In December 2014 LIC introduced the LIC Bhagya Lakshmi Policy, under the Micro insurance plan, primarily for the benefit of low income groups of the populace with an assured sum of INR 50,000/- at maturity. An assured sum of less than or equal to INR 50,000/- falls under the Micro Insurance scheme of Insurance Regulatory and Development Authority (IRDA) of India.

Benefits of LIC’s Bhagya Lakshmi Policy

Amount payable upon maturity is 110% of sum total of all premiums payable by the insured for the policy payment term. One key benefit offered by LIC Bhagya Lakshmi policy is a two year exemption on premium payment term, for example if an individual’s policy term is 15 years, premium payment will be for 13 years only. If case of demise of insured person before policy maturity, the amount payable to the nominee is an assured sum of INR 50,000/-under the Bhagyalakshmi policy.

Eligibility and other Features of LIC’s Bhagya Lakshmi Policy
  • Age: An individual should be in the age group of 18-55 years to be eligible for holding this policy. The policy will mature when the insured individual reaches 65 years of age.
  • Policy Payment Term (PPT): The minimum PPT is 5 years while maximum PPT is 13 years, which implies that the Policy term would be 7 (minimum) to 15 years (maximum).
  • Assured Sum: Under the LIC Bhagya Lakshmi policy, assured a sum is INR 20,000 to INR 50,000/-.
The grace period for late premium payment is 60 days.
Here is a link for those looking for LIC Bhagya Lakshmi Premium Rates.
Note: This article attempts to elaborate on the LIC Bhagya Lakshmi Policy, please refer LIC website for complete details.
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