| Year | Age | Cum. Premium Paid | Accrued Bonus | Death Benefit* | GSV | Maturity Value |
|---|
LIC Jeevan Lakshya Plan 733 Calculator — Premium, Benefits & Returns
LIC’s Jeevan Lakshya (Plan 733) is a goal-protection endowment plan that guarantees your family will reach the financial milestone you planned for — even if you are not there to see it. Unlike a standard endowment, this plan pays an Annual Income Benefit of 10% of the Basic Sum Assured every year from the policy anniversary after your death until maturity, and then delivers the full lump sum on the maturity date. If you survive the term, you receive the maturity benefit yourself. The plan also has a built-in premium-free period: you pay premiums for only Policy Term minus 3 years, yet the policy remains in force and continues to earn bonuses for the full term.
LIC Jeevan Lakshya Plan 733 — Key Features at a Glance
| Feature | Details |
|---|---|
| Plan Number & UIN | Plan 733 · UIN: 512N297V01 |
| Plan Type | Par, Non-Linked, Limited Premium Endowment |
| Entry Age | 18 – 50 years (nearer birthday) |
| Maximum Maturity Age | 65 years |
| Policy Term | 13 – 25 years |
| Premium Paying Term (PPT) | Policy Term − 3 years (e.g. 25-yr term → pay only 22 yrs) |
| Minimum Sum Assured | ₹2,00,000 |
| Maximum Sum Assured | No limit (subject to underwriting) |
| SA Multiples | ₹10,000 (up to ₹4 lakh) · ₹50,000 (above ₹4 lakh) |
| Premium Modes | Yearly · Half-Yearly · Quarterly · Monthly |
| Maturity Benefit | BSA + Vested Bonuses + Final Additional Bonus (FAB) |
| Death Benefit | Annual Income (10% BSA/yr until maturity) + Lump Sum at maturity date |
| Lump Sum on Death | Higher of 110% BSA or 10× Annualised Premium + Bonuses + FAB |
| Loan Facility | Available after 2 full years of premium payment |
| Surrender | Allowed after 2 full years · GSV applies |
| Tax Benefit | Sec 80C (premium) · Sec 10(10D) (maturity proceeds) |
| Riders Available | ADDB · Accident Benefit (AB) · New Term Assurance Rider (NTAR) |
The Jeevan Lakshya Feature — How the Annual Income Benefit Works
The plan’s defining feature is the Annual Income Benefit (AIB). If the life assured dies at any point during the policy term, the nominee starts receiving 10% of the Basic Sum Assured every year, starting from the next policy anniversary, and continuing right up to the maturity date — regardless of when the death occurred. On the maturity date, the nominee additionally receives the lump sum, which equals the higher of 110% of BSA or 10 times the annualised premium, plus all vested bonuses and FAB.
This structure is specially designed to protect financial goals. If you are saving for your child’s higher education or wedding, and you die midway, the annual income acts as a substitute for your salary — your family keeps receiving money every year — and the lump sum at the end of the term arrives exactly when the goal was planned. No further premiums are due after the life assured’s death.
How the Premium-Free Period Works
For every policy term you choose, the Premium Paying Term is automatically set to Term − 3 years. Examples:
| Policy Term | Premium Paying Term | Premium-Free Years |
|---|---|---|
| 13 Years | 10 Years | Years 11, 12, 13 |
| 16 Years | 13 Years | Years 14, 15, 16 |
| 20 Years | 17 Years | Years 18, 19, 20 |
| 25 Years | 22 Years | Years 23, 24, 25 |
During the premium-free period, the policy remains fully in force, bonuses continue to accrue, and the death benefit continues. You simply do not pay any premium in the last 3 years.
Sample Premium Calculation — Jeevan Lakshya Plan 733
Consider Priya, age 30, who opts for a BSA of ₹5,00,000 with a 25-year policy term (PPT: 22 years) under the yearly mode.
| Component | Calculation | Amount |
|---|---|---|
| Tabular Annual Premium (per ₹1L SA) | Rate: ₹4,450 per ₹1L | ₹22,250 |
| Mode Rebate (Yearly − 2%) | ₹22,250 × 2% | − ₹445 |
| SA Rebate (1.5‰ for ₹5L SA) | ₹5,00,000 × 1.5/1000 | − ₹750 |
| Net Annual Premium | ₹21,055 | |
| GST Year 1 (4.5%) | ₹21,055 × 4.5% | ₹948 |
| Year 1 Premium (incl. GST) | ₹22,003 | |
| GST Year 2+ (2.25%) | ₹21,055 × 2.25% | ₹474 |
| Year 2+ Premium (incl. GST) | ₹21,529 | |
| Total Premiums Paid (22 years) | ₹21,055 × 22 | ₹4,63,210 |
| Premium-Free Period | Years 23, 24, 25 | ₹0 due |
SA Rebate Table — Plan 733
| Sum Assured Range | Rebate per ₹1,000 BSA | Annual Saving on ₹10L SA |
|---|---|---|
| ₹2,00,000 to ₹4,99,999 | Nil | — |
| ₹5,00,000 to ₹9,99,999 | ₹1.50 per ₹1,000 | ₹750 saved per year |
| ₹10,00,000 and above | ₹2.00 per ₹1,000 | ₹2,000 saved per year |
Maturity Benefit Scenarios (BSA ₹5L, Age 30, Term 25)
| Scenario | BSA | Total Bonus | FAB | Total Maturity |
|---|---|---|---|---|
| Low (4% assumed) | ₹5,00,000 | ₹1,00,000 | ₹0 | ₹6,00,000 |
| Medium (estimated) | ₹5,00,000 | ₹2,50,000 | ₹90,000 | ₹8,40,000 |
| High (8% assumed) | ₹5,00,000 | ₹3,75,000 | ₹1,75,000 | ₹10,50,000 |
Death Benefit Illustration (BSA ₹5L, Age 30, Term 25)
| Death in Policy Year | Annual Income (per year) | Income Payments | Lump Sum at Maturity | Total (Undiscounted) |
|---|---|---|---|---|
| Year 1 | ₹50,000 | 24 × ₹50,000 = ₹12,00,000 | ₹8,40,000 | ₹20,40,000 |
| Year 5 | ₹50,000 | 20 × ₹50,000 = ₹10,00,000 | ₹8,40,000 | ₹18,40,000 |
| Year 10 | ₹50,000 | 15 × ₹50,000 = ₹7,50,000 | ₹8,40,000 | ₹15,90,000 |
| Year 20 | ₹50,000 | 5 × ₹50,000 = ₹2,50,000 | ₹8,40,000 | ₹10,90,000 |
* Medium (estimated) bonus scenario. Lump Sum = 110% BSA + Vested Bonus + FAB. Figures are undiscounted. Bonuses are not guaranteed.
