LIC Jeevan Lakshya Plan 733 — Best Plan for Your Child’s Future?
LIC’s Jeevan Lakshya Plan 733 is one of the most asked-about plans among parents who want to save for a fixed goal like their child’s education or marriage. Its biggest feature: even if the life assured dies, the policy does NOT close — premiums are waived and the family keeps getting yearly income + a lump sum on maturity.
But is this plan really right for you? In this guide: what Jeevan Lakshya 733 is, eligibility, how the premium is decided, maturity and death benefit rules, its pros and cons, and an honest comparison — so the decision is based on facts, not on an agent’s pitch.
First and most important: Jeevan Lakshya is LIC’s own plan — it is NOT a government scheme.
One more important thing: some agents sell this plan calling it Kanyadan Policy. Kanyadan is NOT LIC’s official name — it is an agent marketing name. The real plan name is Jeevan Lakshya Plan 733.
Quick Facts
- Plan: LIC Jeevan Lakshya Plan 733
- UIN: 512N297V01
- Type: Participating, Non-Linked, Limited Premium Endowment Plan
- Policy term: 13 to 25 years
- Premium paying term: Policy term minus 3 years
- Entry age: 18 to 50 years
- Minimum maturity age: 31 years
- Maximum maturity age: 65 years
- Minimum Basic Sum Assured: Rs. 2,00,000
- Maximum Basic Sum Assured: No limit
- Maturity benefit: Basic Sum Assured + declared bonuses
- Death benefit: 10% of Basic Sum Assured yearly income + 110% of Basic Sum Assured lump sum at maturity + bonuses
- Special feature: All future premiums waived on death
- Bonuses: Future bonuses are NOT guaranteed
What is Jeevan Lakshya 733?
Jeevan Lakshya is a limited premium endowment plan — premiums are paid for 3 years less than the policy term. Example: in a 25-year policy you pay premiums for only 22 years, in a 20-year policy for 17 years.
The plan’s purpose is savings + protection for a fixed future goal (like a child’s education or marriage).
Its most different feature: if the life assured dies during the policy term, the policy does NOT close. All future premiums are waived, the family keeps getting 10% of the Basic Sum Assured every year, and on the maturity date they get 110% of the Basic Sum Assured + bonuses as a lump sum.
Eligibility — Who Can Take It?
- Entry age must be between 18 and 50 years.
- Policy term can be chosen between 13 and 25 years.
- Age at maturity must be at least 31 years and at most 65 years.
- Minimum Basic Sum Assured is Rs. 2,00,000; there is no maximum limit.
- Medical check-up requirement depends on age, Sum Assured and health declaration — as per LIC rules.
How is the Premium Decided?
The Jeevan Lakshya 733 premium is different for every person. It depends on:
- Entry age
- The chosen policy term
- The Basic Sum Assured amount
- The premium payment mode (yearly, half-yearly, quarterly or monthly)
For the exact premium, check the premium calculator on LIC’s official website or ask for the policy document at an LIC branch. This article deliberately gives no estimated premium table, because a wrong table can lead to a wrong decision.
What Do You Get on Maturity?
On completion of the term you get: Sum Assured on Maturity (equal to Basic Sum Assured) + Vested Simple Reversionary Bonus + Final Additional Bonus (if declared).
- Vested Bonus is the bonus declared every year that keeps accumulating in the policy.
- Final Additional Bonus may be declared at the end of the policy — it is not always paid.
- Important truth: future bonuses are NOT guaranteed.
- Tax rules may apply to the maturity amount — check your position as per current tax rules.
Death Benefit — This Plan’s Biggest Feature
On death during the term, the family gets:
- Annual Income Benefit: 10% of the Basic Sum Assured every year from the policy anniversary after death until maturity.
- Assured Absolute Amount: 110% of the Basic Sum Assured as a lump sum on the maturity date.
- Bonuses: Vested Bonus + Final Additional Bonus (if declared), on maturity.
- Premium waiver: all future premiums after death are waived — the family pays nothing more.
