Endowment Plans
LIC's Jeevan Lakshya (733)
Secure your child's goals: yearly income to family on death plus full maturity amount
- Entry age
- 18 years (last birthday) to 50 years (nearer birthday)
- Policy term
- 13 to 25 years
- Premium paying term
- Policy term minus 3 years
- Min. sum assured
- ₹2,00,000
Plan overview
LIC's Jeevan Lakshya is a participating savings plan designed mainly to protect children's future goals. If the policyholder dies during the term, the family receives a yearly income of 10% of the Basic Sum Assured until maturity and then a lump sum at maturity, so the planned maturity money arrives whether or not the policyholder survives. It suits parents aged 18 to 50 who want to secure a fixed future goal such as a child's education or marriage.
New to endowment plans? Read our simple guide: What Is an Endowment Plan? A Simple Guide →Key benefits
- On death: yearly income of 10% of Basic Sum Assured till maturity, then 110% of Basic Sum Assured at maturity
- Bonuses continue after death and are paid at maturity, whether or not the policyholder survives
- On survival: Basic Sum Assured plus vested bonuses and Final Additional Bonus, if any
- Pay premiums for 3 years less than the policy term (term 13 to 25 years)
- High Sum Assured Rebate of up to 5 per thousand of Basic Sum Assured
- Death or maturity lump sum can be taken in instalments over 5, 10 or 15 years
- Loan facility after one full year's premium is paid
Eligibility at a glance
- Plan number
- 733
- UIN
- 512N297V03
- Plan type
- Par, Non-Linked, Life, Individual, Savings Plan
- Entry age
- 18 years (last birthday) to 50 years (nearer birthday)
- Maximum maturity age
- 65 years (nearer birthday); minimum maturity age 31 years (nearer birthday)
- Policy term
- 13 to 25 years
- Premium paying term
- Policy term minus 3 years
- Minimum sum assured
- ₹2,00,000
- Maximum sum assured
- No limit (subject to underwriting decision)
- Premium payment modes
- Yearly, Half-yearly, Quarterly, Monthly (NACH only), Salary deduction
How the plan works
LIC's Jeevan Lakshya is a savings plan with protection, built so that a planned lump sum is available at maturity even if the policyholder dies earlier. You choose a policy term from 13 to 25 years and pay premiums for 3 years less than the term. If the policyholder dies during the term, the family gets a yearly income until maturity and a lump sum at maturity, along with all bonuses. If the policyholder survives, the maturity amount with bonuses is paid. Risk starts immediately once the proposal is accepted.
| Eligibility | Details |
|---|---|
| Entry age | 18 years (last birthday) to 50 years (nearer birthday) |
| Maturity age | 31 to 65 years (nearer birthday) |
| Policy term | 13 to 25 years |
| Premium paying term | Policy term minus 3 years |
| Basic Sum Assured | Minimum ₹2,00,000; no limit, subject to underwriting |
Basic Sum Assured multiples: ₹10,000 from ₹2,00,000 to ₹4,00,000; ₹50,000 above ₹4,00,000.
Sample annual premiums (excluding taxes) for a Basic Sum Assured of ₹2 lakh, standard life:
| Age | Term 13 (PPT 10) | Term 15 (PPT 12) | Term 20 (PPT 17) | Term 25 (PPT 22) |
|---|---|---|---|---|
| 20 | ₹20,217 | ₹16,670 | ₹11,711 | ₹9,006 |
| 30 | ₹20,286 | ₹16,758 | ₹11,858 | ₹9,222 |
| 40 | ₹20,678 | ₹17,209 | ₹12,495 | ₹10,074 |
| 50 | ₹22,030 | ₹18,698 | - | - |
Death benefit
If the life assured dies during the term with all due premiums paid, the death benefit is the Sum Assured on Death plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Sum Assured on Death is the higher of:
- 7 times the annualised premium, or
- an Annual Income Benefit of 10% of the Basic Sum Assured, paid every year from the policy anniversary on or after death until the anniversary before maturity, plus 110% of the Basic Sum Assured paid on the maturity date.
The policy keeps participating in profits after death, and all vested bonuses and Final Additional Bonus, if any, are paid on the maturity date. The total death benefit will not be less than 105% of total premiums paid up to the date of death.
