LIC Jeevan Lakshya Plan (733)
Premium Calculator & Benefits Estimator
Planning for your child's education or your family's future needs careful thinking. The LIC Jeevan Lakshya Calculator is a simple online tool that helps you estimate how much premium you will pay, and how much your family can get as a death benefit or maturity value, before you actually buy the policy.
In this guide, we explain how the LIC Jeevan Lakshya Calculator works, what the plan offers, who can buy it, and how to read the numbers it shows you. Everything here is explained in plain language, so even a first-time policy buyer can understand it.
What Is LIC Jeevan Lakshya Plan?
LIC Jeevan Lakshya is a participating, non-linked life insurance plan from Life Insurance Corporation of India. "Participating" means the plan is eligible for bonuses declared by LIC every year. "Non-linked" means your money is not invested in the stock market, so there is no market risk involved.
The plan does two things at the same time:
- It protects your family financially if something happens to you during the policy term.
- It builds a savings fund that pays out as a lump sum when the policy matures.
This combination makes it a popular choice for parents who want to secure money for a child's higher education or marriage, while also keeping a life cover in place.
The plan has gone through three versions over the years — Plan 833, Plan 933, and the current Plan 733. We'll compare these a little later in this article.
Why Use an LIC Jeevan Lakshya Calculator?
Before buying any insurance policy, it helps to know two things: how much you will pay, and how much you (or your family) will get back. The LIC Jeevan Lakshya Calculator answers both in seconds.
Instead of manually working through premium tables or waiting for an agent to call back, you can:
- Compare premiums across yearly, half-yearly, quarterly, and monthly modes.
- Get a rough idea of your maturity amount, including expected bonus.
- Understand your family's death benefit before committing to the policy.
- Try different sum assured and policy term combinations to fit your budget.
Keep in mind that any online calculator gives an estimate only. Your final premium depends on your medical check-up, and bonus rates depend on LIC's yearly declarations — so actual figures can differ.
How Does the LIC Jeevan Lakshya Calculator Work?
The calculator asks for a few basic details and uses LIC's rate tables to work out the numbers.
Inputs you need to enter:
- Your current age
- Gender
- Policy term (13 to 25 years)
- Basic Sum Assured (the cover amount you want)
- Premium payment mode (yearly, half-yearly, quarterly, or monthly)
Outputs the calculator shows:
- Premium amount for your chosen mode
- Premium Paying Term (automatically policy term minus 3 years)
- Estimated maturity value, including expected bonus
- Estimated death benefit for your family
Step-by-Step: How to Use the LIC Jeevan Lakshya Calculator
- Choose the plan variant. If you're buying a new policy today, select Plan 733 — the older Plan 933 and Plan 833 are no longer on sale.
- Enter your age and gender. Premiums differ by gender and rise with age.
- Select your policy term. Anywhere from 13 to 25 years, based on your age and the 65-year maximum maturity age.
- Enter your Basic Sum Assured. This should be at least ₹2,00,000 for Plan 733.
- Pick your premium payment mode. Yearly usually works out cheapest overall; monthly is easier on cash flow.
- Click Calculate. The tool instantly shows your premium, Premium Paying Term, and rough maturity and death benefit figures.
LIC Jeevan Lakshya (Plan 733) Eligibility Criteria
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years | 50 years |
| Maturity Age | 31 years | 65 years |
| Policy Term | 13 years | 25 years |
| Premium Paying Term | 10 years | 22 years |
| Basic Sum Assured | ₹2,00,000 | No upper limit |
Sum Assured must be chosen in multiples of ₹10,000 up to ₹4,00,000, and in multiples of ₹50,000 above that.
Key Benefits Under the LIC Jeevan Lakshya Plan
Death Benefit
If the life assured passes away during the policy term, the nominee gets a yearly income equal to 10% of the Basic Sum Assured. This is paid on every policy anniversary after the death and continues until one year before the original maturity date. In the final year, instead of that yearly income, LIC pays a lump sum equal to 110% of the Basic Sum Assured, along with vested bonuses and the Final Additional Bonus, if declared. In total, the death benefit cannot be less than 105% of all premiums paid up to the date of death.
Maturity Benefit
If the life assured survives the full policy term and all premiums are paid on time, LIC pays the Basic Sum Assured plus vested Simple Reversionary Bonuses plus the Final Additional Bonus, if any, as a single lump sum.
