LIC Jeevan Lakshya Plan 733 Calculator: Premium, Maturity Value and Family Income Benefit

What is LIC Jeevan Lakshya Plan 733?

LIC Jeevan Lakshya Plan 733 (UIN 512N297V03) is a non-linked, with-profit, limited premium savings plan designed to keep a family goal on track even if the earning member is not around. Think of a parent saving for a child’s college fees or wedding: if the parent survives, the policy pays a maturity lump sum. If the parent dies, the family receives a yearly income of 10% of the sum assured until the policy term ends, and then a lump sum on the original maturity date.

Plan 733 is the current version. It replaced Jeevan Lakshya 933 in October 2024 when LIC relaunched its traditional range under IRDAI’s revised rules. The older 833 and 933 versions are closed to new buyers.

Jeevan Lakshya 733 at a glance

Feature	Details
Plan number / UIN	733 / 512N297V03
Plan type	Non-linked, with-profit, limited premium
Policy term	13 to 25 years
Premium paying term	Policy term minus 3 years
Entry age	18 to 50 years
Maturity age	31 to 65 years
Minimum sum assured	₹2,00,000 (multiples of ₹10,000 up to ₹4 lakh, ₹50,000 above); no upper limit
Premium modes	Yearly, half-yearly, quarterly, monthly (NACH)
Death benefit	10% of SA yearly till maturity, then 110% of SA + bonuses
Loan and surrender	After one full year’s premium
Status	Open for new sales

Eligibility conditions

Condition	Minimum	Maximum
Entry age	18 years (last birthday)	50 years (nearer birthday)
Policy term	13 years	25 years
Premium paying term	10 years	22 years
Maturity age	31 years	65 years
Basic sum assured	₹2,00,000	No limit

Because the policy must mature by 65, the longest term you can pick shrinks with age: 25 years up to age 40, 20 years at age 45 and 15 years at age 50.

How the Jeevan Lakshya 733 premium is calculated

The calculator follows the sample premiums LIC publishes in the Jeevan Lakshya sales brochure. For example, the brochure shows ₹11,858 a year for a 30-year-old with ₹2 lakh cover over 20 years, and the calculator gives the same figure. Ages and terms between the published points are interpolated. The rate per ₹1,000 of sum assured rises with age and drops sharply as the term gets longer. From it the calculator deducts the brochure’s high sum assured rebate (₹4 per ₹1,000 from ₹5 lakh and ₹5 per ₹1,000 from ₹10 lakh) and a mode rebate of 2% for yearly or 1% for half-yearly payment. No GST is added, because individual life insurance premiums are GST-exempt from 22 September 2025.

Worked example. A 30-year-old chooses ₹10 lakh cover for 20 years. The premium is about ₹54,290 a year for 17 years, or ₹9,22,930 in total. That is the full amount payable, as no GST applies.

A second case: a 35-year-old wants ₹5 lakh over 25 years and pays monthly. The instalment is about ₹1,884 a month for 22 years (₹22,608 a year, against ₹22,120 if paid yearly).

Tip: the term changes the premium far more than age does. For ₹10 lakh at age 30, moving from a 13-year to a 25-year term cuts the yearly premium from about ₹96,430 to about ₹41,110. Choose the longest term that still ends by the time the goal arrives.

Maturity benefit

If the life assured survives the term, LIC pays the basic sum assured + simple reversionary bonuses + final additional bonus (if declared). In the ₹10 lakh, 20-year example, a bonus of ₹45 per ₹1,000 adds ₹9,00,000. With an illustrative final bonus of ₹20,000, the maturity estimate is about ₹19,20,000. Bonuses are declared each year and are not guaranteed, so test a lower rate too.

Death benefit: the family income feature

This is what sets Jeevan Lakshya apart. If the life assured dies during the term (after risk starts), no more premiums are due and the family receives:

1. Annual income benefit: 10% of the basic sum assured on every policy anniversary from the one following death up to the anniversary just before maturity.
2. Lump sum on the maturity date: 110% of the basic sum assured, plus bonuses vested up to death and any final additional bonus.

The total paid is never less than 105% of the premiums paid up to death.

Example. In the ₹10 lakh, 20-year policy, suppose death happens in policy year 8. The family gets ₹1,00,000 a year for 12 years (₹12,00,000), then ₹14,80,000 on the maturity date. That is about ₹26,80,000 in all, more than the ₹19.2 lakh the policyholder would have received by surviving. In the ₹5 lakh, 25-year case with death in year 3, the family would get ₹50,000 a year for 22 years and ₹6,27,500 at maturity, about ₹17,27,500 in total.

The calculator’s year-by-year table shows this schedule for any policy year you choose.

Riders, loan, surrender and paid-up value

• Riders: you can strengthen cover with riders such as the Accidental Death and Disability Benefit rider and the New Term Assurance rider, at extra cost.
• Loan: available once a full year’s premium has been paid and the policy has a surrender value.
• Surrender: possible after one full year’s premium under the post-October 2024 rules. Early surrender returns much less than you paid.
• Paid-up: if you stop paying, the policy continues with a reduced sum assured instead of lapsing completely.

Tax benefits

Premiums are deductible under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) in the old tax regime. Maturity and death proceeds are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) if the premium stays within 10% of the sum assured. For policies issued after 1 April 2023, maturity becomes taxable when your total yearly premium on such policies is above ₹5 lakh. Death claims remain exempt.

Who should buy Jeevan Lakshya 733?

It is a good fit for:

• parents who want a child’s education or marriage fund to arrive on time, whatever happens;
• earners in their 30s and early 40s who prefer guaranteed capital with moderate, bonus-based growth;
• people who like the discipline of a long-term commitment.

It is less suitable if you want the highest possible life cover per rupee (a term plan does that far better) or if you may need the money back within the first few years. Compare it with our Jeevan Lakshya calculator across different versions, and with Jeevan Labh 736 if you would rather have a single lump-sum death benefit.

Jeevan Lakshya 733 vs 933 vs 833

Version	UIN	Minimum sum assured	Status
833	512N297V01	₹1,00,000	Withdrawn
933	512N297V02	₹1,00,000	Withdrawn (Feb 2020 to Oct 2024)
733	512N297V03	₹2,00,000	Current

The family income design, 13 to 25-year terms and “term minus 3” premium period are unchanged across versions. Plan 733 brings new premium rates, a higher entry sum assured and earlier surrender value.

How to use this calculator

1. Enter your age and pick a policy term.
2. Type the sum assured.
3. Choose the premium mode.
4. Keep or change the bonus and final bonus assumptions.
5. Set the policy year for the death benefit illustration.
6. Read the premium, maturity estimate, family income and the year-by-year payout table.

All figures are estimates for planning. They match LIC’s brochure samples at the published ages and terms, and LIC’s quote for other ages may differ slightly.