Sum Assured on Death means — higher of 7x annualised premium or 110% of Basic Sum Assured. The total death benefit will not be less than 105% of total premiums paid.
In short: even after death, the policy keeps running — the family gets yearly income and a lump sum on maturity too. That is why this plan is popular for children’s future.
Benefits of Jeevan Lakshya 733
- On death: premium waiver + 10% yearly income + 110% Sum Assured on maturity — all three together.
- Savings + protection for a fixed goal like a child’s education/marriage.
- Premiums paid for 3 years less than the term.
- A plan from LIC, a government-owned institution — a trusted name.
- Rider options: Accidental Death and Disability Benefit Rider, Accident Benefit Rider and New Term Assurance Rider can be added for additional premium.
- Loan facility: a loan may be available against the policy as per LIC rules.
Drawbacks — The Honest Side
- Returns are usually slightly above FD and below the stock market. If the goal is only higher returns, this plan is not built for that.
- Bonuses are not guaranteed — the maturity amount is not fixed in advance.
- It is a long-term commitment — exiting midway can cause losses.
- Considering inflation, the real value of money falls over a long period.
- Do not get confused by the Kanyadan name — it is not LIC’s official name.
- This plan is not the best — it is good for a specific need.
Jeevan Lakshya vs Jeevan Labh — Know the Difference
In Jeevan Labh, premiums are paid for a few years and maturity is paid as a lump sum, but on death the policy closes.
In Jeevan Lakshya, on death the policy does NOT close — premiums are waived, the family gets yearly income and a lump sum on maturity too.
If your biggest worry is what happens to my children after me, Lakshya’s structure makes sense.
Jeevan Lakshya vs Term Insurance + SIP — Honest Comparison
If the need is only family protection, term insurance usually gives much higher cover at a much lower premium. Investing the saved money in a SIP can give higher long-term returns — but with market risk.
Jeevan Lakshya makes sense when you want a guaranteed Sum Assured + bonus-linked maturity for a fixed goal, plus premium waiver and yearly income protection on death — and you want to stay away from market ups and downs.
This article is not financial advice — speak to a trusted financial adviser before a big decision.
Who Should Take It, Who Should Not?
Consider taking it if: you want savings + protection for a fixed goal like a child’s education/marriage, you want the yearly income for the family after me protection, and you want a safe, low-risk option.
Do not take it if: you only want higher returns, your need is only protection (then look at term insurance), or paying premiums for a long period will be difficult.
How to Take Jeevan Lakshya 733?
- Visit an LIC branch or check LIC’s official website.
- Do read the Policy Document — especially the death benefit, premium waiver, bonus and surrender rules.
- Choose premium, term and Sum Assured as per your need.
- Do not decide under an agent’s pressure. There is a free-look period in the policy — read the document carefully after receiving it.
Frequently Asked Questions
- What is LIC Jeevan Lakshya 733? It is LIC’s limited premium endowment plan — savings + protection for a child’s future goal, with premium waiver on death.
- What is the entry age for Jeevan Lakshya 733? 18 to 50 years. Policy term 13 to 25 years.
- For how many years do you pay premiums in Jeevan Lakshya 733? 3 years less than the policy term — e.g. 22 years in a 25-year policy.
- What is the minimum Sum Assured in Jeevan Lakshya 733? Rs. 2,00,000.
- What does the family get on death? 10% of Basic Sum Assured yearly income + 110% of Basic Sum Assured + bonuses on maturity, and all future premiums waived.
- What do you get on maturity? Basic Sum Assured + Vested Bonus + Final Additional Bonus (if declared).
- Are Kanyadan Policy and Jeevan Lakshya the same? Kanyadan is not LIC’s official name — it is an agent marketing name. The real plan is Jeevan Lakshya 733.
- Is Jeevan Lakshya a government scheme? No. It is LIC’s own plan, not a government scheme.
- Is this plan right for me? It depends on your need, budget and risk capacity. This article is not financial advice — speak to a trusted financial adviser before deciding.
Disclaimer: This article is not financial advice. GramSuvidha is a private information portal, not a government website.
