LIC Jeevan Lakshya Plan 733 Calculator
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When it comes to securing your family’s financial future — especially your children’s education and marriage expenses — choosing the right life insurance plan is critical. The LIC Jeevan Lakshya Plan 733 stands out as one of the most thoughtfully designed traditional endowment plans in India. What makes it truly unique is not just the lump sum maturity benefit, but the Annual Income Benefit that kicks in immediately after the policyholder’s death, ensuring the family never faces a sudden financial void.
In this complete 2026 guide, we explain everything about LIC Jeevan Lakshya Plan 733 — its features, benefits, premium calculation, eligibility, riders, and how to use the LIC Jeevan Lakshya Plan 733 Calculator to estimate your premium and projected returns instantly.
What Is LIC Jeevan Lakshya Plan 733?
The LIC Jeevan Lakshya Plan (Plan No. 733) is a participating, non-linked, individual savings life insurance plan offered by the Life Insurance Corporation of India. UIN: 512N297V03.
The word “Jeevan Lakshya” translates to “Life Goal” — and that is precisely what this plan is built around. It helps families pursue long-term goals even in the absence of the earning member by:
- Providing regular annual income to the family immediately after the policyholder’s death
- Guaranteeing a lump sum maturity benefit at the end of the policy term — whether the policyholder is alive or not
- Building long-term savings through annual bonuses declared by LIC
What makes Plan 733 different from other endowment plans? Most endowment plans only pay a death benefit OR a maturity benefit. Jeevan Lakshya goes a step further — if the policyholder dies mid-term, the nominee gets both an annual income during the remaining policy term AND a full maturity payout at the end. This dual structure is rare and extremely valuable for families with young children.
Key Features of LIC Jeevan Lakshya Plan 733 at a Glance (2026)
| Feature | Details |
|---|---|
| Plan Type | Participating, Non-Linked Endowment |
| UIN | 512N297V03 |
| Minimum Entry Age | 18 years (last birthday) |
| Maximum Entry Age | 50 years (nearer birthday) |
| Policy Term | 13 to 25 years |
| Premium Paying Term (PPT) | Policy Term minus 3 years |
| Minimum Sum Assured | ₹2,00,000 |
| Maximum Sum Assured | No upper limit |
| Maximum Maturity Age | 65 years (nearer birthday) |
| Premium Modes | Yearly, Half-Yearly, Quarterly, Monthly (ECS/NACH) |
| Annual Income Benefit | 10% of Basic Sum Assured (on death) |
| Loan Facility | Available after 1 year of premium payment |
| Surrender | Available after 1 year |
| Free Look Period | 15 days from policy receipt |
Eligibility Criteria for LIC Jeevan Lakshya Plan 733
Before applying, check whether you meet the following eligibility requirements:
Age Conditions
- Minimum Entry Age: 18 years (last birthday)
- Maximum Entry Age: 50 years (nearer birthday)
- Minimum Maturity Age: 31 years (nearer birthday)
- Maximum Maturity Age: 65 years (nearer birthday)
Policy and Sum Assured Conditions
- Minimum Policy Term: 13 years
- Maximum Policy Term: 25 years
- Minimum Basic Sum Assured: ₹2,00,000
- Maximum Basic Sum Assured: No upper limit (subject to underwriting)
Sum Assured Multiples
- ₹2,00,000 to ₹4,00,000 — available in multiples of ₹10,000
- Above ₹4,00,000 — available in multiples of ₹50,000
Premium Paying Term (PPT)
This is a limited-pay endowment plan, which means you pay premiums for a shorter duration than the full policy term. The Premium Paying Term = Policy Term minus 3 years. For example, if your policy term is 25 years, you only pay premiums for 22 years. The coverage and bonus accumulation continue for the full 25 years.
How Does LIC Jeevan Lakshya Plan 733 Work?
Understanding the plan’s mechanics helps you appreciate its value:
Scenario 1 – Policyholder Survives the Full Term
All premiums are paid. At the end of the policy term, the policyholder receives the full maturity benefit:
- Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any)
Scenario 2 – Policyholder Dies During the Policy Term
This is where Jeevan Lakshya truly shines. On the death of the life assured during the policy term:
- Step 1 – Immediate Annual Income: The nominee starts receiving 10% of the Basic Sum Assured every year from the next policy anniversary until the end of the policy term.
- Step 2 – Lump Sum at Maturity: At the end of the policy term, the nominee receives 110% of the Basic Sum Assured + Vested Bonuses + Final Additional Bonus.
