Jeevan Lakshya Plan 733
Jeevan Lakshya Plan 733: LIC of India new plan launched on 1st. October 2024 which name is LIC Jeevan Lakshya Plan 733 (LIC Table no. 733) is a combination of risk cover and saving plan which is most suitable for the purpose of providing financial problems of children and family. This policy provides life cover during the policy term and Sum Assured + Bonuses on survival as maturity. You can now buy online LIC Jeevan Lakshya plan 733 through credit card/debit card, net banking, upi and wallets on our LIC’s New Business Platform.
In India, financial planning is not just about investments—it’s about protecting your loved ones. Every parent and earning member worries:
- What if something happens to me tomorrow?
- Will my child’s education continue?
- Will my family have a monthly income?
The LIC Jeevan Lakshya Plan 733 is designed exactly for this situation. It provides:
- Annual Income Benefit to the family in case of death of policyholder.
- Lump Sum Maturity for future goals.
- Financial protection + savings combination in a single plan.
It is ideal for parents, salaried professionals, and businesspersons who want both life insurance cover and assured maturity benefit.
What is LIC Jeevan Lakshya Plan 733?
The LIC Jeevan Lakshya (Plan 733) is a non-linked, participating, individual life insurance plan that offers both protection and savings.
It is not just a savings plan; it is a family income benefit plan ensuring:
- Annual Income to the family if the policyholder dies.
- Lump sum maturity benefit at the end of the policy term.
- Bonuses for higher returns.
Key Features of LIC Jeevan Lakshya Plan 733
| Feature | Details |
|---|---|
| Plan Type | Endowment + Family Income Benefit |
| Plan Number | 733 |
| Entry Age | 18 – 50 years |
| Policy Term | 13 – 25 years |
| Premium Paying Term | Policy Term – 3 years |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | No Limit |
| Premium Payment Mode | Yearly, Half-Yearly, Quarterly, Monthly (ECS/NACH) |
| Loan Facility | Available |
| Surrender Value | Available after 2 years |
| Bonuses | Simple Reversionary Bonus + Final Additional Bonus |
Benefits of LIC Jeevan Lakshya
1. Maturity Benefit
On survival till the end of the policy term:
- Sum Assured on Maturity + Bonus + Final Additional Bonus is paid.
2. Death Benefit
If the policyholder dies during the policy term:
- Annual Income Benefit = 10% of Basic Sum Assured every year till maturity.
- Lump Sum at Maturity = Sum Assured on Death + Bonus + FAB.
👉 This ensures family gets regular income + final payout.
3. Loan & Surrender Facility
- Policy loan available after 2 years.
- Surrender value also available after 2 years of premium payment.
4. Tax Benefits
- Premiums qualify under Section 80C.
- Maturity proceeds are tax-free under Section 10(10D).
Example – LIC Jeevan Lakshya Premium & Benefits
Case Study: Mr. Amit (Age 30) buys Jeevan Lakshya for 20 years.
- Sum Assured: ₹10,00,000
- Policy Term: 20 years
- Premium Paying Term: 17 years
- Annual Premium: ~₹44,000 (approx.)
Payout Illustration
| Event | Benefit | Amount |
|---|---|---|
| If Policyholder Survives 20 years | Maturity Benefit (SA + Bonus + FAB) | ~₹22,00,000 |
| If Policyholder Dies in 10th Year | Annual Income Benefit (10% of SA for 10 years) | ₹1,00,000 × 10 = ₹10,00,000 |
| Lump Sum at Maturity (SA + Bonus + FAB) | ~₹12,00,000 | |
| Total to Family | ₹22,00,000 |
👉 So, whether the policyholder survives or not, family is financially secured.
Investor Scenarios
Scenario 1 – Salaried Parent (Age 28, Child Age 2)
Wants income flow for family if something happens. Jeevan Lakshya ensures wife gets yearly income + maturity payout for child’s education.
Scenario 2 – Businessman (Age 40)
Buys plan for wealth creation + protection. At 60, maturity lump sum acts as retirement backup.
Scenario 3 – NRI Investor
NRIs can also buy Jeevan Lakshya (with conditions). Provides tax-free returns in India + insurance.
Analyst Insights on LIC Jeevan Lakshya
- Insurance Experts: “Jeevan Lakshya is unique because it provides annual income benefit along with lump sum. Most plans only offer one-time payout.”
- Financial Planners: “It’s best for parents of young children who want guaranteed income in case of their absence.”
- Investor Sentiment: “Though returns (IRR ~6–7%) are moderate, the dual benefit (income + maturity) makes it attractive.”
Real-Life Examples
Example 1 – Child’s Education Security
Mr. Suresh bought Jeevan Lakshya (₹15 lakh SA). Unfortunately, he passed away in the 8th year. Family got:
- ₹1.5 lakh annual income till maturity.
- ₹20 lakh lump sum maturity.
This helped his daughter complete her engineering & MBA without loans.
Example 2 – Long-Term Wealth Creation
Mr. Rohan bought Jeevan Lakshya at age 35 with ₹20 lakh SA. At maturity, he received ~₹45 lakh (tax-free). He used it for his retirement planning.
Comparison – Jeevan Lakshya vs Other LIC Plans
| Plan | Best Feature | Income Benefit? | Maturity Type | Returns |
|---|---|---|---|---|
| Jeevan Lakshya (733) | Annual Income + Lump Sum | ✅ Yes | SA + Bonus + FAB | 6–7% |
| Jeevan Labh (936) | High maturity lump sum | ❌ No | SA + Bonus + FAB | 6–7% |
| Jeevan Anand (915) | Lifetime cover after maturity | ❌ No | SA + Bonus + FAB | 6–7% |
👉 Jeevan Lakshya is best for family income security, while others are more for wealth creation.
Strengths & Limitations
Strengths ✅
- Annual income benefit ensures cash flow.
- Maturity lump sum provides future security.
- Good for parents & dependents.
- Tax-free maturity.
Limitations ❌
- Moderate returns (not suitable for high-risk investors).
- Premium slightly higher compared to term insurance.
FAQs – LIC Jeevan Lakshya Plan
Q1. What is unique in Jeevan Lakshya?
👉 It gives annual income benefit + maturity payout, unlike other endowment plans.
Q2. Is it good for child education planning?
👉 Yes, because it gives yearly income if parent dies + lump sum for higher studies.
Q3. What is the minimum Sum Assured?
👉 ₹1 lakh.
Q4. Can I take loan on this policy?
👉 Yes, after 2 years of premium payment.
Q5. Is the maturity amount tax-free?
👉 Yes, under Section 10(10D).
Final Thoughts – Should You Buy LIC Jeevan Lakshya Plan 733?
The LIC Jeevan Lakshya Plan 733 is one of LIC’s best family protection plans.
It stands out because:
- It provides annual income to dependents.
- Ensures maturity lump sum even after death of policyholder.
- Works as insurance + savings + income plan.
It may not give the highest returns, but it gives peace of mind and assured family protection, which is priceless.
👉 If your priority is child’s education, family income security, and tax-free savings, LIC Jeevan Lakshya is an excellent choice in 2025.
