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.

In case of death of policyholder during the policy term, LIC Jeevan Lakshya Plan 733 policy provides 10% of sum assured every year till maturity and again provides Sum Assured + Bonuses as maturity to the family.

Please Note: In view of the IRDAI (Insurance Products) Regulations, 2024, Master Circular on Life Insurance Products, 2024 and other relevant Circulars, issued by IRDAI, it has been decided to modify LIC’s Jeevan Lakshya (Plan No.933), Unique Identification Number (UIN) 512N297V02. The new Plan Number for this modified LIC’s Jeevan Lakshya shall be 733 and UIN shall be 512N297V03.

Key Features

• Annual Income in case of death of the policy holders
• Annual Income can be used as child education and family protection in case of death
• Premiums need to be paid for less number of years than Maturity year
• Ideal Plan for planning Child’s Education and Marriage
• Options to avail accidental and disability benefit rider, critical illness, and term rider.
• Settlement option available for maturity and death benefits in instalments 5, 10, and 15 years. 
• Paid premiums are exempted from income tax U/Sec 80C
• Maturity amount is tax free U/Sec 10(10D)

LIC Jeevan Lakshya 733 Plan Parameters/Eligibility

Rebates in LIC Jeevan Lakshya Policy 733

Rebate means discount on premium. Two rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.

Mode Rebate: Rebate given based on premium payment mode chosen.

High Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.

Benefits in LIC Jeevan Lakshya Plan 733

Maturity Benefits

LIC Jeevan Lakshya 733 Maturity Benefit = Sum Assured + Simple Reversionary Bonus + Final Addition Bonus will be payable as maturity amount.

Death Benefits

LIC Jeevan Lakshya 733 policy Death Benefit

If Death Occurs during the policy term 10% of the basic sum Assured will be paid to nominee every year from the year of death till the date of maturity.

At end of policy term again maturity will be paid to Nominee Sum Assured on death (110% of sum assured) + Vested simple Reversionary Bonuses+FAB (If Any).

• Sum Assured on Death : On the death of the policyholder during the policy term, Sum Assured on death, Vested Simple Reversionary Bonuses, and Final Additional Bonus will be paid.
• Death Benefit : The Death Benefit shall not be less than 105% of the total premium paid as on death
  (If Any).

LIC Jeevan Lakshya Plan 733 Surrender, Loan and Paid-up value details is given below.

Surrender period : Policy can be surrender after 1 years at least 1 full year payment of premiums.

Loan Facility : Loan facility is available under LIC Jeevan Lakshya plan 733, after at least 1 full years of premium paid.

Paid-up value : Once a LIC Jeevan Lakshya Plan 733 policy has completed minimum 1 full years and more premiums paid, and policyholder chooses to stop paying further premiums, it automatically becomes eligible for paid-up value.

Paid-up value formula

LIC Jeevan Lakshya Plan 733 with an Example

An example of Suresh who is purchasing this Plan with following details.

As per above example, policy holder needs to pay the premium of Rs. 54,289 1st. year and Rs. 53,120 2nd year onward every year for 18 years (Premium Paying Term) and after completion of 21 years (Policy Term). The benefits (maturity & Year-wise death claims) related to this plan is given below.

Maturity Details

If Policy holder survives 21 years, then Maturity (Sum Assured + Bonus +FAB) will be as under.

Death Claim Details

In case of unfortunate death of policyholder during policy term, this plan provides 10% of sum assured every year till maturity and again maturity amount is also payable to the nominee. To understand this benefit, let’s suppose death happens 10 year after taking this policy, age of the policy holder and year at time of death will age 39 and year 2030 respectively. 10% of sum assured will be payable from year of death till maturity and again maturity amount is also payable to the nominee. . Following table provides year-wise details.

Suppose if, unfortunate normal death of policyholder happens in year 2030 (at age 39), then by that time total premium paid will be Rs. 5,32,369 and nominee will get death benefits 10% of sum assured every year it means Rs. 1,00,000 every year till maturity and Rs. 21,29,000 maturity again. And additional benefits of Rs. 10,00,000 as accidental death claim in case of death due to accident paid to their nominee and policy will be stop.

LIC Jeevan Lakshya Plan 733 additional information

Revival : Policy should be revived before 5 years from last unpaid premiums.

Loan Facility : Loan facility is available under LIC Jeevan Labh plan, after at least 1 full years payment of premiums.

Riders Facility : Accidental Death and Disability Benefit Rider, critical illness and Term Assurance Rider is available.

Suicide Clause : If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 1 year. Full Sum assured + Bonus will be paid by LIC to their nominee.

Cooling off Period : Policy holder can return back policy within 15 days from date of receiving the policy.

Date Backing Facility : Available.

Proposal Form : Form No. 300 only.