LIC Scheme: In today’s world, women are not only managing household responsibilities but also planning their financial future. They need schemes that are secure, encourage savings, and provide financial support when needed. The Life Insurance Corporation of India (LIC) Bima Lakshmi plan (Plan 881) has been designed with this in mind. This scheme is specifically created for women. If a woman invests approximately ₹4,450 every month, she can build a fund worth lakhs of rupees in the long run.
What is the Bima Lakshmi Scheme?
The Bima Lakshmi scheme is essentially a money-back life insurance policy. This means that it not only provides life insurance coverage but also returns a certain amount at fixed intervals during the policy term. This eliminates the worry of having money tied up for a long time. Upon completion of the policy, i.e., at maturity, a large sum is received, which can be used for children’s education, marriage, or retirement.
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The Bima Lakshmi policy is specifically designed for women. It provides savings along with life insurance cover. Money-back benefits (survival benefits) are received at fixed intervals during the policy term, and a lump sum is paid at maturity.
Who can invest?
Women aged 18 to 50 years can take out this LIC policy in their own name. Parents or guardians can also purchase this policy in the name of their minor daughter. There are options of 7 years, 10 years, and 15 years for premium payment, allowing women to choose a plan according to their income. The total policy term is 25 years. The insurance cover continues even after the premium payment period is complete.
How much fund can be created?
If a 40-year-old woman invests in this plan with a basic sum assured of ₹3 lakh, she will have to pay a monthly premium of approximately ₹4,450. This premium is payable for 15 years. During the policy term, a survival benefit of around ₹22,000 is received every two years, providing periodic financial assistance. Upon maturity, an estimated maturity amount of more than ₹13 lakh can be received. Combining the survival benefits and the maturity amount, the total benefit can be approximately ₹16 lakh, while the total premium paid is around ₹8 lakh.
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Key features of the Bima Lakshmi plan
This plan provides regular payouts at fixed intervals, offering financial support when needed. It also offers the option to add riders for additional protection, such as critical illness cover. A loan facility is also available on the policy after a few years. Importantly, if the premium payments are completed, the policy remains automatically active.
Tax benefits are also available
The Bima Lakshmi plan is also beneficial from a tax-saving perspective. The premiums paid are eligible for deduction under Section 80C of the Income Tax Act. The maturity amount received may be tax-free under Section 10(10D), provided certain conditions are met. This scheme is suitable for women who want to secure their future.
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Adarsh P
Adarsh Pal is a content writer at Timesbull Media. He specializes in writing news related to industry updates, the automotive sector, banking, telecommunications, the travel sector, and personal finance. Adarsh has previously worked with several digital media channels. He is skilled at presenting news accurately and disseminating information based on...
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