Understanding LIC’s Jeevan Lakshya Plan (No. 733): A Comprehensive Overview

 The Life Insurance Corporation of India (LIC) is one of the most trusted names in the insurance sector, offering a variety of policies to cater to the diverse needs of policyholders. One such popular plan is the LIC Jeevan Lakshya Plan (No. 733), which is a limited premium paying, non-linked, endowment plan designed to provide financial security to policyholders, particularly for their children’s future or for fulfilling other life goals. In this blog, we will explore the key features, benefits, eligibility criteria, and why you should consider investing in this plan.



Key Features of LIC Jeevan Lakshya Plan

  1. Endowment Plan with Risk Cover: LIC Jeevan Lakshya is primarily an endowment plan, which means it provides a combination of risk cover along with the benefit of savings. It offers financial protection to the policyholder's family in case of death during the policy term, along with a lump sum amount at the end of the term, provided the policyholder survives the duration of the plan.

  2. Limited Premium Paying Term: One of the standout features of this plan is the limited premium paying term. This means you can pay premiums for a shorter duration while enjoying the coverage for a longer time. For instance, the policyholder might only need to pay premiums for 5 or 10 years, but the benefits will be available until the end of the policy term.

  3. Risk Cover for Family: In case of the death of the policyholder during the policy term, the nominee will receive the Sum Assured on Death along with Bonuses, if any. This ensures the financial security of the family even in the unfortunate event of the policyholder's demise.

  4. Bonus Facility: LIC Jeevan Lakshya is a with-profit policy, which means the policyholder is eligible to participate in the corporation's bonus facility. LIC declares bonuses periodically, and these bonuses are added to the sum assured, making the policy a lucrative option for long-term wealth accumulation.

  5. Loan Facility: Policyholders can avail themselves of a loan against the policy in case of financial emergencies. This loan is available once the policy acquires a surrender value, and the loan amount is typically a percentage of the policy's surrender value.

  6. Tax Benefits: The premiums paid for the LIC Jeevan Lakshya plan qualify for tax deductions under Section 80C of the Income Tax Act. Additionally, the maturity proceeds of the policy are eligible for tax exemption under Section 10(10D), subject to certain conditions. This makes it a tax-efficient investment option for long-term financial planning.

Benefits of LIC Jeevan Lakshya Plan

  1. Financial Security: The primary benefit of this plan is the financial security it provides to your family, both during your lifetime and after your death. It ensures that your loved ones receive a lump sum payout to meet future financial needs.

  2. Ideal for Future Planning: Whether you are saving for your children’s education, marriage, or any other future goal, the LIC Jeevan Lakshya Plan is a great option. The plan’s structure encourages disciplined savings and helps you accumulate funds for significant life events.

  3. Attractive Bonus Facility: The bonus facility increases the overall sum assured, ensuring that your investment grows over time. This is particularly beneficial for long-term investors as the bonus contributes significantly to the maturity amount.

  4. Flexible Premium Payment Options: With the option to pay premiums for a limited term (5 or 10 years), you can plan your finances better without worrying about paying premiums throughout the entire policy duration. This gives you flexibility and reduces the financial burden.

  5. Comprehensive Coverage: The plan offers both life cover and savings benefits, which makes it a dual-purpose policy – offering protection against risk while also acting as a wealth-building instrument.

Eligibility Criteria

  • Age at Entry: The minimum age to enter the plan is 18 years, and the maximum age is 50 years (depending on the term chosen).
  • Policy Term: The term can range from 13 to 25 years.
  • Premium Payment Term: The premium payment term is shorter than the policy term (e.g., 5, 10, or 12 years).
  • Minimum Sum Assured: The minimum sum assured is ₹2,00,000, and there is no upper limit to the sum assured under this policy.
  • Mode of Premium Payment: Premiums can be paid annually, half-yearly, quarterly, or through monthly installments via ECS (Electronic Clearing Service).

How Does LIC Jeevan Lakshya Plan Work?

  1. Premium Payment: You pay premiums for a limited term (say 5 or 10 years). This is your investment towards the policy.

  2. Death Benefit: In the unfortunate event of your death, your family will receive the sum assured on death, along with any bonuses, if applicable.

  3. Survival Benefit: If you survive the policy term, you will receive the sum assured on maturity along with any bonuses. This payout can be used to meet your future financial goals.

Conclusion

LIC Jeevan Lakshya Plan (No. 733) is an excellent choice for those who wish to provide financial security to their families and build savings for future goals. With its combination of risk cover, limited premium paying term, bonus facility, and tax benefits, it is well-suited for long-term financial planning. Whether it is funding your child's education or preparing for a comfortable retirement, this plan can help you achieve your financial aspirations while securing your loved ones' future.

If you are looking for a well-rounded life insurance plan that offers both protection and growth, LIC Jeevan Lakshya Plan (No. 733) could be the ideal choice for you.

To Get this Policy Contact us: 97919 33344, 97519 33344

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