Review of LIC Bhagya Laxmi

With the LIC BhagyaLaxmi Plan, I have secured the future of my wife and children. I don’t want my family to suffer financially in my absence. The plan comes with an affordable premium and ensures that you are not burdened with the premium amount. Mr. Rajat Lal 

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6.7 Crore
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3.4 Crore
Policies Sold

Mr. Rajat Lal bought LIC BhagyaLaxmi Plan in 2021. Being the sole earning member, he wanted to protect his family financially, however, does not want to be burdened with the high premiums. After talking to him for days, we understood his requirements and advised him to go with the LIC Bhagya Laxmi plan.

Let us explore more about the plan and see what made Mr. Rajat buy this plan:

Benefits of LIC BhagyaLaxmi Plan

LIC BhagyaLaxmi offers several benefits such as

  1. Maturity Benefit

    If the policyholder lives until the end of the policy tenure, he/she will receive the amount assured on Maturity. The amount payable on Maturity is equal to 110% of the total premiums paid during the policy's duration.

  2. Death Benefit

    In case the policyholder died before the end of the policyholder, the nominee gets the Death Sum Assured by the Company, provided all due premiums are paid.

    This amount paid on the death will be higher of:

    • 105% of total premiums paid up to the time of death or 

    • 7 X Annualized Premium.

  3. Paid-up Policy

    The "Death Paid-Up Sum Assured" is the amount that will replace the Sum Assured on Death under a paid-up policy. It is equal to the Sum Assured on Death multiplied by the proportion that the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable.

  4. Tax Benefits

    The premiums paid under the policy are tax-exempt as per the applicable Income Tax rules and regulations. These taxes will be subject to change as per the laws of the land.

Eligibility Conditions of LIC BhagyaLaxmi Policy

Parameters  Minimum Maximum
Entry Age 8 years 55 years
Maturity Age 65 years
Premium Paying Term 5 years 13 years
Policy Term Premium Paying Term + 2 year
Sum Assured Rs. 50,000 Rs. 2,00,000
Grace Period 30 Days for monthly premium payment 
60 Days for all other modes of premium payment
Free-look Period 15 days

Other Details of LIC Bhagya Laxmi

  1. Surrender Value

    If the premiums for at least one complete insurance year have been paid, the policy may be relinquished. The Company will pay the Surrender Value higher of: 

    Special Surrender Value or Guaranteed Surrender Value.

  2. Grace Period

    A grace period is a time duration given to the policyholder to pay their outstanding premiums. If the premium payment frequency is once per month, a grace period of 30 days is provided. If the premium payment frequency is on a quarterly, half-yearly, or annual basis, a grace period of 60 days is provided.

  3. Revival

    In the event that the premiums are not paid during the grace period, the BhagyaLakshmi Plan Policy will lapse. However, by paying all outstanding premiums and any applicable interest, a lapsed policy may be reinstated. The insured will have five consecutive years starting on the first unpaid premium due date but before the maturity date, if applicable, to continue receiving benefits from the lapsed policy.


  • Q: Does LIC BhagyaLaxmi Plan offer any optional benefits to the policyholder?

    Ans: No, LIC Bhagya Laxmi does not provide any optional benefits to the policyholders.
  • Q: When does surrender value or paid-up value accrue?

    Ans: For plans with a premium paying period of fewer than ten years, surrender or paid-up value begins to accrue after two complete years of premiums have been paid. For plans having a premium-paying period longer than 10 years, surrender or paid-up value begins to accrue after 3 complete years of premiums have been paid.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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