Formula
P = (T − R) × (1 − m) × S / 1000
I = P / f
T = A / (ä × (1 − λ))
M = G + (B × n + F) × S / 1000
P × Σt=0k−1 (1 + r)−t = M (1 + r)−n
where
- P
- annual premium
- T
- tabular premium per ₹1,000 of sum assured, for your age, term and premium paying term
- R
- high sum assured rebate, ₹ per ₹1,000, from this plan's table (nil on smaller policies)
- m
- mode rebate: 2% yearly, 1% half-yearly, nil quarterly and monthly
- S
- Basic Sum Assured
- I
- each instalment
- f
- instalments a year: 1, 2, 4 or 12
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays: death cover, survival benefits and maturity
- ä
- present value of ₹1 a year, paid at the start of each year of the premium paying term while you are alive
- λ
- expense loading, 13%
- M
- maturity amount
- G
- guaranteed maturity sum, equal to S
- B
- simple reversionary bonus, ₹ per ₹1,000 of sum assured a year, as last declared
- F
- Final Additional Bonus, ₹ per ₹1,000 of sum assured, by term
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- premium paying term, in years
*Source LIC Jeevan Lakshya brochure (PDF), LIC Reversionary Bonus Rates, valuation as at 31 March 2021 (PDF), for the plans of 2021; not the source of the rates used
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.
Worked example: at 30, ₹5,00,000 of cover over 21 years costs ₹28,077 a year for 18 years and is projected to pay ₹10,59,000 at maturity, a return of 5.74% a year.
What is 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
Is it 733, 933 or 833?
LIC's own page gives this plan as 733 with UIN 512N297V03, and that is where both come from here. The V03 on the end of the UIN is a version marker: LIC withdrew the previous version, Plan 933 (UIN 512N297V02), on 1 October 2024 and replaced it with this one on the same day, raising the minimum sum assured from ₹1,00,000 to ₹2,00,000 along the way. The first version, Plan 833 (UIN 512N297V01), was withdrawn on 1 February 2020, when 933 replaced it. If 933 or 833 is what your policy document says, that document is the one that governs; a later version does not change the terms yours was sold on.
What are the benefits of LIC Jeevan Lakshya?
What does LIC Jeevan Lakshya pay on death?
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.
What do you get at maturity?
Basic Sum Assured plus vested simple reversionary bonuses plus Final Additional Bonus at the end of the policy term.
Who is LIC Jeevan Lakshya for?
A single-income parent whose family would need a monthly cash flow, not just a cheque, if they were no longer around.
What should you 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.
What does LIC Jeevan Lakshya cost?
Worked out on a 21-year term with premiums paid for 18 years. Change any of these in the calculator above for your own figures.
By sum assured, at age 30
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹5,00,000 | ₹28,077 | ₹5,05,386 | ₹10,59,000 |
| ₹10,00,000 | ₹55,174 | ₹9,93,132 | ₹21,18,000 |
| ₹25,00,000 | ₹1,37,935 | ₹24,82,830 | ₹52,95,000 |
Premiums are modelled on this plan's own tabular rates; the maturity figure assumes LIC's current bonus rates hold for the full term, which is not guaranteed.
By age, on ₹5,00,000 of cover
Sum assured moves the premium almost in a straight line, so the table above is easy to read across. Age does not, and it is the input people most often want to test before filling anything in.
| Age at entry | Premium a year | Total paid in | Projected maturity | Age when it pays |
|---|---|---|---|---|
| 25 years | ₹28,037 | ₹5,04,665 | ₹10,59,000 | 46 |
| 30 years | ₹28,077 | ₹5,05,386 | ₹10,59,000 | 51 |
| 40 years | ₹28,425 | ₹5,11,641 | ₹10,59,000 | 61 |
The premium barely moves across the rows. Mortality is a small part of a savings premium and the savings part is the same at any age. What age changes is the last column: when the money arrives, and how old you are when it does.
LIC's own sample premium, from the brochure
From the sourceNot modelled: this is the table LIC prints in its own brochure (Sales brochure, section 6 Sample Illustrative Premium), at ₹2,00,000 of cover, the sum assured LIC chose to illustrate. Everywhere else on this page the premium is worked out for the sum assured you enter; here it is fixed at that figure, because that is what LIC published.
These figures are taken from the document linked below. Check them there.
| Age at entry | 10 years | 12 years | 17 years | 22 years |
|---|---|---|---|---|
| 20 | ₹20,217 | ₹16,670 | ₹11,711 | ₹9,006 |
| 30 | ₹20,286 | ₹16,758 | ₹11,858 | ₹9,222 |
| 40 | ₹20,678 | ₹17,209 | ₹12,495 | ₹10,074 |
| 50 | ₹22,030 | ₹18,698 | Not printed | Not printed |
Priced on ₹2,00,000 of cover, exclusive of taxes, standard lives. Our own model is fitted to LIC's rates, and the editorial and methodology policy publishes how far off they run.editorial and methodology policy publishes how far off they run.
