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LIC's Jeevan Lakshya (Plan 733, UIN 512N297V03) is a participating (par), non-linked, individual savings plan from Life Insurance Corporation of India, built mainly for families saving for a child's future. You choose a policy term of 13 to 25 years and pay premiums for the term minus 3 years. If you survive to the end of the term, you receive the Basic Sum Assured plus any Simple Reversionary Bonuses and Final Additional Bonus declared by LIC. If you die during the term, your nominee gets 10% of the Basic Sum Assured every year, from the policy anniversary on or after death until the anniversary before maturity, and 110% of the Basic Sum Assured plus all vested bonuses on the original maturity date. The total death benefit is never less than 105% of the premiums paid. Because the plan is participating, the bonuses are not guaranteed. Entry age is 18 to 50 years, the maximum maturity age is 65 years, and the minimum Basic Sum Assured is ₹2 lakh with no upper limit, subject to underwriting. The plan is sold offline through LIC agents and other licensed intermediaries.
Endowment plan that pays 10% of the Basic Sum Assured every year to your family if you die, plus 110% of it at maturity, and the Basic Sum Assured with bonuses if you survive.
Jeevan Lakshya is best understood as protection first and savings second. Its strongest feature is what your family gets if you die early. In LIC's own illustration (age 35, ₹2 lakh Basic Sum Assured, 25-year term, ₹9,535 a year for 22 years), death in the first year would pay ₹20,000 a year for 24 years plus about ₹2.2 lakh at maturity, which is roughly 73 times the premium paid so far. The survival case is much weaker. The only guaranteed maturity benefit is the Basic Sum Assured, which in that example is ₹2 lakh against ₹2.1 lakh of premiums paid, so every rupee above your premiums depends on bonuses that LIC does not guarantee. LIC's illustration shows a maturity value of ₹2.35 lakh at its 4% scenario and ₹3.8 lakh at 8%, which works out to about 0.8% and 4.0% a year on the premiums paid, our estimate before tax. That is well below typical PPF or fixed deposit rates over 25 years. Early exit is also costly, since nothing is paid back if you stop in the first year and the guaranteed surrender value starts at only 30% of premiums in the second year. The income benefit only matters if the Basic Sum Assured is large, so pair it with a separate term plan rather than treating it as your main cover. Choose it if you want a disciplined, family-income-focused policy for a long-term goal and can pay premiums for the full term.
LIC
Key Insights
Founded
1956
LIC was established 70 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
98.5% CSR, calculated as a 3-year average
LIC settles 98.5% of all claims it receives, demonstrating strong credibility.
Contact Details
022-68276827
Headquarters: Jeevan Bima Marg, Nariman Point, P.O. Box No. 19953, Mumbai, Maharashtra 400021, India
If you die during the policy term while the policy is in force, your nominee gets 10% of the Basic Sum Assured every year, from the policy anniversary on or after the date of death until the anniversary before maturity.
The annual income cannot be taken as instalments; the instalment option covers only the lump sum.
On death, 110% of the Basic Sum Assured plus all vested Simple Reversionary Bonuses and any Final Additional Bonus is paid on the original maturity date. The total death benefit is never less than 105% of the premiums paid.
This lump sum is paid at the end of the policy term, not at the time of death.
If you survive the policy term and the policy is in force, you receive the Basic Sum Assured plus vested Simple Reversionary Bonuses and any Final Additional Bonus.
Only the Basic Sum Assured is guaranteed; bonuses depend on LIC's results.
The policy shares in LIC's profits through Simple Reversionary Bonuses declared every year. Once declared, they become part of the guaranteed benefits. A Final Additional Bonus may also be added when the policy ends in a death or maturity claim.
Bonuses stop if premiums stop, and Final Additional Bonus is not paid on paid-up policies.
The life assured can choose to have the lump sum death benefit paid to the nominee in instalments over 5, 10 or 15 years instead of in one payment.
Minimum instalment is ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly or ₹50,000 yearly.