Optional Riders
You can add extra protection for a small additional premium:
- Accidental Death and Disability Benefit Rider
- Accidental Benefit Rider
- New Term Assurance Rider
Total rider premium is capped so it doesn't exceed a set percentage of your base policy premium.
Loan and Surrender
Once the policy earns a surrender value, you can take a loan against it, subject to LIC's terms. Under Plan 733, the policy can be surrendered after just one year — earlier than the older versions allowed.
Grace Period and Free Look Period
You get a grace period of 30 days (15 days for monthly mode) to pay a missed premium without the policy lapsing. If you're not satisfied after buying the policy, you can return it within the 15-day free look period from receiving the document.
Sample Premium Calculation
Here's an illustration for a healthy 30-year-old male choosing a ₹5,00,000 Sum Assured under Plan 733, with a 25-year policy term (22-year Premium Paying Term), and no riders.
| Detail | Amount |
|---|---|
| Yearly Premium | ₹21,055 |
| Half-Yearly Premium | ₹10,645 |
| Quarterly Premium | ₹5,381 |
| Monthly Premium | ₹1,794 |
| Total Premium Paid (over PPT) | ₹4,63,210 |
| Basic Sum Assured | ₹5,00,000 |
| Estimated Bonus | ₹5,75,000 |
| Estimated Final Additional Bonus | ₹2,25,000 |
| Estimated Total Maturity Value | ₹13,00,000 |
| Annual Income to Family on Death | ₹50,000 per year |
| Maturity Benefit Payable Even After Death | ₹13,50,000 |
These figures are indicative. Your actual premium and bonus amount depend on your health, age at entry, and LIC's bonus declarations in the years ahead.
LIC Jeevan Lakshya: Plan 833 vs 933 vs 733
| Feature | Plan 833 | Plan 933 | Plan 733 (Current) |
|---|---|---|---|
| Availability | 2015 to Feb 2020 | 2020 to Sept 2024 | Since Oct 2024 |
| Minimum Sum Assured | ₹1,00,000 | ₹1,00,000 | ₹2,00,000 |
| Surrender Allowed After | 3 years | 2 years | 1 year |
| Regulatory Basis | Original design | Revised premiums | Updated per IRDAI's 2024 regulations |
If you already hold a Plan 833 or Plan 933 policy, it continues as it is — only new purchases now happen under Plan 733.
Tax Benefits
Premiums paid under LIC Jeevan Lakshya qualify for deduction under Section 80C of the Income Tax Act, within the overall ₹1.5 lakh limit. The maturity amount is tax-free under Section 10(10D), provided the annual premium doesn't exceed 10% of the Sum Assured. Tax rules can change, so confirm current limits with a tax advisor before filing your returns.
Who Should Consider This Plan?
LIC Jeevan Lakshya works well for:
- Parents saving for a child's education or wedding, who also want life cover during the saving period.
- People who prefer a guaranteed lump sum at maturity over market-linked returns.
- Anyone who wants their family to receive a steady yearly income, not just a one-time payout, if something happens to them.
It may not suit someone looking purely for high investment returns, since a large part of the premium goes toward insurance cover, and the bonus builds up slowly over the years.
Frequently Asked Questions
Is the LIC Jeevan Lakshya Calculator result final? No. It gives an estimate. The final premium is confirmed only after LIC completes underwriting, which may include a medical check-up.
What is the minimum entry age for this plan? 18 years. The maximum entry age is 50 years, across all versions of the plan.
Can I change my premium payment mode later? Yes, this is usually allowed with LIC's approval, typically at the time of a policy anniversary.
What happens if I stop paying premiums? After the grace period, the policy lapses. If premiums have been paid for a minimum period, it may continue as a paid-up policy with reduced benefits. Lapsed policies can normally be revived within a set period.
Which is better for a child's future — Plan 733 or an older Jeevan Lakshya version? Only Plan 733 is currently open for new purchases, so that's the version you'd buy today. It has a higher minimum sum assured but allows earlier surrender and loan facility than the older plans did.
Is the maturity amount guaranteed? The Basic Sum Assured portion is guaranteed if you pay all premiums and survive the term. The bonus and Final Additional Bonus are not guaranteed in advance, since LIC declares them each year based on its performance.