Where the maturity figure comes from
Taken apart, on the ₹5,00,000 policy in the first table. Only the first line is guaranteed by the contract. Everything under it is bonus, declared a year at a time and assumed here to carry on at the rate this page uses.
- Basic sum assured (guaranteed)
- ₹5,00,000
- Vested reversionary bonus, 21 years at ₹48 per ₹1,000
- ₹5,04,000
- Final Additional Bonus, ₹110 per ₹1,000
- ₹55,000
- Paid at maturity
- ₹10,59,000
- Return a year on the premiums, if the bonus rate holds
- 5.74%
When does LIC Jeevan Lakshya pay for itself?
The grey line is what you have paid in by each policy year. The yellow line is what the policy has paid back by then. They cross in year 21, which is the point the policy has returned everything it cost.
That return counts everything the policy pays back, income included, against everything you put in, after the cost of the life cover it carried for 21 years. It is not a market return. Change the bonus rate and it changes with it.
Who can take LIC Jeevan Lakshya?
Age to start
- Minimum
- 18 years
- Maximum
- 50 years
Policy term
- Minimum
- 13 years
- Maximum
- 25 years
Age when the policy matures
- Maximum
- 65 years
Your age at entry plus the policy term cannot come to more than 65.
Years you pay for
- Premium paying term
- Policy term minus 3 years
Sum assured
- Minimum
- ₹2,00,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹5 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 2 of the Jeevan Lakshya sales brochure, linked in the form above.
Surrender value, paid-up value and loan
A 21-year commitment is a long one, and the question that follows a premium quote is usually what happens if you stop. Under the IRDAI rules in force since 1 October 2024, Jeevan Lakshya can be surrendered once the first policy year is complete and one full year's premium has been paid. Stop before that and the policy lapses with nothing to show for it.
From then you are paid the higher of two figures. The special surrender value, what the reduced, paid-up policy is worth today rather than at maturity, is available from the end of the first year. The guaranteed surrender value needs two full years' premiums, and is a percentage of the total premiums paid, first year included: 30% in year 2, 35% in year 3, 50% from year 4 to year 7, then rising to 90% in the last two years. Which of the two comes out higher changes with duration, so the last column below is the one to read.
| Years paid | Total paid in | Guaranteed value | Special value | You would get |
|---|---|---|---|---|
| 1 year | ₹28,077 | ₹0 | ₹10,331 | ₹10,331 |
| 2 years | ₹56,154 | ₹16,846 | ₹22,419 | ₹22,419 |
| 3 years | ₹84,231 | ₹40,950 | ₹36,486 | ₹40,950 |
| 5 years | ₹1,40,385 | ₹90,088 | ₹71,588 | ₹90,088 |
| 10 years | ₹2,80,770 | ₹2,02,663 | ₹2,15,286 | ₹2,15,286 |
| 18 years | ₹5,05,386 | ₹4,89,199 | ₹7,44,264 | ₹7,44,264 |
On the ₹5,00,000 policy from the tables above, at age 30. Held to maturity the same policy is projected to pay ₹10,59,000, which is the number to read every row here against. Surrender values are modelled on the IRDAI 2024 basis, using the guaranteed surrender value grid printed in the New Jeevan Anand (715) brochure; a policy sold before 1 October 2024 runs on the older rules in its own document, and your own policy schedule is what governs.
Paid-up value: the other way to stop
You do not have to take the money out. Stop paying after at least one full year's premium and the policy continues at a reduced sum assured instead, keeping the cover and the bonuses already vested. The reduction is worked on the premium paying term, not the policy term, which is the point most calculators get wrong: on this policy the denominator is 18, so 9 years paid out of 18 leaves 50% of the sum assured standing, plus the bonus already vested.
Loan against the policy
Once the policy has a surrender value it can also be borrowed against, which is worth knowing before you surrender in a hurry. LIC lends a percentage of the surrender value rather than of the sum assured, and sets a different percentage for an in-force policy and a paid-up one. Those percentages sit in the policy conditions, so ask your servicing branch for the figure that applies to yours. On New Jeevan Anand (715), for example, the brochure allows 50% of the surrender value before two full years' premiums and 75% after, or 40% and 65% on a paid-up policy.
To run these figures on your own policy, use the LIC surrender value calculator, which takes the premium and the years paid off your own policy document. If you are weighing it up rather than pricing it, we have written about whether surrendering an LIC policy is worth it.
Tax on LIC Jeevan Lakshya
Two provisions do the work, and both turn on the size of the premium rather than on the plan. The Income-tax Act, 2025 renumbered both from 1 April 2026 without changing the rules, so each is given here under its old number and its new one.
Section 80C, now Section 123, on what you pay in
Premiums count towards the ₹1.5 lakh limit, in the year they are paid, if you are on the old regime. The deduction is restricted where the annual premium is more than 10% of the sum assured.
Section 10(10D), now Schedule II, on what comes back
Maturity proceeds are exempt where the premium in every year stays inside 10% of the sum assured, and, for a policy issued on or after 1 April 2023, where the premiums on all such policies together stay inside ₹5 lakh a year. Death proceeds are exempt either way.
