Guide to LIC Jeevan Lakshya (Table No. 733 / 933 / 833 / 33)
Among all child education and family income protection solutions in India, LIC's Jeevan Lakshya (Table No. 733 / Plan 933 / UIN: 512N297V02) holds an incomparable emotional and financial status. Popularly known across Indian households as the "Kanyadan Policy" or the "Child Education Security Scheme", this non-linked, participating, limited premium paying endowment plan is engineered with a singular objective: Ensuring that your child's educational milestones, career dreams, or marriage aspirations are 100% achieved, regardless of whether you are around or not.
Under standard insurance policies, when the breadwinner passes away, the nominee receives a lump-sum death claim and the policy terminates immediately. If that money is mismanaged or exhausted on daily living costs, the child's future education fund vanishes. LIC Jeevan Lakshya solves this problem through an ingenious 3-tier financial fortress:
- 100% Premium Waiver: In case of the proposer's demise during the policy term, all future premium installments are completely waived. The family does not have to pay even a single rupee.
- Annual Family Income Support (10% of Sum Assured): Starting from the policy anniversary following the demise until the policy anniversary prior to maturity, LIC pays 10% of the Basic Sum Assured every single year directly to the child/nominee to fund school fees and living expenses.
- Full Maturity Corpus (110% of SA + Bonuses + FAB): On the original maturity date, LIC pays 110% of the Basic Sum Assured along with full Simple Reversionary Bonuses for the entire term plus Final Additional Bonus (FAB), exactly as if the parent had survived and paid all premiums!
Statutory Eligibility Criteria & Policy Parameters Matrix
The table below outlines the statutory underwriting limits and eligibility requirements governed by IRDAI regulations for Plan 733 / 933:
| Parameter | Statutory Requirement (Plan 733 / 933 / 833) | Operational Remarks |
|---|---|---|
| Minimum Age at Entry | 18 Years (Completed) | Proposer/parent must be a major at policy inception. |
| Maximum Age at Entry | 50 Years (Nearer Birthday) | Allows working parents to secure children's long-term future. |
| Minimum Policy Term | 13 Years | Premium Paying Term (PPT) = 10 Years. |
| Maximum Policy Term | 25 Years | Premium Paying Term (PPT) = 22 Years. |
| Premium Paying Term (PPT) | Policy Term minus 3 Years (PT − 3) | You pay for 3 fewer years than the full policy term. |
| Maximum Maturity Age | 65 Years (Nearer Birthday) | Age at entry plus policy term cannot exceed 65 years. |
| Minimum Basic Sum Assured | ₹1,00,000 | Multiples of ₹10,000 thereafter. |
| Maximum Basic Sum Assured | No Upper Limit | Subject to financial underwriting and income verification. |
| Available Riders | ADDB Rider, Term Assurance Rider | Enhance accidental death and disability protection. |
Actuarial Mathematics Behind LIC Plan 733 / 933 Calculations
The return calculations for LIC Jeevan Lakshya are based on participating endowment valuation principles, factoring in limited premium paying terms, high sum assured rebates, and the unique triple death benefit guarantee.
1. Survival Maturity Benefit Formula
If the policyholder survives the policy term, the full tax-free maturity payout is calculated as:
Where:
• Accrued Reversionary Bonus = $\text{Basic Sum Assured} \times \left(\frac{\text{Annual Declared Bonus Rate}}{1000}\right) \times \text{Policy Term (Years)}$
• FAB = $\text{Basic Sum Assured} \times \left(\frac{\text{FAB Rate}}{1000}\right)$ (Applicable for terms $\ge 15$ years).
2. Death Benefit Triple Guarantee Formulas
If the policyholder passes away during the policy term, LIC provides triple contractual payouts:
Additionally, if the Accidental Death and Disability Benefit (ADDB) rider is active, an immediate lump-sum accidental death benefit of 100% Sum Assured is credited to the nominee right away.
