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 LalRead more
Buy LIC policy online
Guaranteed maturity with life
cover for securing family's future
Tax saving under Sec 80C &
Sovereign guarantee as per
Sec 37 of LIC Act
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:
LIC BhagyaLaxmi offers several benefits such as
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.
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.
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.
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.
|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|
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.
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.
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.
LIC Online Services
LIC Investment Plans
LIC Other Plans