LIC Jeevan Lakshya (Plan 733) Protection + Savings Guide

The plan that gives your family annual income on death — plus full SA + bonus at maturity.

✍️ By Team Lic Calculator 🔍 Reviewed by Haresh Hirapara (20+ yrs in Insurance) 📅 Updated: August 2026 ✅ Expert Verified
📌 Quick Answer

Jeevan Lakshya is unique: if you die during the term, your family gets 10% of SA as annual income every year until maturity, and then the full SA + bonus at maturity. On survival, you get SA + bonus + FAB. PPT is 3 years less than the policy term — so the last 3 years are premium-free.

📋 Table of Contents
  1. Key Features at a Glance
  2. Death Benefit — The Unique USP
  3. Worked Example — ₹10L SA, Age 30
  4. Lakshya vs Jeevan Anand vs Endowment
  5. Who Should Buy Jeevan Lakshya?
  6. Frequently Asked Questions

Key Features at a Glance

Plan Number733 — Jeevan Lakshya
TypeProtection + Savings (Endowment variant)
Entry Age18 to 50 years
Max Maturity Age65 years
Min Sum Assured₹1,00,000
Policy Terms13 to 25 years
PPT (Key Feature!)Policy Term − 3 years
Bonus Rate~₹46 per ₹1,000 SA per year
On Death10% SA/year till maturity + SA + Bonus at maturity
On SurvivalSA + Bonus + FAB

Death Benefit — The Unique USP

What makes Jeevan Lakshya different from every other LIC plan is its dual death benefit:

🛡️ If Policyholder Dies During Term:
💰
Immediate Annual Income
10% of SA every year from death date until original maturity date
🏆
Lump Sum at Maturity
Full SA + Bonus + FAB paid on the original maturity date

Family gets BOTH — regular income for expenses AND a lump sum for long-term security

Why this matters: In most LIC plans, the family gets a one-time lump sum on death. Many families mismanage lump sums. Jeevan Lakshya solves this by giving regular annual income — ensuring the family has steady money for expenses like children's education, rent, and daily needs.

Worked Example — ₹10L SA, Age 30, Term 20

📐 Policy Details
Sum Assured₹10,00,000
Entry Age30 years
Policy Term20 years (maturity at age 50)
PPT17 years (20 − 3) — last 3 years free!
Annual Premium (approx.)~₹57,000
Total Premium (17 yrs)~₹9,69,000
✅ Scenario 1: Survive to Maturity
SA₹10,00,000
Bonus (20 yrs)~₹9,20,000
FAB~₹65,000
TOTAL~₹19,85,000

Invested ~₹9.7L → Got ~₹19.9L

🛡️ Scenario 2: Death at Year 5 (Age 35)
Annual Income (yr 5-20)₹1L/yr × 15 = ₹15,00,000
SA at maturity₹10,00,000
Bonus (5 yrs)~₹2,30,000
TOTAL~₹27,30,000

Paid only ~₹2.85L → Family gets ~₹27.3L

*Approximate estimates. Bonus at ₹46/1000/yr. Actual amounts depend on LIC's declared bonus and FAB rates.

Lakshya vs Jeevan Anand vs Endowment

Feature🎯 Jeevan Lakshya⭐ Jeevan Anand🛡️ Endowment
Death BenefitAnnual Income + Lump Sum ✅Lump Sum onlyLump Sum only
Life Cover After MaturityNoYes (SA) ✅No
PPT vs TermPPT = Term − 3 ✅PPT = TermPPT = Term
Bonus Rate~₹46/1000~₹50/1000~₹48/1000
Family Protection⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Best ForIncome protectionWhole-life coverSimple savings

Who Should Buy Jeevan Lakshya?

✅ Ideal For
  • Sole breadwinners — family needs income, not lump sum
  • Young parents — ensure children's education funding
  • People with dependents — elderly parents, non-working spouse
  • Those wanting limited PPT — last 3 years free
❌ Not Ideal For
  • Want life cover after maturity — choose Jeevan Anand
  • Want periodic cash flow while alive — choose Money Back
  • Want highest returns — limited PPT Jeevan Labh may be better

💡 Expert Tip (Haresh Hirapara): Jeevan Lakshya is one of my top recommendations for family men. The annual income on death is a brilliant feature — I've seen families struggle when they receive a large lump sum and spend it too quickly. With Lakshya, the family gets steady income for daily expenses while the lump sum at maturity acts as long-term security. The 3-year premium holiday is also a great bonus — you stop paying 3 years before maturity but benefits continue. Consult a financial advisor for the right SA based on your family's needs.

🧮 Calculate Jeevan Lakshya Premium →

Frequently Asked Questions

What is LIC Jeevan Lakshya plan?+
Jeevan Lakshya (Plan 733) is a protection-cum-savings plan with a unique death benefit: the family receives 10% of SA as annual income from death until maturity, plus the full SA + bonus at maturity. PPT is 3 years less than the policy term. On survival, you get SA + bonus + FAB.
What is the death benefit of Jeevan Lakshya?+
The family gets two benefits: (1) 10% of SA every year from death until the original maturity date, and (2) Full SA + bonus + FAB as lump sum at the maturity date. For ₹10L SA with death at year 5 of a 20-year term, the family gets ₹1L/year for 15 years plus ~₹12L at maturity. These are approximate estimates.
What is the PPT of Jeevan Lakshya?+
PPT = Policy Term minus 3 years. For a 20-year term, PPT is 17 years. The last 3 years are premium-free — you don't pay anything but all benefits continue. This is a unique feature of Jeevan Lakshya.
What is the maturity benefit?+
On survival, you receive SA + Bonus + FAB. For ₹10L SA, 20-year term, the approximate maturity is approximately ₹19-20L. Actual amount depends on LIC's declared bonus rates. Bonus accrues for the entire policy term, including the 3 premium-free years.
Is Jeevan Lakshya better than Jeevan Anand?+
Different purposes. Lakshya is better for family income protection — the annual income on death ensures steady cash flow. Anand is better if you want life cover to continue after maturity. Lakshya also has limited PPT (3 years less). Choose based on your priority: income protection vs whole-life cover. Consult a financial advisor.
⚠️ Disclaimer

This article is for educational and informational purposes only. LIC-Calculator.com is not affiliated with LIC of India. Premium, maturity, and benefit amounts are approximate estimates. Actual amounts depend on LIC's declared bonus rates and policy terms. For official information, visit licindia.in.

This is not financial advice. Please consult a certified financial advisor before making insurance decisions.

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