- Step 3 – Premium Waiver: All future premiums are waived off after the policyholder’s death. The policy remains fully in force.
Example: Suppose the policyholder is 30 years old with a ₹10,00,000 sum assured and a 25-year policy term. If the policyholder dies in year 10, the nominee receives ₹1,00,000 per year (10% of SA) for the next 15 years — totalling ₹15,00,000 in income — PLUS the lump sum maturity payout at the end of year 25. The family continues to receive structured financial support for 15 full years without paying any more premiums.
Benefits of LIC Jeevan Lakshya Plan 733
1. Maturity Benefit
Maturity Amount = Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB)
This lump sum is paid if the policyholder survives the full policy term with all premiums paid. It is ideal for funding major life milestones like a child’s college education or marriage.
2. Death Benefit — The Plan’s Standout Feature
In case of the policyholder’s death during the policy term (with the policy in force):
Part A – Annual Income Benefit:
- 10% of Basic Sum Assured paid every year
- Payable from the next policy anniversary after death
- Continues until the end of the original policy term
Part B – Lump Sum at End of Policy Term:
- 110% of Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any)
The Sum Assured on Death is the higher of:
- 10 times the annualised premium, or
- 105% of all premiums paid till the date of death, or
- The Basic Sum Assured
This comprehensive structure ensures that even in the worst-case scenario, the family is protected for years — not just with a one-time payment.
3. Bonus Benefits
As a participating plan, LIC Jeevan Lakshya 733 is eligible for:
- Simple Reversionary Bonus (SRB): Declared annually as a percentage of the Sum Assured. Once vested, it cannot be withdrawn and accumulates through the full policy term.
- Final Additional Bonus (FAB): A one-time special bonus payable at maturity or death (if the policy has run for a certain minimum period). It significantly boosts the overall payout.
Bonus Note for 2026: Bonuses are not guaranteed in advance. They are declared annually by LIC based on actual profits. However, LIC has consistently declared bonuses over its history, making this a dependable savings vehicle.
4. Premium Waiver After Death
One of the most policyholder-friendly features of Plan 733 is that after the death of the life assured, all future premiums stand waived. The policy remains active, bonuses continue to accrue, and the nominee receives both the annual income and the maturity benefit — without paying a single rupee more.
5. Loan Facility
Once the policy acquires surrender value (after paying at least one year’s full premium), policyholders can take a loan against the policy as a percentage of the surrender value as per LIC’s prevailing norms. This is a useful liquidity feature during financial emergencies.
6. Surrender Value
The policy can be surrendered after completing at least one year of premium payment. The surrender value received depends on premiums paid, policy term elapsed, and LIC’s surrender value factors.
Early surrender is not recommended as it typically results in a financial loss compared to continuing the policy.
7. Paid-Up Value
If premiums are discontinued after paying for at least two full years, the policy does not lapse outright. It converts into a reduced paid-up policy, maintaining cover (at a reduced level) until the original maturity date.
8. Settlement Option
Both maturity and death benefits can be received as:
- A one-time lump sum, or
- Instalments over 5, 10, or 15 years
This flexibility helps beneficiaries manage large payouts without financial mismanagement.
