The LIC's Bhagya Lakshmi Plan Plan is a limited payment plan that offers excellent protection. It returns 110% of the complete amount of premiums (that have been paid) when the policy matures. Under this plan, the premium paying term is 2 years lesser than the policy period. It is a micro-insurance plan which is non-participating in nature.
The LIC's Bhagya Lakshmi Plan is ideal for anyone who is in need of reliable protection as well as good savings. Most insurance companies lay certain eligibility criteria which need to be followed if an individual wants to procure the benefits of a plan.
|Minimum entry age||18 years|
|Maximum entry age||55 years (as on last birthday)|
|Minimum maturity age||Information not provided|
|Maximum maturity age||65 years (as on last birthday)|
The LIC's Bhagya Lakshmi Plan offers high sum assured at reasonable premiums. You can choose any of the 5 modes to pay your premiums.
|Minimum sum assured||Rs.20,000|
|Maximum sum assured||Rs.50,000|
|Minimum premium paying term (PPT)||5 years|
|Maximum premium paying term (PPT)||13 years|
|Policy period||PPT + 2 years (i.e. minimum 7 years and maximum 15 years)|
|Premium payment modes||Annually, half-yearly, quarterly, monthly, and SSS|
Under the LIC's Bhagya Lakshmi Plan, you will receive a great rebate on your sum assured depending on the premium payment mode that you have selected.
|Premium payment mode||Rebate on premium (for Rs.1,000 sum assured)|
|Annual mode||2% of tab premium|
|Half-yearly mode||1% of tab premium|
Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.
The LIC's Bhagya Lakshmi Plan provides 2 types of benefits on death and on maturity.
|Type of the benefit||Features of the benefit|
|Death benefit||When the life assured passes away before the policy matures, a death benefit will be paid to the nominee. This is given if all premiums have been paid completely. The death benefit includes the sum assured on death.|
|Maturity benefit||When the policyholder survives until the date of maturity and if the policy is still in force, then the maturity benefit is paid by the company. This includes the sum assured on maturity and it will be 110% of premiums that have been paid during the entire policy period.|
Many insurance plans come with particular riders that can be utilised for additional protection. This plan does not have any rider currently. You can reach out to your insurance advisor for full information regarding riders.
The LIC's Bhagya Lakshmi Plan comes with certain exclusions in association with death by suicide. If the life insured commits suicide and dies within 1 year after the policy risk begins, then the nominee will be able to get only 80% of the premiums that have been paid till the date of death.
If the life insured dies after committing suicide within 1 year after the policy revival, then the surrender value or 80% of the premiums that have been paid till now will be paid to the nominee.
The LIC's Bhagya Lakshmi Plan offers a bouquet of many other key features which are very useful to the policyholder as well as his or her family members.
|Free-look period||The LIC's Bhagya Lakshmi Plan enables you to check your policy terms and conditions and features within a period of 15 days. If you are not satisfied with any of the plan’s terms, you can return your policy by stating a reason.|
|Policy revival||If you have an expired insurance policy under this plan, you need not worry. You can revive it within 2 years from when you have not paid your first premium.|
|Nomination||The life insured of this plan can nominate another individual to obtain the benefits under this plan. This activity will be done as per Section 39 of the Insurance Act 1938.|
|Paid-up value||If your premium paying term is below 10 years and if you have paid premiums for a minimum of 2 years, and if you fail to pay premiums after that, then your policy will not be void. It will continue as a paid-up policy.|
|Surrender value||You can surrender this plan at any moment. Once you surrender it, you will receive a guaranteed surrender value.|
|Assignment||This plan allows you to make an assignment according to Section 38 of the Insurance Act 1938.|
Under this plan, you can enjoy amazing tax benefits and tax deductions when you pay your premiums. You will be entitled to these benefits as per Section 80C and Section 10(10D) of the Income Tax Act, 1961. You can check with your tax consultant or your insurance advisor for updated information about the tax laws that keep changing on a regular basis.
Life Insurance Corporation of India is a very well-reputed public life insurance provider that has been catering to the insurance needs of every individual in India since so many years. The company is enhancing its services by adding advanced and innovative ideas and technologies. The company is known for its efficiency in settling claims of people promptly and flawlessly.
With the Bhagya Lakshmi Plan from LIC of India, you can enjoy the advantages of a great micro-insurance plan at an economical price. It will offer endless protection for you and your family. Your loved ones will be financially dependent even if an ill-fated incident attacks you suddenly. With this plan, you can make sure your folks’ dreams and aspirations are achieved successfully.