LIC’s Bhagya Lakshmi yojna:-effective insurance क्या है एलआईसी की भाग्य लक्ष्मी योजना

 

What is LIC’s Bhagya Lakshmi yojna:-

LIC’sBhagya Lakshmi is one of the most effective insurance strategies designed to facilitate savings and operate as an insurance and investment tool. It is a participatory non-profit program that provides financial protection for low-income groups. LIC’s Bhagya Lakshmi is a premium payment system that guarantees 110% of premium payments on the maturity date of the policyholder and pays the death benefit of the nominee in the event of the death of the policyholder.

 

Eligibility criteria

Minimum age at 18 years (complete)

Maximum age at 55 years of age (closest birthday)

Maximum age 65 years (closest birthday)

Minimum Premium payment period of 5 years

Maximum Premium Payment Term of 13 Years

Minimum Guaranteed Amount ₹ 20,000 / -

Maximum Guaranteed ₹ 50,000 / -

Benefits

Death Benefit: On the death of Life Assured before the due date, “Sum Assured ondeath” will be paid; where “Sum Assured on Death” is described as the highest

 

 7 times the annual premium or,

 Amount confirmed either

 105% of the total premiums were paid until the day of death.

The above-mentioned premium will not include any tax and additional premium, if any.

 

Maturity Benefit: For Assured Life surviving until the due date, "Guaranteed Amount in Maturity" will be paid; where the “Guaranteed Amount” is equal to 110% of the total amount of premiums paid during the contract period in addition to the additional premiums and taxes, if any.

 

Commitment Benefit: The policy can be offered by the policyholder at any time during the policy period if premiums are paid for at least one full year.

 

Key Features

 Non-compliant payment protection system that provides life cover with low premium payment.

 The policy owner can make premium payments on a quarterly, monthly, semi-annual or annual basis or by deductible basis.

 The policy owner is entitled to a discount of 2% premium tabular in annual mode and 1% premium tabular in one-year mode.

https://eseva.csccloud.in/lic/Micro-Insurance-Plans/lic-bhagya-lakshmi-plan-details.aspx  An expired policy may be renewed for a period of 5 consecutive years from the date of the first unpaid premium and prior to the date of maturity.