Maturity benefit
If the life assured survives the policy term with the policy in-force, LIC pays the Sum Assured on Maturity (equal to the Basic Sum Assured) plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Bonuses depend on LIC's experience and are not fixed in advance; once declared, reversionary bonuses become part of the guaranteed benefits.
Optional riders
Available for extra premium (only one of the two accident riders can be chosen):
- LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
- LIC's Accident Benefit Rider (UIN: 512B203V03) - cover during the premium paying term
- LIC's New Term Assurance Rider (UIN: 512B210V02) - at inception only
Loan, surrender & revival
- Loan: available after the first policy year once one full year's premium is paid, within the surrender value. Limit: 50% of surrender value (in-force) or 40% (paid-up) before two full years' premiums; 75% (in-force) or 65% (paid-up) after two full years' premiums. For loans sanctioned from 1 May 2024 to 30 April 2025, interest was 9.5% p.a. compounding half-yearly. If the policyholder dies with a loan outstanding, interest is recovered from rider benefits and Annual Income Benefits, and the principal from rider benefits or the final lump sum.
- Surrender: possible after the first policy year once one full year's premium is paid. Guaranteed Surrender Value is acquired after at least two full years' premiums; you receive the higher of Guaranteed and Special Surrender Value.
- Paid-up: if at least one full year's premium is paid and premiums stop, the policy continues with proportionately reduced income benefit, death lump sum and maturity amount; vested bonuses stay attached but no new bonuses are added.
- Revival: a lapsed policy can be revived within 5 consecutive years from the first unpaid premium and before maturity, by paying arrears with interest (9.50% p.a. compounding half-yearly for 1 May 2024 to 30 April 2025), subject to continued insurability.
Other key terms
- Grace period: 30 days for yearly, half-yearly and quarterly premiums; 15 days for monthly premiums.
- Free-look period: 30 days from receiving the policy document.
- Settlement option: the maturity amount can be received in instalments over 5, 10 or 15 years. The lump sum payable at maturity on a death claim can also be taken in instalments if the life assured opts for it during their lifetime (this does not apply to the Annual Income Benefit). Minimum instalments: ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly, ₹50,000 yearly.
- Mode rebate: 2% of tabular premium for yearly mode, 1% for half-yearly; nil for quarterly, monthly and salary deduction.
- High Sum Assured Rebate: nil for ₹2,00,000 to below ₹5,00,000; 4.00 per thousand of Basic Sum Assured for ₹5,00,000 to below ₹10,00,000; 5.00 per thousand for ₹10,00,000 and above.
- Suicide exclusion: within 12 months of start of risk, 80% of premiums paid is payable (policy in-force); within 12 months of revival, higher of 80% of premiums paid or surrender value.
Who should buy LIC's Jeevan Lakshya?
- Parents who want a child's education or marriage fund to be secured even if they are not around
- Earning members aged 18 to 50 whose family depends on their income
- People who want a lump sum at a fixed date plus income support for the family during the term
- Those who prefer a participating plan that earns bonuses from LIC's profits
Frequently asked questions
How is LIC Jeevan Lakshya (Plan 733) different from a normal endowment plan?
On death during the term, the family gets a yearly income of 10% of the Basic Sum Assured until maturity, and then 110% of the Basic Sum Assured plus all bonuses on the maturity date. So the planned maturity money arrives even if the policyholder is no longer alive.
What is the entry age and maturity age?
Entry age is 18 years (last birthday) to 50 years (nearer birthday). Age at maturity must be between 31 and 65 years (nearer birthday).
How long do I need to pay premiums?
Premiums are paid for the policy term minus 3 years. For example, a 25-year policy needs 22 years of premiums. The term can be from 13 to 25 years.
What is the minimum sum assured?
₹2,00,000. There is no maximum limit, but the amount allowed is subject to LIC's underwriting decision.
Are bonuses paid if the policyholder dies?
Yes. The policy continues to participate in profits up to maturity for an in-force policy, and vested bonuses plus Final Additional Bonus, if any, are paid on the maturity date.
Can I take a loan on this policy?
Yes, after the first policy year once one full year's premium is paid. The limit is 50% of surrender value before two full years' premiums and 75% after, for in-force policies.