Insurance Plans 361 views August 11, 2020

LIC Bhagya Lakshmi Plan

There are many individuals who want to invest their money and multiply it. But due to multiple options for investments, they are quite confused. So, the best way out is to invest your money in the investment insurance plans. Everyone knows that LIC is one of the trusted insurance companies so you can take a look at the LIC Bhagya Lakshmi Plan that involves maturity benefits and death benefits. It is a limited premium paying insurance plan for individuals that gives you a return of 110% of the total amount of premium at maturity. On the other hand, your family will get death benefits if the insured dies an unfortunate death. You can go through all the key features of this insurance plan and see how it can be helpful.

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Key Features of Bhagya Lakshmi Plan

  1. It is a limited premium paying insurance plan.
  2. This plan is a non-linked, non-participating individual, life microinsurance savings plan.
  3. 18 Years is the minimum age of entry for this plan.
  4. 13 years is the maximum premium paying term of this insurance plan.
  5. Enjoy Maturity Benefits at the time of maturity.
  6. The company gives you a grace time if the premium is not paid on time.
  7. Get a free-look period of 15 days in this insurance plan.

Benefits of Bhagya Lakshmi Plan

There are some exclusive benefits of this plan that will help you to enhance your savings. You can invest some part of your income as a premium in this plan and enjoy the benefits.

Death Benefits

If in case the insured dies an unfortunate death during the policy term then the company will pay the Sum Assured on death to the nominee. The amount of the Sum Assured on Death will be the highest of the following:-

  1. 7 Times of the Annualised Premium.
  2. 105% of all the premiums paid up to the time of death.

Maturity Benefits

If the insured survives the policy term successfully then the company will pay the maturity benefits to the insured. The maturity value of the insurance policy will be 110% of the total amount of premiums payable during the policy term.

Multiple Modes for Paying Premium

The company gives you various options in the Bhagya Lakshmi Plan to make the payment of the premium. You can pay the premium amount on the following basis as per your convenience:-

  1. Monthly
  2. Quarterly
  3. Half-Yearly
  4. Yearly

Premium Rebates

The premium paying frequency will give you certain rebates on the premium amount. You can see the premium paying frequency and the rebates available on it below:-

  1. Get a rebate of 2% of the tabular premium in case of yearly mode.
  2. In the half-yearly mode of payment, you will get a rebate of 1% of the tabular premium.

Grace Period

You will also get a grace period for some days if you are unable to make the payment of premiums on time. The numbers of days given as the grace period are as follows:-

  1. 30 Days of Grace Period if the premium paying frequency is on a monthly basis.
  2. 60 Days of Grace Period if the premium paying frequency is on a quarterly, half-yearly, and yearly basis.

Revival of Lapse Policy

Your insurance policy will lapse if you don’t make the payment of the premium within the grace period. But the company gives you the option to revive a lapsed policy by paying all premium due with applicable interests. You will get a time of 5 consecutive years from the date of the first unpaid premium to revive the lapsed policy and enjoy the benefits.

Surrender Benefits

An emergency can occur anytime so this insurance plan gives you the option to surrender the policy and take the money. This facility will only be given to you if you have paid the premiums regularly for 1 year. The surrender value of the policy will be calculated by the company and it will be the highest of the following:-

  1. Special Surrender Value
  2. Guaranteed Surrender Value

Free Look Period

This policy also has a free-look period during which you can return the policy if you don’t find its benefits suitable as per your requirement. Sometimes the individuals don’t find the terms and conditions of the policy suitable so they return it. Therefore the free-look period given in this policy are:-

  1. 15 Days of Grace Period if the policy is purchased from the LIC Outlet.

LIC Bhagya Lakshmi Eligibility Criteria

ParticularsDetails
Minimum Amount of the Sum AssuredRs.20000
Maximum Amount of the Sum AssuredRs.50000
Minimum Age of Entry18 Years
Maximum Age of Entry42 Years for the Premium Paying Term of 5 Years.
55 Years for the Premium Paying Term of 6 to 13 Years.
Minimum Premium Paying Term5 Years
Maximum Premium Paying Term13 Years
Policy TermPremium Paying Term plus 2 Years
Maximum Age of Maturity65 Years

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