Planning for your child's education or your family's future needs careful thinking. The LIC Jeevan Lakshya Calculator is a simple online tool that helps you estimate how much premium you will pay, and how much your family can get as a death benefit or maturity value, before you actually buy the policy.
In this guide, we explain how the LIC Jeevan Lakshya Calculator works, what the plan offers, who can buy it, and how to read the numbers it shows you. Everything here is explained in plain language, so even a first-time policy buyer can understand it.
What Is LIC Jeevan Lakshya Plan?
LIC Jeevan Lakshya is a participating, non-linked life insurance plan from Life Insurance Corporation of India. "Participating" means the plan is eligible for bonuses declared by LIC every year. "Non-linked" means your money is not invested in the stock market, so there is no market risk involved.
The plan does two things at the same time:
- It protects your family financially if something happens to you during the policy term.
- It builds a savings fund that pays out as a lump sum when the policy matures.
This combination makes it a popular choice for parents who want to secure money for a child's higher education or marriage, while also keeping a life cover in place.
The plan has gone through three versions over the years — Plan 833, Plan 933, and the current Plan 733. We'll compare these a little later in this article.
Why Use an LIC Jeevan Lakshya Calculator?
Before buying any insurance policy, it helps to know two things: how much you will pay, and how much you (or your family) will get back. The LIC Jeevan Lakshya Calculator answers both in seconds.
Instead of manually working through premium tables or waiting for an agent to call back, you can:
- Compare premiums across yearly, half-yearly, quarterly, and monthly modes.
- Get a rough idea of your maturity amount, including expected bonus.
- Understand your family's death benefit before committing to the policy.
- Try different sum assured and policy term combinations to fit your budget.
Keep in mind that any online calculator gives an estimate only. Your final premium depends on your medical check-up, and bonus rates depend on LIC's yearly declarations — so actual figures can differ.
How Does the LIC Jeevan Lakshya Calculator Work?
The calculator asks for a few basic details and uses LIC's rate tables to work out the numbers.
Inputs you need to enter:
- Your current age
- Gender
- Policy term (13 to 25 years)
- Basic Sum Assured (the cover amount you want)
- Premium payment mode (yearly, half-yearly, quarterly, or monthly)
Outputs the calculator shows:
- Premium amount for your chosen mode
- Premium Paying Term (automatically policy term minus 3 years)
- Estimated maturity value, including expected bonus
- Estimated death benefit for your family
Step-by-Step: How to Use the LIC Jeevan Lakshya Calculator
- Choose the plan variant. If you're buying a new policy today, select Plan 733 — the older Plan 933 and Plan 833 are no longer on sale.
- Enter your age and gender. Premiums differ by gender and rise with age.
- Select your policy term. Anywhere from 13 to 25 years, based on your age and the 65-year maximum maturity age.
- Enter your Basic Sum Assured. This should be at least ₹2,00,000 for Plan 733.
- Pick your premium payment mode. Yearly usually works out cheapest overall; monthly is easier on cash flow.
- Click Calculate. The tool instantly shows your premium, Premium Paying Term, and rough maturity and death benefit figures.
LIC Jeevan Lakshya (Plan 733) Eligibility Criteria
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years | 50 years |
| Maturity Age | 31 years | 65 years |
| Policy Term | 13 years | 25 years |
| Premium Paying Term | 10 years | 22 years |
| Basic Sum Assured | ₹2,00,000 | No upper limit |
Sum Assured must be chosen in multiples of ₹10,000 up to ₹4,00,000, and in multiples of ₹50,000 above that.
Key Benefits Under the LIC Jeevan Lakshya Plan
Death Benefit
If the life assured passes away during the policy term, the nominee gets a yearly income equal to 10% of the Basic Sum Assured. This is paid on every policy anniversary after the death and continues until one year before the original maturity date. In the final year, instead of that yearly income, LIC pays a lump sum equal to 110% of the Basic Sum Assured, along with vested bonuses and the Final Additional Bonus, if declared. In total, the death benefit cannot be less than 105% of all premiums paid up to the date of death.
Maturity Benefit
If the life assured survives the full policy term and all premiums are paid on time, LIC pays the Basic Sum Assured plus vested Simple Reversionary Bonuses plus the Final Additional Bonus, if any, as a single lump sum.
