In short (tl;dr)
Jeevan Lakshya pays an annual income to your family if you die during the term, and still pays the full sum assured plus bonuses on the original maturity date.
About LIC Jeevan Lakshya
Jeevan Lakshya (Plan 733) is a participating endowment with a death benefit shaped for dependants rather than for a lump sum. If the life assured dies during the policy term, the family receives 10% of the Basic Sum Assured every year from the policy anniversary following the death until the year before maturity — and then, on the original maturity date, 110% of the Basic Sum Assured plus all vested bonuses. All future premiums are waived.
That structure is why the plan is marketed at parents. A death claim does not close the policy; it converts it into an income stream that keeps the household running, with the education or marriage corpus still arriving on the date it was always meant to.
Premiums are payable for three years less than the policy term. A 21-year Jeevan Lakshya is funded by 18 annual premiums. Maximum maturity age is 65, so entry ages and terms are constrained accordingly.
Key features
- 10% of sum assured paid annually to the family from the year after a death claim
- 110% of sum assured plus vested bonuses still paid on the original maturity date
- All future premiums waived on death — the policy funds itself
- Premium paying term is three years shorter than the policy term
- Participating: simple reversionary bonus plus Final Additional Bonus
Jeevan Lakshya at a glance
- Plan number
- 733
- Category
- Endowment
- Entry age
- 18 to 50 years
- Policy term
- 13 to 25 years
- Premium paying term
- Policy term minus 3 years
- Sum assured
- ₹2 Lakh and above
- Maximum maturity age
- 65 years
- UIN
- 512N297V03
We checked the plan number and UIN above against LIC's own page for this plan on 2026-09-02. Check it on licindia.in
Benefits under Jeevan Lakshya
Death benefit
An annual income benefit of 10% of the Basic Sum Assured payable each policy anniversary from the year following death until the year before maturity, then 110% of the Basic Sum Assured plus vested bonuses and Final Additional Bonus on the maturity date. The Sum Assured on Death is the higher of 7 times the annualised premium and 105% of premiums paid.
Maturity benefit
Basic Sum Assured plus vested simple reversionary bonuses plus Final Additional Bonus at the end of the policy term.
Who it suits
A single-income parent whose family would need a monthly cash flow, not just a cheque, if they were no longer around.
What to watch out for
The income benefit makes the premium higher than a plain endowment. If your family already has term cover, you may be paying twice for the same protection.
How this calculator works
Jeevan Lakshya is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule — the death benefit in each policy year, every survival payout, and the maturity value — and discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹61.30 per ₹1,000 at age 30, 21-year term, 18-year premium term
- Discount basis
- 6.26% a year, on LIC (2012-14) Ultimate mortality
- Reversionary bonus
- ₹48 per ₹1,000 sum assured a year, from LIC's 2023-24 valuation
- Final Additional Bonus
- ₹110 per ₹1,000 at a 21-year term
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:Jeevan Lakshya on licindia.inLIC valuation and bonus declarationsIRDAI regulations
What this premium does not include
The figure above is the premium for the base policy. LIC allows 3 optional riders on Jeevan Lakshya, each a separate contract with its own sum assured, term and premium. Take one and you pay more than the figure above — the base premium itself does not change.
- LIC's Accidental Death and Disability Benefit Rider (AD & DB Rider)UIN 512B209V02
- LIC's Accident Benefit Rider (AB Rider)UIN 512B203V03
- LIC's New Term Assurance Rider (Term Rider)UIN 512B210V02
Premiums for all the life insurance riders put together cannot exceed 30% of the premium under the base plan. That cap is the useful number to hold an agent to: whatever riders are proposed, the total should stay inside it.
Why we do not price them. A rider premium follows from the rider's own sum assured and term, so it cannot be worked out from a tick-box — and LIC does not publish rider rates in the plan brochure, which tells you to read the rider brochure or ask a branch. We would rather name the riders and their UINs, which you can check, than show a number we cannot source.
Source: Jeevan Lakshya sales brochure (PDF), Optional Rider Benefits clause.
LIC Jeevan Lakshya — frequently asked questions
How does the Jeevan Lakshya death benefit work?
The family receives 10% of the sum assured every year from the policy anniversary after the death until one year before maturity, then 110% of the sum assured plus all vested bonuses on the original maturity date. No further premiums are payable. So a ₹10 lakh policy with 12 years left pays ₹1 lakh a year for 11 years and then ₹11 lakh plus bonuses.
What is the premium paying term in Jeevan Lakshya?
Always three years less than the policy term. A 25-year policy is paid for over 22 years, a 13-year policy over 10.
What is the maximum maturity age for Jeevan Lakshya?
65 years. That caps the entry age at 50 for the shortest term and lower for longer terms.
Is Jeevan Lakshya better than a term plan plus PPF?
For pure efficiency, a term plan plus a separate investment usually returns more, because you are not paying insurance loadings on the savings portion. Jeevan Lakshya's argument is behavioural and structural: one contract, forced discipline, and a benefit that arrives as income rather than a lump sum a grieving family has to invest.
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