LIC Bhagya Lakshmi Plan
The LIC Bhagya Lakshmi plan helps you secure your family's future while also building savings over time. It offers financial protection along with a maturity benefit if you survive the policy term. The plan code for the LIC Bhagya Lakshmi plan is 939.
What is the LIC Bhagya Lakshmi Plan ?
LIC Bhagya Lakshmi Plan is a non-linked, non-participating individual life micro-insurance term plan that provides life cover along with a savings benefit.
This plan is designed for individuals looking for affordable insurance with limited premium payments and guaranteed returns at maturity. It offers financial protection to your family in case of death and also returns 110% of total premiums paid if you survive till the end of the policy term.
The plan works on a simple structure where you pay premiums for a fixed period, and in return, you get life cover during the policy term. It is suitable for people who want basic insurance coverage with some guaranteed savings benefits.
Key Highlights of LIC Bhagya Lakshmi Plan
Here is the list showing key features of the LIC New Endowment Plus plan:
| Feature | Details |
|---|---|
| Plan Type | Non-linked, non-participating, individual life micro insurance term plan |
| Benefit Type | Life cover with return of premium on maturity |
| Maturity Benefit | 110% of total premiums paid (excluding taxes) |
| Death Benefit | Highest of 7 times annual premium, 105% of total premiums paid, or sum assured |
| Premium Payment | Limited premium payment term |
| Policy Term | Premium paying term + 2 years |
| Premium Payment Mode | Yearly, half-yearly, quarterly, or monthly |
| Minimum Premium | Rs 500 (instalment) |
| Grace Period | 30 days for the monthly mode, 60 days for other modes |
| Loan Facility | Not available |
Eligibility Criteria for LIC Bhagya Lakshmi Plan
| Criteria | Details |
|---|---|
| Minimum Entry Age | 8 years (completed) |
| Maximum Entry Age | 42 years (nearer birthday) |
| Maximum Entry Age | 55 years (nearer birthday), subject to the maturity age limit |
| Minimum Maturity Age | Not specified separately (linked to policy term) |
| Maximum Maturity Age | 65 years (nearer birthday) |
| Minimum Sum Assured | Rs 50,000 |
| Maximum Sum Assured | Rs 2,00,000 (in multiples of Rs 1,000) |
| Premium Paying Term | Minimum 5 years, Maximum 13 years |
| Policy Term | Premium Paying Term + 2 years |
| Minimum Premium | Rs 500 (instalment) |
How Does the LIC Bhagya Lakshmi Plan Works?
Pay Premium (5-13 Years) Get Life Cover Stay Covered Till Term End Insurance cover stays active Get Death Benefit or 110% Maturity Return
Pay Premium for a Limited Period
You pay premiums for a fixed term between 5 and 13 years, as chosen at the start of the policy.Get Life Cover During Policy Term
The plan provides life insurance cover throughout the policy term, as long as premiums are paid.Policy Continues Till Term End
The total policy term is your premium paying term plus 2 years, during which the cover remains active.Death Benefit Protection
If death occurs during the policy term, the nominee receives the death benefit as per policy conditions.Maturity Benefit on Survival
If you survive till the end of the policy term, you receive 110% of the total premiums paid (excluding taxes).
Benefits of the LIC Bhagya Lakshmi Plan
To know the benefits of the LIC Bhagya Lakshmi Plan, read the following points:
Maturity Benefit
On survival till the end of the policy term, you receive 110% of the total premiums paid (excluding taxes and extra premiums).
Death Benefit
In case of death during the policy term, the nominee receives the highest of 7 times the annual premium, 105% of total premiums paid, or the sum assured.
Affordable Insurance Cover
This plan provides life insurance at a low premium, making it suitable for individuals looking for basic financial protection.
Limited Premium Payment
You need to pay premiums only for a limited period, while the policy continues for a longer duration.
Guaranteed Returns
The maturity benefit is fixed and not linked to market performance, offering stable returns.
Who Should Buy the LIC Bhagya Lakshmi Plan?