LIC Jeevan Lakshya Plan 733 Calculator – How It Works (2026)
The LIC Jeevan Lakshya Plan 733 Calculator is a free online planning tool that estimates your:
- Premium amount (yearly, half-yearly, quarterly, monthly)
- Total premium outgo across the premium paying term
- Expected maturity amount with bonus projections
- Annual income benefit your nominee would receive on death
- Lump sum death benefit at the end of the policy term
Step-by-Step: How to Use the Calculator
- Enter Your Name – Optional, for personalisation of the results
- Enter Your Age – Must be between 18 and 50 years (nearest birthday)
- Select Policy Term – Choose between 13 and 25 years based on your goal
- Enter Sum Assured – Minimum ₹2,00,000 (in allowed multiples)
- Choose Premium Payment Mode – Yearly, half-yearly, quarterly, or monthly
- Set Assumed Bonus Rate – Default is ₹50 per ₹1,000 SA (standard assumption)
- Click Calculate – Instant results showing premium, maturity, and death benefit
Why the Calculator Matters Before You Buy
Using the calculator before committing to the policy helps you:
- Right-size your sum assured based on your family’s actual income needs
- Compare policy terms — a longer term means lower annual premium but more total outgo
- Understand the annual income your nominee will receive if something happens to you
- Verify affordability across different premium payment modes
- Project how much wealth you will accumulate by maturity
LIC Jeevan Lakshya Plan 733 – Premium Calculation Example (2026)
Example: 30-Year-Old Policyholder
| Parameter | Details |
|---|---|
| Age | 30 years |
| Sum Assured | ₹5,00,000 |
| Policy Term | 25 years |
| Premium Paying Term (PPT) | 22 years |
| Riders | None |
Premium Breakdown:
| Premium Mode | Amount |
|---|---|
| Yearly | ₹21,055 |
| Half-Yearly | ₹10,645 |
| Quarterly | ₹5,381 |
| Monthly (ECS/NACH) | ₹1,794 |
Projected Maturity Details:
| Component | Amount |
|---|---|
| Total Premium Paid (over 22 years) | ₹4,63,210 |
| Basic Sum Assured | ₹5,00,000 |
| Vested Bonuses (Approx.) | ₹5,75,000 |
| Final Additional Bonus (FAB) | ₹2,25,000 |
| Total Maturity Amount | ₹13,00,000 |
What the Nominee Would Receive if Policyholder Dies in Year 5:
| Benefit | Amount |
|---|---|
| Annual Income (10% of SA) | ₹50,000 per year for 20 years |
| Total Annual Income Received | ₹10,00,000 |
| Lump Sum at Maturity (110% SA + Bonuses) | ~₹13,25,000 |
| Grand Total Received by Nominee | ~₹23,25,000 |
Disclaimer: Bonus and FAB values are indicative based on assumed bonus rate of ₹50/₹1,000 SA as of 2026. Actual bonuses are declared annually by LIC and may vary.
Premium Calculation Factors and Rebates
Factors That Affect Your Premium
| Factor | Effect |
|---|---|
| Age | Older age = higher premium |
| Sum Assured | Higher SA = higher premium (but rebates apply) |
| Policy Term | Longer term = lower annual premium per lakh |
| Premium Mode | Yearly is cheapest; monthly is slightly higher |
| Riders | Increases premium proportionally |
Premium Rebates (2026)
Mode Rebate:
- Yearly mode: 2% rebate on base premium
- Half-yearly mode: 1% rebate on base premium
- Quarterly and Monthly: No rebate
High Sum Assured Rebate:
- SA ₹2,00,000 to ₹4,75,000: No rebate
- SA ₹5,00,000 and above: Rebate applies (as per LIC’s prevailing rate)
GST on Premium
- Year 1: 4.5% GST on base premium
- Year 2 onwards: 2.25% GST on base premium
Optional Riders for Enhanced Protection
Riders are additional covers you can add to the base policy at a small extra premium. They cannot be purchased independently — they must be selected at the time of policy purchase.
1. Accidental Death and Disability Benefit Rider (AD&DB)
Provides extra financial support if the policyholder dies in an accident or suffers permanent total disability due to an accident. This is highly recommended given the rising incidence of road accidents in India.
2. Accidental Benefit Rider
Pays an amount equal to the rider Sum Assured as an additional benefit if death occurs due to an accident. Simpler than AD&DB, with no disability component.
3. New Term Assurance Rider
Adds a pure term insurance cover on top of the endowment plan, boosting the total life cover at a low additional premium. This is particularly useful if the base sum assured feels insufficient relative to your family’s financial needs.
Note: The Premium Waiver Benefit (PWB) Rider is NOT available under Plan 733. However, the plan already includes a built-in premium waiver feature upon the death of the life assured, which serves a similar purpose.
Policy Terms You Must Know
Grace Period
A 30-day grace period is provided after the premium due date. The policy stays active during this period. If the premium is not paid within 30 days, the policy lapses.
Revival of Lapsed Policy
A lapsed policy can be revived within 5 years from the date of the first unpaid premium by paying all overdue premiums with applicable interest, plus a health declaration if required.
Free Look Period
You have a 15-day free look period from the date of receiving the policy document. If you are not satisfied with the terms and conditions, you can return the policy and claim a refund of premiums paid, minus proportionate risk charges and administrative expenses.
Tax Benefits Under LIC Jeevan Lakshya Plan 733 (2026)
| Tax Section | Benefit |
|---|---|
| Section 80C | Premium paid is deductible up to ₹1,50,000 per year |
| Section 10(10D) | Maturity amount and death benefit are tax-exempt (subject to conditions) |
Note (2026): Tax exemption under Section 10(10D) is subject to the annual premium not exceeding 10% of the Basic Sum Assured. For policies with higher premiums, the maturity amount may be partially taxable. Always consult a qualified tax advisor for personalised advice under current tax laws.
