Who it suits
Parents planning for a future expense who also want the family protected if something happens to them.
LIC plans / Endowment Plans
Endowment Plans
New Plan no. 733 UIN 512N297V03
LIC’s Jeevan Lakshya
Participating · Non-linked · Goal-based endowment
Built for a goal such as a child’s education or marriage; the family receives an annual income if the policyholder dies.
18 – 50 yearsEntry age
13 – 25 yearsPolicy term
Policy term minus 3 yearsPremium paying term
Minimum sum assured applies; no upper limit. See the official brochure for the exact…Sum assured
Plan highlights
What this plan gives you
The main features in plain words. The official brochure is the final word on every figure.
- Annual income to family on death
- Maturity lump sum
- Premium waiver on death
How it works
On death during the term, the nominee gets a fixed yearly amount until maturity, plus a lump sum at the end of the term. If you survive, you receive the Basic Sum Assured with bonuses.
Death benefit
10% of Basic Sum Assured every year until maturity, plus a lump sum (Basic Sum Assured with bonuses) at the end of the term. Future premiums are waived.
Maturity benefit
Basic Sum Assured plus vested bonuses and Final Additional Bonus, if any.
Survival / income benefit
None during the term.
Options and riders
Optional riders as listed in the brochure
Settlement options in instalments
Step by step
How the plan runs
1
Start the planEntry age: 18 – 50 years. Sum assured: Minimum sum assured applies; no upper limit. See the official brochure for the exact benefit formula..2
Pay premiumsPolicy term minus 3 years3
Stay coveredPolicy term: 13 – 25 years. Death benefit applies during the term.4
Income during the termNone during the term.5
Receive the benefitBasic Sum Assured plus vested bonuses and Final Additional Bonus, if any.At a glance
Eligibility and plan limits
A quick reference before you discuss a proposal. Underwriting and channel conditions apply.
| Plan detail | As per summary |
|---|---|
| Plan number | 733 |
| UIN | 512N297V03 |
| Category | Endowment Plans |
| Plan type | Participating · Non-linked · Goal-based endowment |
| Entry age | 18 – 50 years |
| Policy term | 13 – 25 years |
| Premium paying term | Policy term minus 3 years |
| Sum assured | Minimum sum assured applies; no upper limit. See the official brochure for the exact benefit formula. |
- Premiums are waived after the policyholder’s death while the plan continues
- Loan facility as per policy conditions
Important details
Policy conditions that apply to most LIC plans
Know the conditions, not just the headline.
Grace period
30 days for yearly, half-yearly and quarterly premiums; 15 days for monthly. Cover continues during this time.
Free look
30 days from receiving the policy document to return it if you do not agree with the terms.
Revival
A lapsed policy can usually be revived within 5 years of the first unpaid premium, with arrears, interest and proof of good health.
Surrender, paid-up and loan
A loan is available within surrender value after the first policy year (one full year’s premium paid); guaranteed surrender value needs two full years’ premiums.
Suicide within 12 months
If it happens within 12 months of the start of cover, the nominee receives 80% of premiums paid (policy in force).
Section 45
After three years a policy cannot be questioned except for proven fraud.
Quick answers
Questions families ask
Who is this plan for?
Parents planning for a future expense who also want the family protected if something happens to them.
What is the entry age?
18 – 50 years
What are the policy term and premium paying term?
Policy term: 13 – 25 years. Premium paying term: Policy term minus 3 years.
What sum assured can I choose?
Minimum sum assured applies; no upper limit. See the official brochure for the exact benefit formula.
What happens if the life assured dies during the term?
10% of Basic Sum Assured every year until maturity, plus a lump sum (Basic Sum Assured with bonuses) at the end of the term. Future premiums are waived.
What do I receive at maturity?
Basic Sum Assured plus vested bonuses and Final Additional Bonus, if any.
Does the plan pay anything during the term?
None during the term.
Are there options or riders?
Optional riders as listed in the brochure
Settlement options in instalments
Will the amounts always be paid exactly as shown here?
This page is a summary. Actual benefits depend on the policy terms, premium payment status, the options chosen, underwriting and LIC’s official benefit illustration. The official brochure is the final word.
Want this explained in plain words?
Read LIC’s official brochure, compare the options, and I will help you choose what fits your family.
This page is a summary. Benefits, eligibility and premiums can change: the official LIC brochure for the plan is the final word, and I will confirm current terms for you.