Optional Riders Available
| Rider | UIN | Benefit |
|---|---|---|
| Accidental Death & Disability Benefit (ADDB) | 512B209V02 | Additional lump sum on accidental death + monthly instalments over 10 years on total permanent disability |
| Accident Benefit Rider (AB) | 512B203V03 | Additional lump sum on accidental death only (ADDB and AB are mutually exclusive) |
| New Term Assurance Rider (NTAR) | 512B210V02 | Additional pure term cover during policy term · Rider SA ≤ Basic SA · Available at inception only |
Guaranteed Surrender Value
After at least 2 full years of premium payment, the policy acquires a Guaranteed Surrender Value (GSV). The GSV is calculated as a percentage of total premiums paid (excluding rider premiums and first-year extra). GSV factors increase with each passing policy year, from 30% in Year 2 towards 90% in the final years. The actual surrender value received is the higher of GSV or the Special Surrender Value (SSV), as determined by LIC.
Tax Benefits
- Section 80C: Annual premium paid is eligible for deduction up to ₹1.5 lakh per year, subject to the premium not exceeding 10% of Sum Assured.
- Section 10(10D): Maturity proceeds and death benefits are exempt from income tax, provided the premium does not exceed 10% of Sum Assured in any year.
- GST: GST @ 4.5% is charged in the first year and @ 2.25% from the second year onwards; GST is not eligible for 80C deduction.
Frequently Asked Questions — LIC Jeevan Lakshya Plan 733
Three features set Jeevan Lakshya apart. First, the Annual Income Benefit: on the life assured’s death during the term, the nominee receives 10% of BSA every single year from the next anniversary until the maturity date — acting like an income replacement stream. Second, the lump sum is paid at the maturity date (not at the date of death), so the family gets both periodic income and a final goal amount. Third, the Premium-Free Period: you only pay premiums for Term − 3 years, yet the plan runs its full term and earns bonuses for the entire duration.
If death occurs in Year 2, the nominee receives 10% of BSA every year for the next 23 years (from Year 3 to Year 25). On the 25th policy anniversary (the maturity date), they additionally receive the lump sum: higher of 110% of BSA or 10× annualised premium, plus all vested bonuses and FAB. For a ₹5L BSA policy under the medium scenario, the total undiscounted payout would be approximately 23 × ₹50,000 + ₹8,40,000 ≈ ₹19,90,000, with no further premiums required after the death.
You can choose any whole-number term from 13 to 25, subject to the constraint that your age at maturity (entry age + term) does not exceed 65 years. For example, if you are 45, the maximum term you can choose is 20 years (45 + 20 = 65). The calculator automatically disables terms that would breach this limit for your entered age.
If at least 2 full years of premiums have been paid, the policy does not lapse — it converts to a reduced paid-up policy. The sum assured and bonus entitlement are reduced proportionately, and the Annual Income Benefit feature is modified accordingly. Alternatively, you can surrender the policy for the Guaranteed Surrender Value (or Special Surrender Value, whichever is higher). Policies lapsing before 2 full premium years have no surrender value. It is always advisable to consult your LIC agent before stopping premiums.
Annual income payments received by the nominee upon the life assured’s death are generally treated as death benefit proceeds and are exempt under Section 10(10D) of the Income Tax Act, provided the premium paid in any year does not exceed 10% of the Sum Assured. The lump sum paid at maturity (after death) is similarly exempt. However, tax laws are subject to change, and it is recommended to verify with a tax advisor at the time of claim.
All three riders — ADDB, AB, and NTAR — are available at policy inception only. They cannot be added to an in-force policy after the first premium is paid. ADDB and AB are mutually exclusive (only one can be selected). The New Term Assurance Rider provides additional pure death cover, with rider SA capped at the Basic Sum Assured. Rider premiums are over and above the base policy premium and are subject to GST as well.
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Mohibul Islam is an LIC agent with 7+ years of experience. He also works in web development and blogging. He creates simple tools on LIC Plan Calculator to help people understand LIC plans, calculate benefits, and make better financial decisions easily.