LIC Bima Lakshmi

Read on to know more about the new LIC Bima Lakshmi policy in detail:

About LIC Bima Lakshmi – An Overview

LIC Bima Lakshmi is a savings plus protection plan designed exclusively for women. The limited premium paying plan, launched on October 15th, 2025 by LIC of India, offers guaranteed returns, survival benefits at periodic intervals, and life cover for the entire policy term. The plan allows the policyholder to choose from different premium paying terms while keeping the policy term fixed at 25 years.

Under this policy, Guaranteed Additions are collected at a fixed rate for every policy year. A unique feature is the option to choose between three payout patterns for survival benefits. Additionally, a Female Critical Illness Rider can be added for enhanced protection. Premiums are payable for a limited term, making the policy affordable and manageable. The plan is available for purchase offline as well as online through LIC’s official website. 

Key Features of LIC Bima Lakshmi Policy

• An all-in-one insurance plan made specially for women, offering protection, savings, and benefits for the future.

• Money-back payouts every 2 or 4 years, or after the premium paying term, as per the option chosen.

• Guaranteed Additions will be given as a percentage of the total tabular annual premium paid during the policy term. 

• Option to choose survival benefits from 3 options available under this plan. 

• Flexibility to choose: 

  • Maturity/death benefit payment in instalments

  • Premium payment term from 7 years to 15 years. 

• Option to receive Survival Benefits at a later time, as per your choice.

• Auto cover continues for after three full years’ premium payment.

• Add more protection with optional Riders by paying additional premium.

Eligibility Criteria of LIC Bima Lakshmi (Plan No. 881)

Benefits of LIC Bima Lakshmi Policy

1. Death Benefit

   If the policyholder dies during the policy term and all due premiums have been paid, the death benefit will be paid. This benefit includes the sum assured on death plus the accrued guaranteed additions. 

   Sum assured on death will be higher of: 

   • The basic sum assured, or 

   • 10 times the tabular annual premium X Modal adjustment factor 

   And, the total death benefit will not be less than 105% of all premiums paid up to the death date.

2. Maturity Benefit

   If the life assured survives until the policy’s maturity date and all premiums are paid, the sum assured on maturity along with any accrued guaranteed additions will be paid. 

   The sum assured on maturity is equal to the basic sum assured. 

3. Installments and Settlement Option

   Under the Installements option (for death benefit)and Settlement Option (for maturity benefit) you can receive the payout in instalments over 5, 10, or 15 years instead of a lump sum. You can choose full or partial amount, as a fixed value or percentage.

   Mode of Instalment  payment	Minimum instalment  Amount (Rs)
   Monthly	5,000
   Quarterly	15,000
   Half- yearly	25,000
   Yearly	50,000

4. Survival Benefits

   If the life assured survives the specific tenures during the policy term and all premiums are paid, a survival benefit will be paid either as a lump sum or as a percentage of the basic sum assured, depending on the option chosen at the time of proposal. This option cannot be changed later. 

   • Option A: 50% of basic sum assured is paid at the end of the premium paying term. 

   • Option B&C: A fixed percentage of basic sum assureds is paid at the end of certain policy years as per the chosen option.

5. Guaranteed Additions

   Guaranteed Additions accrue at the rate of 7% of the annualized premium for every completed policy year during the premium paying term, provided the policy is in force. In case of a paid-up policy, these accrue proportionately. In case of death, the Guaranteed Additions for the policy year of death are also paid in full.

Riders Available with LIC Bima Lakshmi Policy

Policyholders may choose one of the following riders for enhanced protection:

 LIC’s Accidental Death & Disability Benefit Rider

You can add this rider to your active policy anytime during the premium-paying term, as long as at least 5 years of premiums are still left.

•  If death happens due to an accident (within 180 days):
  The Accident Benefit Sum Assured will be paid in one lump sum.

• If accidental disability occurs (within 180 days):
  The same amount will be paid in monthly instalments over 10 years.
  Also, all future premiums for this rider and the equivalent portion of the base policy will be waived.

 LIC’s Accident Benefit Rider

In case of accidental death (within 180 days), the Accident Benefit Sum Assured is paid as a lump sum.

LIC’s New Term Assurance Rider

This rider can only be added to the policy at the time of purchase. Once chosen, it provides and extra amount (equal to the Term Rider Sum Assured) in case the life assured passes away till the rider is active.

 LIC’s Female Critical Illness Rider

This rider can be added to the base policy at starting for additional protection. On diagnosis of specified critical illnesses, a lump sum benefit is paid to the policyholder. This rider is available subject to underwriting conditions.

Sample Illustration of LIC Bima Lakshmi Policy

Here are some sample yearly premiums (excluding taxes) for a policy with a Basic Sum Assured of ₹2,00,000:

You can calculate the premium amounts for LIC Bima Lakshmi plan and understand the policy structure under options A, B and C, and payout options better using the standard LIC Calculator available on their official website.

LIC Bima Lakshmi Policy Details

Grace Period
A grace period of 30 days (15 days for monthly mode) is provided for the payment of premiums. During this period, the policy remains active.

Free Look Period
If the policyholder is not satisfied with the terms and conditions, the policy can be returned within 30 days of policy issuance. The premium will be refunded after deducting proportionate risk premium and expenses.

Incentives

• High Sum Assured Incentive: Policies with higher Basic Sum Assured (5 Lakhs and above) may receive favorable premium rates or additional benefits.

• Online Purchase Incentive: Additional benefits or discounts may apply for online purchases, if made available by LIC.

• Incentive for Existing Policyholders and Nominees: Existing policyholders, or nominees/beneficiaries of a deceased policyholder, will get higher Guaranteed Additions.

Loan Facility
A loan can be availed against the policy after payment of premiums for at least one year. The maximum loan amount is a percentage of the surrender value.

Surrender
The policy can be surrendered after paying premiums for at least one year. The Surrender Value payable will be the higher of the Guaranteed Surrender Value or the Special Surrender Value, determined by LIC.

Revival
A lapsed policy can be revived within five years from the date of first unpaid premium by paying all due premiums with interest and meeting insurability conditions.

Paid-up Policy
If premiums have been paid for at least one full year and the policyholder discontinues payment, the policy acquires paid-up status. The benefits are reduced in proportion to the premiums paid.

Termination of Policy
The policy terminates in the following cases:

• Payment of the death benefit

• Payment of maturity benefit

• Surrender of the policy

• Discontinuation of policy in free-look period

• Non-revival of a lapsed policy within the revival period

Exclusions of LIC Bima Lakshmi Plan

Suicide Exclusion
If the policyholder commits suicide within 12 months of commencement of risk or revival, only 80% of the premiums paid (excluding taxes and rider premiums) or the surrender value, whichever is higher, will be refunded. No other benefits are payable.

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