LIC Bhagya Lakshmi Plan Plan

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.

Eligibility – Who is the LIC's Bhagya Lakshmi Plan for?

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)

Sum Assured and Premium Range – What you get and what it costs

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

Rebates on sum assured

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.

Plan coverage – What the LIC's Bhagya Lakshmi Plan covers

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.

Riders/Add-On Plans - Additional coverage under the LIC's Bhagya Lakshmi Plan

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.

Exclusions – What the LIC's Bhagya Lakshmi Plan doesn’t cover

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.

Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

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.

Tax Benefits – How you can save with the LIC's Bhagya Lakshmi Plan

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.

Other benefits – How you can save with the LIC's Bhagya Lakshmi Plan

• You can apply for this policy online very conveniently.
• You can utilise the online premium calculator available on the website.
• You can pay your premiums online by visiting the official website of the company.
• You can track the NAVs of your plan online.
• You can file your claims online.

Why should you buy the Bhagya Lakshmi Plan from LIC of India?

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.