If an accident causes death within 180 days, the Accident Benefit Sum Assured is paid as a lump sum. In case of accidental disability, it is paid in equal monthly instalments over 10 years, and premiums for that amount of cover are waived.
Choose this or the Accident Benefit Rider, not both; it can be added when at least 5 years of premium paying term remain.
Pays the Accident Benefit Sum Assured as a lump sum if death is caused by an accident within 180 days.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
LIC plans and claim process
It is a participating, non-linked, individual savings plan from LIC (Plan 733, UIN 512N297V03). If you die during the term, your family gets 10% of the Basic Sum Assured every year plus 110% of it at maturity. If you survive, you get the Basic Sum Assured plus bonuses at maturity.
Your nominee gets an annual income of 10% of the Basic Sum Assured, from the policy anniversary on or after the date of death until the anniversary before maturity. On the original maturity date, the nominee also gets 110% of the Basic Sum Assured plus all vested bonuses. The total death benefit is never less than 105% of the premiums paid.
You get the Basic Sum Assured plus any vested Simple Reversionary Bonuses and Final Additional Bonus, provided the policy is in force. Only the Basic Sum Assured is guaranteed, and bonuses depend on LIC's results.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official LIC website before purchasing.
Official Website
licindia.in
Visit the official LIC website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
Cover runs only during the premium paying term, and the rider sum assured can be up to 3 times the Basic Sum Assured.
Adds extra term cover that is paid on death during the rider term.
Available at policy start only, from ₹1 lakh up to the Basic Sum Assured, with a maximum of ₹25 lakh overall.
Entry age is 18 to 50 years (maximum age at maturity 65). The policy term is 13 to 25 years, and you pay premiums for the policy term minus 3 years, so a 25-year policy needs 22 years of premiums.
The minimum Basic Sum Assured is ₹2 lakh, in steps of ₹10,000 up to ₹4 lakh and ₹50,000 above that. There is no upper limit, but the final amount depends on LIC underwriting.
LIC's sample yearly premiums for a ₹2 lakh Basic Sum Assured, before taxes, at age 30 are ₹20,286 for a 13-year term, ₹16,758 for 15 years, ₹11,858 for 20 years and ₹9,222 for 25 years. At age 40 they are ₹20,678, ₹17,209, ₹12,495 and ₹10,074. A higher cover gets a rebate, and the exact premium depends on your age, sum assured and term.
No. Simple Reversionary Bonuses are declared by LIC every year based on its results. Once declared they become part of the guaranteed benefits, but future bonuses are not guaranteed, and bonuses stop if premiums stop.
Not mainly. In LIC's illustration for a 35-year-old with a ₹2 lakh Basic Sum Assured and a 25-year term, the maturity value is ₹2.35 lakh at the 4% scenario and ₹3.8 lakh at 8%. Our estimate of the return on premiums is about 0.8% and 4.0% a year before tax. The main value is the income your family gets if you die early.
If you stop before one full year's premium is paid, the policy lapses and nothing is paid. After one full year, it becomes a paid-up policy with reduced benefits in proportion to the premiums paid, and it stops earning future bonuses. A lapsed policy can be revived within 5 years from the first unpaid premium.
You can surrender after the first policy year once one full year's premium is paid, but a guaranteed surrender value applies only after two full years, at 30% of premiums in the second year, 35% in the third and 50% from the fourth year. LIC can also pay a higher special surrender value. A loan is available after the first policy year, up to 50% of the surrender value on an in-force policy (75% after two years of premiums).
Yes. Three optional riders are available for extra premium: the Accidental Death and Disability Benefit Rider, the Accident Benefit Rider and the New Term Assurance Rider. You can choose either of the first two, not both, and all rider premiums together cannot exceed 30% of the base premium. The Critical Illness Rider is currently not available.
Yes. You can take all or part of the maturity benefit in instalments over 5, 10 or 15 years, and the life assured can choose instalments over 5, 10 or 15 years for the lump sum death benefit. The annual income paid on death cannot be converted into instalments. Minimum instalments are ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly or ₹50,000 yearly.