Who Should Buy LIC Jeevan Lakshya Plan 733?
This plan is ideally suited for:
- Parents of young children who want to ensure education and marriage funds are secure even if something happens to them
- Single-income households where the family depends entirely on one earning member
- Conservative savers who prefer guaranteed, market-risk-free savings
- Individuals aged 25–45 who have a 15–25-year financial goal in mind
- Taxpayers looking to maximise Section 80C deductions while building a long-term corpus
If you are primarily seeking high returns and are comfortable with market risk, a market-linked plan like a ULIP or an equity mutual fund may better suit your investment goal. Jeevan Lakshya is a protection-first, savings-second plan — not a pure investment product.
LIC Jeevan Lakshya 733 vs LIC New Endowment Plan 714 – Key Differences
| Parameter | Jeevan Lakshya 733 | New Endowment Plan 714 |
|---|---|---|
| Annual Income on Death | ✅ Yes – 10% of SA per year | ❌ No |
| Premium Paying Term | Policy Term – 3 years (limited pay) | Equal to policy term |
| Max Entry Age | 50 years | 55 years |
| Max Policy Term | 25 years | 35 years |
| Max Maturity Age | 65 years | 75 years |
| Best For | Family income protection | Long-term savings + cover |
Frequently Asked Questions (FAQs) – 2026
Q1. What is LIC Jeevan Lakshya Plan 733?
LIC Jeevan Lakshya Plan 733 is a participating, non-linked endowment insurance plan that provides both life cover and savings. It uniquely offers an annual income benefit to the nominee in case of the policyholder’s death, along with a guaranteed lump sum maturity benefit at the end of the policy term.
Q2. What is the annual income benefit in Jeevan Lakshya Plan 733?
On the death of the policyholder during the policy term, the nominee receives 10% of the Basic Sum Assured every year from the next policy anniversary until the end of the original policy term. This annual income continues without any further premium payments.
Q3. Is the maturity amount paid even if the policyholder dies mid-term?
Yes. That is one of the most significant features of Plan 733. Even if the policyholder dies during the policy term, the nominee receives annual income during the remaining term AND the full maturity benefit at the end of the policy term.
Q4. What is the Premium Paying Term under Jeevan Lakshya Plan 733?
The Premium Paying Term is the Policy Term minus 3 years. For example, if you choose a 25-year policy term, you pay premiums for only 22 years. The coverage and bonuses continue for all 25 years.
Q5. How does the LIC Jeevan Lakshya Plan 733 Calculator help?
The calculator projects your premium (based on age, sum assured, term, and payment mode), maturity amount (including estimated bonuses and FAB), annual income the nominee would receive on death, and total returns vs. total premium paid — helping you make an informed purchase decision.
Q6. What is the minimum and maximum sum assured?
The minimum Basic Sum Assured is ₹2,00,000. There is no maximum limit, subject to LIC’s underwriting guidelines.
Q7. Can I add riders to Jeevan Lakshya Plan 733?
Yes. You can add the Accidental Death and Disability Benefit (AD&DB) Rider, the Accidental Benefit Rider, and the New Term Assurance Rider for additional protection at an extra premium.
Q8. What are the tax benefits in 2026?
Premiums paid are deductible under Section 80C (up to ₹1.5 lakh per year), and maturity proceeds are tax-exempt under Section 10(10D) of the Income Tax Act, subject to prevailing conditions. Consult a tax advisor for guidance based on current laws applicable in 2026.
Q9. Can I surrender Jeevan Lakshya Plan 733 before maturity?
Yes, surrender is permitted after at least one year of full premium payment. However, the surrender value will be lower than total premiums paid in the early years of the policy. Surrendering early is not advisable.
Q10. What happens if I stop paying premiums mid-way?
If you have paid premiums for at least two years, the policy converts into a paid-up policy with reduced benefits. If you have paid for less than two years and stop, the policy lapses. A lapsed policy can be revived within 5 years by paying overdue premiums with interest.
Conclusion
In 2026, as financial uncertainty continues to challenge families, the LIC Jeevan Lakshya Plan 733 remains one of the most family-centric insurance plans available in India. Its defining strength — the annual income benefit combined with guaranteed maturity payout — makes it a plan that truly delivers on its name: securing your family’s life goals even in your absence.