LIC Policy: LIC’s special policy for low income earners, 110% of the premium will be returned on maturity

LIC Policy: There are many policies of LIC which are especially beneficial for those people who have low income but who want to make a big corpus by investing. One such policy is LIC’s Bhagya Lakshmi Plan. No GST is applicable in the sum insured of this plan. There is no need for any kind of medical test to take the policy.

A special feature of this policy is that this plan is also a term plan with return premium. This means that 110% of the premium you pay during the plan will be returned to you at the time of maturity.

Highlights of this plan

  • The minimum age limit for taking the policy is 19 years and the maximum age limit is 55 years.
  • The premium paying term is minimum 5 years and maximum 13 years.
  • The facility of life insurance is available for 2 years more than the number of years for which the premium paying term is.
  • Under the policy, the depositor does not get the facility of taking loan.
  • Facility to surrender the policy is available.
  • On surrendering the policy by the depositor, he can get 30-90% of the money deposited by him.
  • The longer the policy lasts, the higher will be the surrender value.
  • The minimum sum assured is Rs 20,000 and the maximum sum assured is Rs 50,000.
  • Annual, Half Yearly, Quarterly and Monthly term can be chosen for paying premium.
  • 110 percent of the amount paid during the premium term is refunded on maturity.

There is also a provision regarding suicide in this policy that if the policyholder commits suicide within 1 year of taking the policy, then he will not get the benefit of coverage. If the incident of suicide happens after 1 year then the benefit of coverage will be available.


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