Lizzy was born at Pukkattupady, Kochi in Kerala, and was brought up by her mother Aliyamma as a Roman Catholic and did her studies at St. Teresa's School and College. Her debut into films happened in early eighties and in short time became one of the top heroines of the time. She was a common face on in eighties. Though Lissy had paired with almost all top heroes of eighties, it was along with Mohanlal and Mukesh, that she was able to create magic on screen. Even at the peak of her career, she acted sister roles, as next girl and as heroine's friend. Known for her stunning and mesmerizing looks, she was able to grab the hearts of viewers. Along with Malayalam films, Lissy also had appeared in several Tamil, and Telugu films. Lissy is most remembered for her roles in Chithram, Thalavattom, Odaruthammava Alariyam, and Boeing Boeing. She later fell in love with famous film director Priyadarshan, and got married to him in 1990. Post marriage, she gave up acting adopted the name Lakshmi for religious reasons. After the birth of her son, Lizzy adopted Hindu religion from Arya Samaj. Her daughter Kalyani works in the USA and son Sidharth study in Singapore.