LIC Bhagya Lakshmi Plan-LIC Micro Insurance Policy
LIC Bhagya Lakshmi Plan is a non-participating limited payment protection plan from the LIC Micro Insurance department of Life Insurance Corporation of India. It is a limited premium payment plan catered for people of low-income groups. The premiums are to be paid for 2 years lesser than the policy terms under the policy.
LIC Bhagya Lakshmi plan provides financial assistance to the nominee in case of unfortunate happening of the policy holder.
Unique Identification Number: 512N292V03
LIC Bhagya Lakshmi plan Maturity Benefit:
Sum Assured on Maturity is payable.
- Provided the policy is in force, on surviving to the date of maturity.
- Sum Assured on Maturity is equal to minimum of 110% of the total amount of premiums payable during the term of the contract (excluding the taxes and extra premium, if any)
Death benefit:
“Sum Assured on Death” shall be payable.
- “Sum Assured on Death” is equal to the Sum Assured under the policy
- Provided the policy is inforce.
Synopsis of LIC Bhagya Lakshmi Plan:
| Sr. No. | Particulars | Eligibility Condition |
| 1 | Age at entry for Life assured | Minimum – 18 years (completed) Maximum – 55 years (nearer birthday) |
| 2 | Policy Term Premium paying term | Minimum: 7 years Maximum: 15 years (Policy Term – 2) years ie 5 to 13 years |
| 3 | Maximum maturity Age | 65 years (completed) |
| 4 | Basic Sum assured (in multiples of 1,000/-) | Minimum – 20,000/- Maximum – 50,000/- |
| 5 | Mode of payment of premiums | Yearly Half-yearly Quarterly Monthly Salary Saving Scheme |
| 6 | Rebate | Yearly: 2% of tabular premium Half-yearly: 1% of tabular premium Other Modes: Nil |
| 7 | Grace Period | 2 months but not less than 60 days for all modes |
| 8 | Surrender | after payment and completion of 1 full years premium *conditions apply |
| 9 | Policy Loan | No Loan Available |
| 10 | Revival | Within 2 years from First Unpaid Premium & before Maturity |
| 11 | Optional Riders Available: | Not Available |
Suicide Clause:
- If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes and extra premiums, if any, provided the policy is In-force.
- If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes and extra premiums, if any) or the surrender value, provided the policy is in force, shall be payable. The Corporation will not entertain any other claim under this policy.
Note: The above details are for information purposes only. For more authentic details about the LIC Policy please visit the official LIC website or contact your nearest LIC branch.
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