LIC Scheme: 110 percent return will be available in this scheme of LIC, know more...


Whether a person is small or big, everyone tries to secure his future according to his resources. But low-income people are always facing the crisis of livelihood, hence people of this class are not able to plan anything for the future. For such people, the Bhagya Lakshmi Plan is truly a luck-changing plan.


Bhagya Lakshmi Yojana of Life Insurance Corporation of India is a micro insurance plan. A microinsurance plan is a scheme that has been designed keeping in mind the secure future of economically weaker people. This is a plan with a low sum assured. The special thing is that GST is not applicable to this. Bhagya Lakshmi Yojana has a term plan as well as a return premium plan. In this scheme, you not only get term insurance on the premium paid, but you also get 110 percent of the deposit back on maturity.

LIC Bhagya Lakshmi Plan works as an investment, savings, and insurance policy. On completion of the policy, the insurance holder gets a total payment of 110 percent of the premium deposited. If the policyholder dies, the death benefit is paid to his dependents.

This policy can be understood like this. Rambabu is the only earning member of his family. He is survived by his wife and two children. Rambabu has taken LIC's Bhagyalakshmi plan of Rs 50,000, maturing in 15 years, and for this, he pays the annual premium. He will pay the premium for 13 years and will get a discount of 2% on his premium due to the payment option chosen. If Rambabu dies during the insurance coverage period, an insurance amount of Rs 50,000 will be paid to his family. If he survives till the maturity of the policy i.e. 15 years, he will be paid 110 percent of the premium paid so far.

Features of Bhagya Lakshmi Plan (LIC Bhagya Lakshmi Plan Features)
The minimum sum assured of the LIC Bhagya Lakshmi plan is Rs 20,000.

The maximum sum insured under Bhagya Lakshmi Scheme is Rs 50,000.

In this scheme, the premium can be paid monthly, quarterly, half-yearly, annually or in a lump sum.


In Bhagya Lakshmi Yojana, there is a discount of up to 2 percent on the annual mode premium.

A 1% discount on premium is provided on payment on a half-yearly mode.

The tenure of LIC Bhagya Lakshmi policy is a minimum of 7 years and a maximum of 15 years.

The minimum premium payment term is 5 and the maximum term is 13 years.

The minimum age limit for taking the LIC Bhagyalakshmi plan is 18 and the maximum age limit is 55 years.

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