LIC’s Bhagya Lakshmi Plan

LIC Bhagya Lakshmi Plan is a non-participating limited payment protection oriented micro insurance plan offered by Life Insurance Corporation of India. This plan returns a total of 110% of the premiums paid on maturity to the policyholder in case of survival or Sum Assured on Death as death benefit to the beneficiaries in case of the demise of the policyholder.

The purpose of the existence of this plan is to provide financial assistance to people of low income. Thus, this plan has been categorized as a micro insurance plan by the Insurance Regulatory and Development Authority of India.

Note: All information regarding LIC’s Bhagya Lakshmi Plan has been sourced from the official website of Life Insurance Corporation of India.

1. Death Benefit - In case of demise of the policyholder before the date of maturity, the death benefit will be payable to the nominee, where death benefit includes the sum assured under the policy.

2. Maturity Benefit - In case of survival of the policyholder till the end of the policy term, the maturity benefit will be payable to the nominee, where maturity benefit is equal to 110% of the total premiums payable during the policy term.

3. Surrender Value - You can surrender the policy at any time during the policy term, provided premiums have been paid for at least two consecutive years if premium paying term is less than 10 years and for at least three consecutive years if premium paying term is 10 years or more. For policies with a premium paying term less than 10 years, the surrender value will accrue post 2 full years if all premiums have been paid. For policies with a premium paying term greater than 10 years, the surrender value will accrue post 3 full years if all premiums have been paid.

4. Free Look Period - If the policyholder is does not agree with any of the Terms and Conditions of LIC Bhagya Lakshmi Plan, the policy may be returned to LIC within 15 days from the date of receipt of the policy stating the reason of objections. Once the receipt has been received by LIC, they will cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period on cover and charges for stamp duty.

5. Revival - If the policyholder seeks to revive a lapsed policy, they can do so within a period of two consecutive years from the date of first unpaid premium but before the date of maturity.

6. Paid-Up Value - Policies with Premium Paying Term less than 10 years shall become a paid-up policy only if at least two years of premiums have been paid and further premium payments are stopped. Policies with PPT (Premium Paying Term) of 10 years or more shall become a paid-up policy if at least three full years of premiums have been paid and further premium payments are stopped.

7. The Death Paid-up Sum Assured will be Sum Assured on Death X (number of premiums paid/number of premiums payable during the policy tenure).

8. The Maturity Paid-up Sum Assured will be Sum Assured on Maturity X (number of premiums paid/number of premiums payable during the term of the policy).

The LIC Bhagya Lakshmi Plan Cover provides life cover for you and your entire family along with a dual benefit of death benefit and maturity benefit.

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The policyholder can avail a discount on the premium if it is paid annually or semi - annually. A rebate is a discount on the premium.

A: Mode Rebate:

B. Sum Assured Rebate: Nil

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• Pnb Metlife Mera Jeevan Suraksha Plan | Max Life Term Insurance | Sbi Life Grameen Bima Term Plan
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The policyholder can easily calculate their premium with the help of a LIC Bhagya Lakshmi Plan Premium Calculator. LIC has created a reference chart as well. The amount of premium depends upon the age of the policyholder, sum assured and policy term.