LIC Bima Lakshmi Plan: Nowadays, women are taking on significant roles not just in managing households but also in making financial choices. As a result, plans that offer both savings and protection are crucial for them. The Bima Lakshmi Plan (Plan 881) from the Life Insurance Corporation of India (LIC) is a unique policy tailored specifically for women. This plan provides a fantastic mix of savings, insurance coverage, and regular cash payouts.
What is the LIC Bima Lakshmi Plan?
Bima Lakshmi is a money-back life insurance policy, meaning it offers life insurance coverage while also returning a set amount of money at regular intervals throughout the policy duration. Ultimately, a significant sum assured is disbursed upon maturity. Therefore, this plan addresses both protection and savings requirements.
Who can take the policy?
This plan is particularly crafted for women, allowing those aged 18 to 50 to invest. Additionally, policies can be taken out in the name of minor daughters, overseen by a guardian. The total duration of this policy is 25 years, with various premium payment options available, including 7, 10, and 15 years, depending on individual needs.
This plan guarantees life coverage along with savings. During the policy term, periodic returns are provided in the form of a survival benefit. There are also rider options available, such as critical illness coverage, for extra protection. A loan facility can be accessed after three years of holding the policy. Moreover, auto-cover is available if premium payments cease after a specified number of premiums. Additionally, this plan offers tax advantages, including deductions under Section 80C for premiums and Section 10(10D) for the maturity amount.
How Much Can You Get?
Suppose a 40-year-old woman takes out this policy, with a basic sum assured of Rs 300,000 and a monthly premium of approximately Rs 4,450 (approximately Rs 53,400 annually), which must be paid for 15 years. This policy provides a survival benefit of approximately Rs 22,000 every two years, and an estimated sum of over Rs 13 lakh is received upon policy maturity.
Adding the survival benefit and maturity amount, the total benefit could be approximately Rs 16 lakh, while life insurance protection remains intact throughout. Thus, by paying a total premium of approximately Rs 8 lakh, there is a possibility of more than double the future benefits, while also ensuring financial security for the family.