During the season of happiness, when everyone is in a mood to enjoy the festivals with their loved ones, LIC came with massive surprise. They launched not one but two new schemes as a diwali gift, especially keeping the benefits of middle-class families in mind.
LIC Jan Suraksha Yojana
The LIC Jan Suraksha Plan (880) is a low-cost micro insurance scheme specifically designed for low-income individuals. The LIC Jan Suraksha Plan is not linked to the market, so there is no risk involved. This scheme is a non-participating and non-linked life insurance scheme. This scheme will be beneficial for those who want to protect their families with low premiums.
The minimum basic sum assured in this plan is ₹100,000. The maximum basic sum assured per person is ₹200,000. The basic sum assured will be in multiples of ₹5,000. The policy term for the Jan Suraksha Plan can range from 12 to 20 years. The premium payment period will be 5 years less than the policy term.
LIC Bima Lakshmi Yojana
The LIC Bima Lakshmi Yojana is a life insurance scheme. It also functions as a savings plan. This allows individuals to combine insurance with savings. Consequently, individuals receive returns upon maturity. This scheme is ideal for middle-class individuals. This scheme is also non-participating and non-linked. Consequently, returns are independent of market performance. The minimum basic sum assured in this plan is ₹200,000. There is no maximum basic sum assured per individual. This depends on LIC’s underwriting policy. The basic sum assured can be taken in multiples of ₹10,000.
LIC’s Auto Cover feature is also available under the Bima Lakshmi plan after paying full premiums for three years. In addition to other riders, a Female Critical Illness Rider can also be availed by paying an additional premium.
According to LIC, 7% of the total tabular annual premium will be available each year as guaranteed additions for in-force and paid-up policies. Guaranteed additions will be added proportionately at the applicable ra
te.