Lissy was born as the only child to Nellikaattil Pappachan (Varkey) and Ealiyamma at Pindimana, Pazhanganad, Kochi in Kerala. Her parents got divorced when she was very young and she was brought up by her mother Ealiyamma. Lissy was raised a Roman Catholic Christian and did her studies at St. Teresa's School and College. She was very good at studies and scored high marks in S.S.L.C. She started her career at the age of 16 when she was studying for pre university degree. She had to discontinue her studies to concentrate on her career. She was not interested to quit studies and acting in films initially. It was her mother who inspired her to become an actress.

Her debut into films happened in the early eighties and in a short period of time, she became one of the top heroines of the time. She was a common face in the eighties. Though Lissy had paired with almost all the top heroes of the 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 as sister roles, the girl next door, and as the 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, Muthaaramkunnu P.O and Boeing Boeing. As she stated in an interview with manam magazine she was introduced to Tamil films by Superstar Kamal Hassan as his heroine in his home production, Vikram. She was ready to act in the sideline roles even though she had been acting as a heroine.

She later fell in love with the noted film director Priyadarshan, and got married to him on 13 December 1990. After marriage, she gave up acting and adopted the name Lakshmi for religious reasons.^[7] Her daughter Kalyani is studying in New York and her son Siddharth is studying in San Francisco.^{[citation needed]} Lissy has filed for divorce on 1 December 2014 at Chennai family court and got divorce on 1 September 2016 after a 24 years long marriage.^{[8][citation needed]} She now resides in Chennai.^{[citation needed]}

Lissy was awarded the Shree Ratna Award by Kerala Kalakendram in the year 2013. She was also chosen as the Woman Achiever of the Year 2013 in Chennai by Jaguar.

Malayalam

Tamil

Telugu