LIC Jeevan Lakshya Plan (733)

LIC Jeevan Lakshya Plan (733) – Introduction

LIC’s Jeevan Lakshya (Plan No. 733) is a participating, non-linked, individual savings plan that offers a meaningful combination of protection and savings. The plan is designed to provide financial support to the family, particularly to meet the needs of children, in case of the unfortunate death of the policyholder before maturity.

A unique feature of this plan is the provision of an Annual Income Benefit payable on death of the life assured during the policy term. This income benefit helps the family manage recurring expenses and future financial commitments. In addition, a lump sum maturity benefit is payable at the end of the policy term, irrespective of the survival of the policyholder.

The plan also offers flexibility through the option to receive benefits in instalments and the ability to enhance coverage by opting for optional rider benefits on payment of additional premium. It further provides the advantage of attractive High Sum Assured Rebates and liquidity support through a loan facility.

Eligibility – LIC Jeevan Lakshya Plan (733)

• Minimum Age at Entry: 18 years (last birthday)
• Maximum Age at Entry: 50 years (nearer birthday)
• Minimum Maturity Age: 31 years (nearer birthday)
• Maximum Maturity Age: 65 years (nearer birthday)
• Policy Term: 13 to 25 years
• Premium Paying Term: Policy Term minus 3 years
• Minimum Basic Sum Assured: ₹2,00,000
• Maximum Basic Sum Assured: No limit (subject to underwriting decision)
• Sum Assured Multiples:
  • ₹2,00,000 to ₹4,00,000 – in multiples of ₹10,000
  • Above ₹4,00,000 – in multiples of ₹50,000

Maturity Benefit

If the policyholder survives till the end of the policy term and all due premiums are paid, the Maturity Benefit under LIC Jeevan Lakshya (Plan 733) is payable as a lump sum amount.

The maturity benefit consists of: Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any), as declared by LIC from time to time.

This lump sum maturity amount helps the policyholder meet important long-term financial goals such as higher education, marriage of children, or other planned life expenses.

Death Benefit

In the unfortunate event of death of the life assured during the policy term, LIC Jeevan Lakshya (Plan 733) provides a structured death benefit designed to offer both regular income and a lump sum amount to the family.

On death during the policy term, the nominee is entitled to receive a Yearly Income Benefit equal to 10% of the Basic Sum Assured. This yearly benefit is payable from the policy anniversary following the date of death until the end of the policy term, helping the family meet ongoing financial needs.

In addition to the yearly income, on completion of the policy term, a lump sum Death Benefit is payable, consisting of 110% of the Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any).

This benefit structure ensures that the nominee receives annual income support during the remaining policy term along with a substantial lump sum payout at the end of the policy term, providing comprehensive financial security.

Optional Benefit Riders

A Rider is an optional add-on benefit that provides additional protection over and above the base policy benefits, in return for an extra premium. Riders enhance the scope of coverage but cannot be purchased separately; they are available only along with the main policy.

• Accidental Death and Disability Benefit Rider (AD & DB): Provides additional financial support in case of accidental death or permanent disability during the rider term.
• Accidental Benefit Rider: Pays an extra amount equal to the rider Sum Assured if death occurs due to an accident.
• New Term Assurance Rider: Provides an additional term insurance cover, increasing the overall life cover during the rider term.

Surrender

The policy may be surrendered after completion of the minimum required premium payments. On surrender, the policyholder receives the Surrender Value as per LIC rules in force.

Loan

A loan can be availed under the policy once it acquires a surrender value. The loan amount is sanctioned as a percentage of the policy’s surrender value, subject to LIC norms.

Grace Period

A grace period of 30 days from the premium due date is allowed, during which the policy continues to remain in force.

Free Look Period

The policyholder is allowed a 15-day free look period from the date of receipt of the policy document to review the terms and conditions and return the policy if not satisfied.