LIC Jeevan Lakshya Plan 733

LIC Jeevan Lakshya Plan 733 Overview

LIC's Jeevan Lakshya Plan 733 is a participating, non-linked individual life assurance plan. This plan provides a combination of **savings and protection**, primarily aimed at securing the financial future of children. It is popularly marketed as the base plan for child policies like **LIC Kanyadan Policy**, due to its unique premium waiver and annual income death benefit features.

Eligibility & Rules

• Entry Age: 18 to 50 Years
• Policy Term: 13 to 25 Years
• Premium Paying Term: Policy Term minus 3 Years
• Minimum Sum Assured: ₹1,00,000

Key Plan Benefits

• Death Benefit: 10% of SA paid annually from the year of death till maturity. Full SA + Bonus + FAB paid on maturity date.
• Premium Waiver: All future premiums are waived immediately upon the death of the policyholder.
• Maturity Benefit (On Survival): Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus.

Standard Policy Features

• Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
• Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
• Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
• Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.

Example Calculation

Note: The values shown above are indicative examples. Actual premiums and maturity amounts may vary based on exact age, riders, and declared bonus rates.