LIC Jeevan Lakshya – Plan No. 733
An independent, plain-language look at LIC Jeevan Lakshya (Plan No. 733, UIN 512N297V03) — what it offers, who it may suit, and what to check before buying.
Currently Available Endowment Plan UIN: 512N297V03
What Is LIC Jeevan Lakshya?
LIC's Jeevan Lakshya is a participating endowment plan designed with a family-income protection element: if the life assured dies during the policy term, the plan pays an annual income to the family for a defined period in addition to the death benefit, followed by the full sum assured at what would have been the original maturity date. If the life assured survives the term, the maturity sum assured plus bonuses is paid.
Key Features
- Death benefit paid as an immediate lump sum plus an ongoing annual income to the family
- Sum assured payable at original maturity date even after a death claim (income benefit)
- Participates in LIC bonuses
- Premium-paying term is shorter than the policy term (limited premium payment)
Who May Consider This Plan
- Parents wanting a plan that supports the family financially over several years if they are not around
- Those who want a savings goal (e.g. a child's future milestone) combined with an income-style protection benefit
Important Considerations
The built-in family income benefit is a distinguishing feature versus a simple endowment plan, but it means part of the value is paid over time rather than as one lump sum in the event of a claim — worth understanding clearly if liquidity at the time of a claim is a priority for your family.
Example Scenario
Illustrative only: A 32-year-old parent choosing a 25-year policy term would pay premiums for a shorter limited term; if they survive to maturity, the sum assured plus bonuses is paid; if not, the family would receive an income benefit each year for the remaining term plus the sum assured at the original maturity date. Actual figures depend on sum assured and term chosen.
LIC Jeevan Lakshya FAQs
A term plan generally pays only a lump sum death benefit with no maturity value. Jeevan Lakshya pays a family income benefit plus a lump sum at maturity, and also pays a maturity benefit if the life assured survives — but at a higher premium for the same sum assured than a pure term plan.
No — Jeevan Lakshya uses a limited premium-paying term that ends a few years before the policy matures, per LIC's current plan rules.
Discuss LIC Jeevan Lakshya With S. Kulkarni
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