policy term based on your budget.
- Informed decision: Makes policy selection and premium payment decisions easier.
How to Use the Calculator
- Enter the age (between 18 to 50 years).
- Select the policy term (13 to 25 years).
- Enter the sum assured (minimum ₹2,00,000).
- Choose the premium payment frequency (yearly, half-yearly, quarterly, or monthly).
- The calculator will display the premium amount, maturity amount, death benefits, and other details instantly.
This tool helps to clear doubts about policy costs and benefits and aids in making better financial decisions.
Advantages of LIC Jeevan Lakshya Plan 733
- Comprehensive Financial Security: It offers life cover and savings for long-term goals.
- Annual Income Benefit: Regular income to the family after the policyholder’s death helps in meeting ongoing expenses.
- Flexible Premium Payment: Choice of premium payment modes and terms.
- Tax Benefits: Premium payments and maturity proceeds enjoy tax exemptions.
- Loan Facility: Can avail loans against the policy after a year.
- Settlement Options: Maturity and death benefits can be received in installments over 5, 10, or 15 years.
- Riders: Add-on benefits protect against accidental death, disability, and critical illness.
Premium Calculation and Rebate Details
The premium depends on the age, policy term, sum assured, and mode of payment.
- Rebate on Sum Assured: For sum assured between ₹2,00,000 to ₹5,00,000, no rebate; above ₹5,00,000 rebates apply.
- Mode Rebate: 2% rebate for yearly, 1% for half-yearly premiums.
- Premiums increase slightly due to GST and rider additions.
For example, a 30-year-old opting for a ₹10 lakh sum assured for 21 years can expect the premium to be calculated accordingly, with details shown by the calculator.
Important Terms Explained
- Sum Assured: The amount guaranteed to be paid to the nominee on the policyholder’s death.
- Bonus: reversionary bonus added based on LIC’s profits.
- Final Additional Bonus (FAB): Additional bonus paid at maturity.
- Surrender Value: Lump sum received if the policy is surrendered before maturity.
- Paid-up Value: Reduced sum assured if premiums are discontinued after the policy has been in force for some years.
FAQs on LIC Jeevan Lakshya Plan 733 Calculator
Who is eligible to buy LIC Jeevan Lakshya Plan 733?
Individuals aged 18 to 50 years with a policy term between 13 to 25 years are eligible to purchase this plan.
What is the minimum sum assured under this plan?
The minimum sum assured is ₹2,00,000, with subsequent multiples of ₹10,000.
What happens in case of the policyholder’s death during the policy term?
The nominee receives an annual income of 10% of the sum assured every year until maturity, along with maturity benefits at the end of the term.
Can I pay premiums monthly, quarterly, or yearly?
Yes, premium payment modes include yearly, half-yearly, quarterly, and monthly (ECS) options.
Is there a loan facility available under this plan?
Yes, loans can be taken after paying premiums for one full year.
Conclusion
LIC Jeevan Lakshya Plan 733 is an ideal blend of protection and savings, ensuring a secure financial future for your family. The plan’s unique annual income benefit and maturity advantages make it highly suitable for securing loved ones’ educational and marriage needs.
Using the LIC Jeevan Lakshya Plan 733 calculator simplifies understanding premiums and benefits, helping make well-informed decisions. To explore the plan and calculate your premiums, visit LIC’s official calculator or trusted financial portals.