Where this policy sits
The ₹5,00,000 policy priced above costs ₹28,077 a year, which is 5.6% of the sum assured. That is inside the 10% test, on both provisions. A larger sum assured moves the ratio down.
GST
Nil. Individual life insurance premiums have been exempt since 22 September 2025, so the instalment the calculator shows is the amount that leaves your account.
None of this is tax advice. Which regime you are on, what else you hold and when the policy was issued all change the answer, so confirm your own position with a tax adviser before you rely on it.
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, meaning the death benefit in each policy year, every survival payout and the maturity value, then 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
- 6.25% a year, on LIC (2012-14) Ultimate mortality
- Reversionary bonus
- ₹48 per ₹1,000 sum assured a year, believed to be LIC's 2023-24 rate for this term; we have not found an LIC document that publishes it. Later declarations, which pay higher rates on larger sums assured, are not reflected, so the figure may be low.
- 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, and 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.
What they cost
On the ₹5,00,000 policy priced above, at age 30. Each cover rider is quoted here for the same ₹5,00,000 of rider cover, or its own ceiling if that is lower; the premium waiver rider is quoted against the base premium it would waive. The plan brochure does not print these rates, so they come from each rider's own brochure instead.
| Rider | Quoted on | Premium a year |
|---|---|---|
| AD & DB RiderAccidental death and disability | ₹5,00,000of rider cover | ₹600interpolated |
| AB RiderAccidental death cover | ₹5,00,000of rider cover | ₹250LIC's stated rate |
| Term RiderExtra life cover | ₹5,00,000of rider cover | ₹1,535interpolated |
Priced on the limited premium basis, because that is how Jeevan Lakshya is paid for. LIC prints a separate rate table for each basis, and the same rider costs materially more on a limited premium policy than on a regular premium one. Where LIC publishes a sample grid rather than a rate for every age and term, the figure between grid points is interpolated and marked as such above. The 30% cap works out at ₹8,423 a year on this policy.
Tick a rider in the calculator above and enter the cover you want, and the result page prices it on your own age, term and sum assured rather than on this reference policy.
Rate sources: AD & DB Rider, AB Rider, Term Rider sales brochures.
Source: Jeevan Lakshya sales brochure (PDF), Optional Rider Benefits clause.
How LIC Jeevan Lakshya compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| Jeevan LakshyaNo. 733 · this page | 13 to 25 years | Term minus 3 years | ₹2 Lakh | Endowment built around a family income benefit if the parent dies. |
| New Jeevan AnandNo. 715 | 15 to 35 years | The full term | ₹2 Lakh | Endowment savings that keeps paying life cover after the policy matures. |
| Jeevan LabhNo. 736 | 16, 21, 25 years | 10, 15, 16 years | ₹2 Lakh | Limited premium endowment. You finish paying years before the policy matures. |
| Jeevan TarunNo. 734 | 13 to 25 years | Term minus 5 years | ₹2 Lakh | A child plan with four payout patterns, funding ages 20 to 25. |
| New Money Back Plan - 20 YearsNo. 720 | 20 years | 15 years | ₹2 Lakh | 20% of the sum assured back in years 5, 10 and 15, and the rest at maturity. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
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.
Is the LIC Kanyadan policy the same as Jeevan Lakshya?
LIC sells no plan called Kanyadan. The name is one agents use for Jeevan Lakshya when it is sold to a parent saving for a daughter's marriage, and the policy itself is Jeevan Lakshya: it is on the parent's life, and if the parent dies during the term the family receives 10% of the sum assured every year until the year before maturity, then 110% of the sum assured plus vested bonuses on the original maturity date. So a Kanyadan policy maturity calculation is a Jeevan Lakshya one, and this calculator does it.
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.
Can the Jeevan Lakshya payout be received in instalments instead of a lump sum?
Yes, on both benefits, and it has to be set up by the life assured while the policy is running, not chosen by the family afterwards. If the life assured survives the term, the maturity benefit can be spread over 5, 10 or 15 years by exercising LIC's Settlement Option at least three months before maturity. If the life assured dies during the term, the 10% annual income keeps running on its own schedule regardless, but the 110% lump sum that would otherwise land on the original maturity date can also be spread the same way, provided the life assured arranged it in advance. Minimum instalments start at ₹50,000 a year or ₹5,000 a month, and LIC pays interest on the deferred amount at a rate it revises annually, linked to the 10-year government bond yield.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
Related calculators
Plans people usually weigh up against Jeevan Lakshya before deciding.
New Jeevan Anand
No. 715Endowment savings that keeps paying life cover after the policy matures.
Open calculatorJeevan Labh
No. 736Limited premium endowment. You finish paying years before the policy matures.
Open calculatorJeevan Tarun
No. 734A child plan with four payout patterns, funding ages 20 to 25.
Open calculatorNew Money Back Plan - 20 Years
No. 72020% of the sum assured back in years 5, 10 and 15, and the rest at maturity.
Open calculator