Life Insurance Corporation of India (LIC) offers various types of policies that help people invest their money safely and get insurance benefits. One such scheme is LIC Bima Lakshmi Yojana, which is specially designed for women. Only women can apply for and avail the benefits of this scheme. Under LIC Bima Lakshmi Yojana, women get both insurance and investment benefits. Let’s find out how LIC Bima Lakshmi Yojana works.
LIC Bima Lakshmi Yojana
LIC Bima Lakshmi Yojana is a non-linked, non-participating, money-back life insurance plan, which offers both insurance and investment and savings benefits. Women between the ages of 18 and 50 can invest in this scheme. The policy term is 25 years, and the premium period can be chosen between 7 and 15 years.
Also read –Wait for Ration Cards is Over, Government Will Issue Lakhs of New Cards, Read the Details
The most notable feature of LIC Bima Lakshmi Yojana is that it pays a fixed amount of money periodically, called the survival benefit. This policy adds an additional guaranteed benefit of about 7% to the premium every year, which increases the total return at maturity. Auto cover and loan facilities are also available under this scheme after paying premium for three years. Premium payments under this policy are also eligible for tax deduction under Section 80C.
See also –India’s UPI Ready to Launch in Japan, Big boost for digital payments
LIC Bima Lakshmi Yojana Premium
The premium you pay under LIC Bima Lakshmi Yojana is determined by your principal sum assured, premium payment period and policy term. If you pay premium for 15 years and get survival benefit every two years, you can build a fund of lakhs of rupees. If the policyholder dies during this period, the nominee will get the insurance benefit.
Must read –India’s UPI Ready to Launch in Japan, Big boost for digital payments
Fund of Rs 4,400 to Rs 16 lakh
When it comes to safe investment plans and bumper returns, Life Insurance Corporation (LIC) is indispensable. LIC offers policies for everyone from children to the elderly, from education to retirement. LIC also offers a special policy for women. In October last year, LIC launched the Bima Lakshmi plan specifically for women.
In this plan, a fund of Rs 16 lakh can be built by paying just Rs 4,400 per month. Let’s understand with an example. Suppose you are 40 years old and you have opted for a basic sum assured of Rs 3 lakh. If you pay a premium of around Rs 53,400 per year (i.e., Rs 4,400 per month) for 15 years, the total premium will be around Rs 8.07 lakh. After the completion of the 25-year policy term, you will get Rs 13.09 lakh as maturity benefit. A survival benefit of around Rs 22,500 will be paid every two years. As a result, you will get a total return of up to Rs 15.79 lakh.
Who is it beneficial for?
This plan is a good option for women who want safe savings, regular cash flow and a lump sum in the long run. You can claim tax deduction on your premium under Section 80C, while the maturity amount can be claimed as a deduction under Section 10 (10D).