The LIC Bhagya Laskhmi plan is suitable for any of the following groups:
Why is the LIC Bhagya Lakshmi Plan Different?
The LIC Bhagya Lakshmi plan is not only different but also gives you a financial investment start with a minimum amount. Here are some points to support this fact:
| Feature | LIC Bhagya Lakshmi Plan | Other LIC Plans |
|---|---|---|
| Target Segment | Designed for low-income / micro insurance customers | Mostly for middle & high-income individuals |
| Premium | Very low (starts around Rs 500) | Generally higher premiums |
| Coverage | Small sum assured (Rs 50,000 - Rs 2 lakh) | Higher coverage options available |
| Maturity Benefit | 110% of total premiums returned | Not available in pure term plans |
| Plan Type | Term plan + return of premium (ROP) | Either a pure term or savings-based |
| Policy Structure | Limited premium + short-term coverage (PPT + 2 years) | Often long-term plans |
| Complexity | Simple and easy to understand | Can be complex with bonuses/riders |
How to Buy the LIC Bhagya Lakshmi Plan?
To buy the plan online, follow these steps :
Step 1.
Visit the official LIC website.
Step 2.
On the homepage, select "Buy Policies Online" or choose the plan category (such as Endowment or Money Back).
Step 3.
Pick the specific plan you want to purchase.
Step 4.
Click on "Learn More" to access the application page.
Step 5.
Complete the form and upload the required documents.
Step 6.
Submit the form and pay online.
Identity proof such as Aadhaar Card, PAN Card, Passport, etc.Address proof, including Aadhaar, Driving Licence, Voter ID, etc.Age proof (Birth certificate, school certificate, passport, etc.)Recent passport-size photographBank details (cancelled cheque or account details)PAN Card (for KYC and financial transactions)
Policy Term Structure
The policy term is a premium-paying term + 2 years, which means you pay premiums for a limited time but stay covered for a slightly longer period.
Premium Payment Options
You can pay premiums yearly, half-yearly, quarterly, or monthly, whichever is most convenient for you.
Grace Period
A grace period of 30 days (monthly mode) and 60 days (other modes) is allowed to pay missed premiums while keeping the policy active.
Revival Facility
If the policy lapses due to non-payment, it can be revived within 5 years by paying pending premiums with interest, subject to approval.
Paid-up Value
If at least one full year's premium is paid, the policy does not fully terminate. It continues as a paid-up policy with reduced benefits.
Surrender Value (Lock-in Condition)
The policy can be surrendered only after paying at least 1 full year's premium. The surrender value is paid as Guaranteed or Special Surrender Value, whichever is higher.
No Loan Facility
This plan does not offer loan benefits, unlike many traditional LIC policies.
Minimum Premium Requirement
The minimum instalment premium is Rs 500, making it accessible for low-income individuals.
Free Look Period
You can cancel the policy within 15 days of receiving the policy document if you are not satisfied, with a refund after deductions.
Tax Implications
Applicable taxes are charged separately on premiums, and tax benefits depend on prevailing laws.
Suicide Clause
If death occurs due to suicide within 12 months, limited benefits are paid (like 80% of premiums or surrender value, as applicable).
Documents Required for LIC Bhagya Lakshmi Plan
You need basic KYC documents, age proof, and bank details to buy the plan. This includes:
Things to Know About the LIC Bhagya Lakshmi Plan
There are some facts and information that you would know before buying LIC Bhagya Lakshmi plan:
Disclaimer: Squareinsurance does not promote, rate, or recommend any specific insurance company or insurance plan. The above information is for general understanding only. For complete and accurate details, please refer to the official plan brochure.
FAQs
It is a simple life insurance plan that gives life cover along with a return of premium at maturity.
People aged 8 to 42 years can buy this plan, depending on the premium term chosen.
The coverage starts from Rs 50,000 and goes up to Rs 2 lakh.
Yes, you get 110% of the total premiums paid if you survive till the end of the policy term.
You get a grace period to pay. If not paid, the policy may lapse, but can be revived later.
Yes, you can surrender it after paying at least 1 year's premium, and you will receive surrender value.