Optional Riders
You can add extra protection for a small additional premium:
- Accidental Death and Disability Benefit Rider
- Accidental Benefit Rider
- New Term Assurance Rider
Total rider premium is capped so it doesn't exceed a set percentage of your base policy premium.
Loan and Surrender
Once the policy earns a surrender value, you can take a loan against it, subject to LIC's terms. Under Plan 733, the policy can be surrendered after just one year — earlier than the older versions allowed.
Grace Period and Free Look Period
You get a grace period of 30 days (15 days for monthly mode) to pay a missed premium without the policy lapsing. If you're not satisfied after buying the policy, you can return it within the 15-day free look period from receiving the document.
Sample Premium Calculation
Here's an illustration for a healthy 30-year-old male choosing a ₹5,00,000 Sum Assured under Plan 733, with a 25-year policy term (22-year Premium Paying Term), and no riders.
| Detail | Amount |
|---|---|
| Yearly Premium | ₹21,055 |
| Half-Yearly Premium | ₹10,645 |
| Quarterly Premium | ₹5,381 |
| Monthly Premium | ₹1,794 |
| Total Premium Paid (over PPT) | ₹4,63,210 |
| Basic Sum Assured | ₹5,00,000 |
| Estimated Bonus | ₹5,75,000 |
| Estimated Final Additional Bonus | ₹2,25,000 |
| Estimated Total Maturity Value | ₹13,00,000 |
| Annual Income to Family on Death | ₹50,000 per year |
| Maturity Benefit Payable Even After Death | ₹13,50,000 |
These figures are indicative. Your actual premium and bonus amount depend on your health, age at entry, and LIC's bonus declarations in the years ahead.
LIC Jeevan Lakshya: Plan 833 vs 933 vs 733
| Feature | Plan 833 | Plan 933 | Plan 733 (Current) |
|---|---|---|---|
| Availability | 2015 to Feb 2020 | 2020 to Sept 2024 | Since Oct 2024 |
| Minimum Sum Assured | ₹1,00,000 | ₹1,00,000 | ₹2,00,000 |
| Surrender Allowed After | 3 years | 2 years | 1 year |
| Regulatory Basis | Original design | Revised premiums | Updated per IRDAI's 2024 regulations |
If you already hold a Plan 833 or Plan 933 policy, it continues as it is — only new purchases now happen under Plan 733.
Tax Benefits
Premiums paid under LIC Jeevan Lakshya qualify for deduction under Section 80C of the Income Tax Act, within the overall ₹1.5 lakh limit. The maturity amount is tax-free under Section 10(10D), provided the annual premium doesn't exceed 10% of the Sum Assured. Tax rules can change, so confirm current limits with a tax advisor before filing your returns.
Who Should Consider This Plan?
LIC Jeevan Lakshya works well for:
- Parents saving for a child's education or wedding, who also want life cover during the saving period.
- People who prefer a guaranteed lump sum at maturity over market-linked returns.
- Anyone who wants their family to receive a steady yearly income, not just a one-time payout, if something happens to them.
It may not suit someone looking purely for high investment returns, since a large part of the premium goes toward insurance cover, and the bonus builds up slowly over the years.
Frequently Asked Questions
Is the LIC Jeevan Lakshya Calculator result final? No. It gives an estimate. The final premium is confirmed only after LIC completes underwriting, which may include a medical check-up.
What is the minimum entry age for this plan? 18 years. The maximum entry age is 50 years, across all versions of the plan.
Can I change my premium payment mode later? Yes, this is usually allowed with LIC's approval, typically at the time of a policy anniversary.
What happens if I stop paying premiums? After the grace period, the policy lapses. If premiums have been paid for a minimum period, it may continue as a paid-up policy with reduced benefits. Lapsed policies can normally be revived within a set period.
Which is better for a child's future — Plan 733 or an older Jeevan Lakshya version? Only Plan 733 is currently open for new purchases, so that's the version you'd buy today. It has a higher minimum sum assured but allows earlier surrender and loan facility than the older plans did.
Is the maturity amount guaranteed? The Basic Sum Assured portion is guaranteed if you pay all premiums and survive the term. The bonus and Final Additional Bonus are not guaranteed in advance, since LIC declares them each year based on its performance.