Introduction
LIC’s Bhagya Lakshmi is a non-par limited payment protection oriented plan with return of 110% of total amount of premiums payable on maturity where the premium paying term is 2 years lesser than the policy term.
Table No.
829
Plan Type
non-par limited payment protection oriented plan
Plan Basis
Individual
Eligiblity Criteria
Entry Age
Minimum :
18 years (as on last birthday)
Maximum :
55 Years (as on last birthday)
Maturity Age
Minimum
Information not provided
Maximum
65 years (as on last birthday)
Basic Sum Assured
Minimum
Rs.20,000
Maximun
Rs.50,000
Policy Term
PPT + 2 years (i.e. minimum 7 years and maximum 15 years)
Policy Paying Term
Minimum
5 Years
Maximum
13 Years
Premium Payment Frequency
Annually, half-yearly, quarterly, monthly, and SSS
Coverage
Death Benefit
- Death Benefit
- Maturity Benefit
Key Features
As mentioned above, this is a non-participating limited payment protection plan which offers life cover with low premium payments.
The minimum sum assured is ₹20,000 while the maximum sum assured is ₹50,000.
You can make the premium payments via quarterly, monthly, half-yearly or yearly mode or in the form of salary deductions.
This plan comes with an extended grace period of 60 days from the premium due date for two calendar months.
You are entitled to a rebate of 2% of tabular premium in the yearly mode.
You are entitled to a rebate of 1% of tabular premium in the half-yearly mode.
The maximum premium payment term is 13 years while the minimum premium payment term is 5 years.
The policy term is premium payment term plus 2 years. The minimum policy term is 7 years, while the maximum policy term is 15 years.
- It is a non-participating limited payment protection oriented plan.
- The LIC Bhagya Lakshmi Plan offers good life cover with low premium payments.
- On Maturity, 110% of the premiums will be paid excluding taxes and extra premium.
- The Premium payment modes available for this plan are Yearly, Half-Yearly, Quarterly, Monthly, or through Salary deductions.
- The Grace period of two calendar months, i.e., less than 60 days is available for premium payment in all modes.
- In the event of the untimely demise of the life assured before the end of the policy tenure, then the insured family will receive Sum Assured as a death benefit.
- The Insured can revive the lapsed policy within a period of two consecutive years from the date of first unpaid premium (FUP).
Policy Benefits
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.
Ideal Plan
It is ideal plan for those who have low income.
Tax Benefits
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.
Loans
There is no loan facility available for this LIC’s New Bhagya Lakshmi Plan.
Riders
No rider available currently
Surrender Value
You can surrender this plan at any moment. Once you surrender it, you will receive a guaranteed surrender value.
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.
Rebates
Rebate on Premium Payment Mode
Annual mode : 2% of tab premium
Half-yearly mode : 1% of tab premium
Rebate on Sum Assured
Write down here
High Sum Assured and Mode Rebate
Write down here
Other Details
Revival Period
2 Years
Free Look Period
15 Days
Grace Period
Write down here
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.
Assignment
This plan allows you to make an assignment according to Section 38 of the Insurance Act 1938.
Exclusions
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.
Claim Process
Death Claim
Write down here
Maturity Claim
Write down here
Surrender Claim
Write down here
Examples
Write down here
FAQs
1. Why should you buy LIC’s Bhagya Lakshmi Plan?
You should buy the LIC Bhagya Lakshmi as it provides life cover for you and your entire family along with a dual benefit of death benefit and maturity benefit.
2. What are the premium payment modes available?
The different modes of premium payment are monthly, quarterly, semi-annually and annually.
3. Can I avail a loan under the LIC Bhagya Lakshmi Plan?
No, this policy does not come with the facility of availing a loan against this policy
4. Is there a high sum assured rebate in LIC Bhagya Lakshmi Plan?
No, there is no high sum assured rebate available under this plan.
5. What is the minimum sum assured for the LIC Bhagya Lakshimi Plan?
The minimum sum assured under this plan is ₹20,000.