3. Tabular Net Premium & GST Calculation
The net base premium is adjusted for mode discounts and high sum assured rebates before applying statutory GST:
High Sum Assured Rebates & Mode Discounts (Plan 733 / 933)
LIC provides structured discounts for higher coverage amounts and annual payment frequencies:
| Basic Sum Assured Slab | High SA Rebate (per ₹1k SA) | Payment Frequency Mode | Mode Rebate Percentage |
|---|---|---|---|
| ₹1,00,000 to ₹1,90,000 | Nil | Yearly Mode | 2.00% of Tabular Premium |
| ₹2,00,000 to ₹4,90,000 | ₹2.00 per ₹1,000 SA | Half-Yearly Mode | 1.00% of Tabular Premium |
| ₹5,00,000 and Above | ₹3.00 per ₹1,000 SA | Quarterly / Monthly (NACH) | Nil |
Declared Simple Reversionary Bonus Rates & FAB Analysis for Plan 733 / 933
LIC Jeevan Lakshya participates in annual actuarial valuation profits, accumulating handsome bonuses that vest every year:
| Policy Term (Years) | Premium Paying Term (PPT) | Declared Bonus Rate (per ₹1k SA) | Expected FAB Slab (per ₹1k SA) |
|---|---|---|---|
| 13 to 15 Years Term | 10 to 12 Years | ₹38 – ₹42 per ₹1,000 SA | ₹20 – ₹40 |
| 16 to 20 Years Term | 13 to 17 Years | ₹44 – ₹46 per ₹1,000 SA | ₹70 – ₹100 |
| 21 to 25 Years Term | 18 to 22 Years | ₹48 – ₹50 per ₹1,000 SA | ₹200 – ₹450 |
Surrender Value, Paid-Up Policy & Policy Loan Facility
LIC provides structured liquidity options under Plan 733 / 933:
- Policy Loan Facility: Available after completing 2 consecutive years of regular premium payments. You can borrow up to 90% of the surrender value for in-force policies (80% for paid-up policies).
- Guaranteed Surrender Value (GSV): Payable after 2 full years, calculated as a percentage (30% to 90%) of base premiums paid plus the discounted surrender value of accrued bonuses.
- Special Surrender Value (SSV): Actuarially computed based on paid-up sum assured, accrued bonuses, and prevailing discounting factors, usually resulting in a much higher payout than the GSV.
- Paid-Up Status: If premiums are discontinued after at least 2 full years, the policy converts into a paid-up policy where the maturity and income benefits are reduced proportionately.
Tax Benefits Under Section 80C & Section 10(10D)
LIC Jeevan Lakshya offers dual tax advantages under the Indian Income Tax Act:
- Section 80C Deduction: Premiums paid qualify for annual tax deductions up to ₹1,50,000 under the Old Tax Regime.
- Section 10(10D) Tax Exemption: The entire maturity corpus, annual income support (10% SA), and death claim payouts are 100% tax-free in the hands of the policyholder or nominee.
Plan Comparison: Jeevan Lakshya (733/933) vs Jeevan Labh (936) vs New Endowment (914)
Understanding how Jeevan Lakshya compares with other LIC savings plans helps in choosing the best plan for your child's future:
| Feature | Jeevan Lakshya (733 / 933) | Jeevan Labh (936) | New Endowment (914 / 714) |
|---|---|---|---|
| Primary Focus | Child Education & Income | Highest Maturity Yield | Classical Goal Savings |
| Premium Paying Term | Term minus 3 Years | Limited (10, 15, 16 Yrs) | Equal to Policy Term |
| Death Benefit Type | Triple Benefit (Income + Waiver + Maturity) | Lump-sum 100% SA + Bonus | Lump-sum 100% SA + Bonus |
| Annual Income on Death? | YES (10% of SA every year) | NO | NO |
| Premium Waiver on Death? | YES (Built-in 100% Waiver) | Optional Rider | Optional Rider |
| Declared Bonus Rate | ₹38 – ₹50 / ₹1k SA | ₹40 – ₹46 / ₹1k SA | ₹34 – ₹48 / ₹1k SA |
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Frequently Asked Questions (FAQ) – Plan 733 / 933
Who is the policyholder and who is the nominee in Jeevan Lakshya?
The parent (breadwinner) is the Life Assured / Proposer, and the child or spouse is appointed as the Nominee / Beneficiary. This ensures that the premium waiver and 10% annual income benefit protect the child if the parent passes away.
When is the 10% annual income benefit paid to the family?
The annual income benefit of 10% of Basic Sum Assured is paid from the policy anniversary following the date of death until the policy anniversary immediately prior to the date of maturity.
Does the nominee still get the full maturity amount after receiving annual income?
Yes! Receiving the 10% annual income benefit does not reduce the maturity amount. On the scheduled maturity date, LIC pays 110% of the Basic Sum Assured plus full simple reversionary bonuses for all years and Final Additional Bonus (FAB).
What is the minimum and maximum sum assured in Plan 933 / 733?
The minimum Basic Sum Assured is ₹1,00,000 with no upper limit, subject to the proposer's income verification and underwriting capacity.
How do I buy LIC Jeevan Lakshya online with paperless onboarding?
You can use the WhatsApp buttons on this page to connect directly with Authorized LIC Advisor Rakesh (Agent Code: LIC10031212). You will receive an official quotation and digital link for 100% paperless onboarding.