LIC Jeevan Lakshya 733
LIC Jeevan Lakshya 733 : Premium and Maturity Calculator
Lic Jeevan Lakshya 733 plan, launched on October 1, 2024, offers life insurance and savings to help secure your family. Provides life insurance while the policy is active and benefits if one lives through it. Good for those wanting to protect family finances, especially for big goals like kids’ schooling and weddings, even if they’re not around. It offers riders better coverage, giving a customized financial safety net.
Plan Features Table of Jeevan Lakshya 733
| Feature | Details |
|---|---|
| Plan Type | Endownment, Individual Life Insurance Savings Plan |
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 50 years |
| Minimum Policy Term | 13 years |
| Maximum Policy Term | 25 years |
| Premium Paying Term | (Policy Term - 3) years |
| Minimum Basic Sum Assured | ₹2,00,000 |
| Maximum Basic Sum Assured | No limit (subject to underwriting approval) |
| Premium Payment Mode | Yearly, Half-Yearly, Quarterly, Monthly |
| Loan Facility | Available after 1 year (subject to conditions) |
| Surrender Option | Available after paying premiums for at least 2 years |
| Rebate for High Sum Assured | Yes (details below) |
| Rider Options | Accidental Death & Disability Rider, Accident Benefit Rider, New Term Assurance Rider |
| Maturity Benefit | Sum Assured on Maturity + Bonuses (Simple Reversionary Bonus + Final Additional Bonus) |
| Death Benefit | 110% of Basic Sum Assured + 10% Annual Income Benefit until maturity + Accumulated Bonuses |
| Bonuses | Simple Reversionary Bonus + Final Additional Bonus (FAB) |
| Settlement Option | Option to receive Death and Maturity benefits in installments over 5, 10, or 15 years |
| Grace Period | 30 days for Yearly, Half-Yearly, Quarterly mode; 15 days for Monthly mode |
| Tax Benefits | Premiums and payouts are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act |
Rebates in LIC Jeevan Lakshya Policy 733
LIC Jeevan Lakshya 733 plan offers rebates based on premium paying modes and the sum-assured rebate that we have chosen.
Premium paying mode:
Yearly – 2% of Tabular Premium
Half-yearly – 1% of Tabular premium Quarterly.
Monthly – NIL
High Sum Assured Rebate (on Premium):
BASIC SUM ASSURED | REBATE |
Rs. 2,00,000/- to Rs. 5,00,000/- | – |
Rs. 5,00,000/- to Rs. 10,00,000/- | 4 % of Basic Sum Assured |
Rs. 10,00,000/- and above | 5 % of Basic Sum Assured |
Example: LIC Jeevan Lakshya 733
To better understand how the LIC Jeevan Lakshya Plan 733 works, let’s look at an example involving Rahul.
Policy Details
- Policyholder: Rahul
- Sum Assured: ₹15,00,000
- Policy Term: 20 Years
- Premium Payment Term: (20 Years – 3)= 17 years
- Policy Purchase Year: 2024
- Age at Purchase: 30 Years
- Accidental Death & Disability Rider Chosen
Premium Payment Details
| Details | Amount (₹) |
|---|---|
| Basic Premium (Sum Assured: ₹15,00,000) | ₹86,580 |
| GST @ 4.5% (1st Year) | ₹3,896 |
| Total Premium (1st Year) | ₹85,100 |
| GST @ 2.25% (From 2nd Year Onwards) | ₹1,851 |
| Total Premium (From 2nd Year) | ₹83,267 |
Rebate for High Sum Assured (Sum Assured: ₹15,00,000)
| Details | Amount (₹) |
|---|---|
| Rebate for Sum Assured: ₹15,00,000 | 5% of Basic Sum Assured |
| Rebate Amount | ₹86,580 × 5% = ₹4,329 |
| Premium After Rebate (Without GST) | ₹86,580 - ₹4,329 = ₹82,251 |
| Total Premium (With GST 1st Year) | ₹82,251 + ₹3,701 (GST 4.5%) = ₹85,952 |
| Total Premium (With GST 2nd Year Onwards) | ₹82,251 + ₹1,851 (GST 2.25%) = ₹84,102 |
Premium Calculation (With Rider):
| Details | Amount (₹) |
|---|---|
| Basic Premium (Sum Assured: ₹15,00,000) | ₹86,580 |
| Rider Premium | ₹5,000 |
| GST @ 4.5% (1st Year) | ₹4,125 |
| Total Premium (With Rider and GST - 1st Year) | ₹95,705 |
| GST @ 2.25% (From 2nd Year Onwards) | ₹2,065 |
| Total Premium (With Rider and GST - 2nd Year) | ₹93,645 |
Explanation:
- GST Rate: 4.5% in the first year; reduces to 2.25% from the second year onward.
- Payment Flexibility: Rahul can choose to pay premiums annually, half-yearly, quarterly, or monthly based on his preference.
Maturity Calculation Details
Total Maturity Calculation:
- Basic Sum Assured: ₹15,00,000
- Accumulated Bonus: ₹12,50,000
- Final Additional Bonus (FAB): ₹1,05,000
Maturity Value: ₹15,00,000+ ₹12,50,000 + ₹1,05,000 = ₹28,65,000
Note: Remember above calculation is indicative, premium and maturity may vary according to underwriting rules applicable.
Frequently Asked Questions on LIC Jeevan Lakshya 733
Q1: What is the minimum age to buy the LIC New Jeevan Anand Plan 715?
You must be at least 18 years old to purchase this plan.
Q2: What is the maximum sum assured available under this plan?
There is no upper limit on the sum assured, but it is subject to underwriting approval.
Q3: What happens if the policyholder dies during the policy term?
The nominee receives 110% of the Basic Sum Assured, vested bonuses, and 10% of the Basic Sum Assured annually until one year before maturity.
Q4: Can I surrender the policy before maturity?
Yes, you can surrender the policy after paying at least 2 years premiums.
Q5: Are there any bonuses in the plan?
Yes, the policy participates in LIC’s Simple Reversionary Bonuses and Final Additional Bonuses.
Q6: What riders are available under this plan?
Riders such as Accidental Death & Disability Benefit Rider, Accident Benefit Rider, and New Term Assurance Rider are available.
Q7: Is there a loan facility in this plan?
Yes, loans can be availed after paying premiums for 1 year.
Q8: What is the grace period for premium payment?
30 days for Yearly, Half-Yearly, and Quarterly modes; 15 days for Monthly mode.
Q9: Can I opt for installment payouts for maturity benefits?
Yes, you can receive both death and maturity benefits in installments over 5, 10, or 15 years.
Q10: Is the maturity benefit taxable?
The maturity benefit may be tax-exempt under Section 10(10D) of the Income Tax Act, subject to prevailing tax laws.