New Delhi: LIC operates several schemes that offer significant benefits. If you want to earn substantial returns, you can consider an LIC policy. LIC has launched a fantastic scheme specifically for women. This scheme aims to empower women and make them self-reliant.

This scheme provides a substantial fund without any risk. Survival benefits are also provided periodically. We are going to tell you about the Bima Lakshmi Yojana. You can confidently join this scheme and build a strong financial corpus. This scheme guarantees investment security and future benefits. It is a life insurance scheme, meaning it provides both savings and insurance coverage.

Who is the scheme for?

This scheme has been launched specifically for Indian women. The woman’s age must be between 18 and 50 years. Minor daughters are also allowed to participate through their guardians. Importantly, the policy term is 2 years, and the premium payment period can be chosen between 7 and 15 years.

Under this scheme, you receive money every 2 or 4 years. This is called the survival benefit. This means you also receive benefits on your annual premium. The scheme offers a 7% return. After three years of premium payments, you also get the benefit of auto cover and a policy loan. Tax benefits are also available under this scheme.

How to save Rs 16 lakh?

You can easily build a fund of Rs 16 lakh. For this, you will have to pay a monthly premium of Rs 4450. Let’s assume your age is 40 years, the sum assured is Rs 30,000, and the premium payment period is 15 years. The annual premium will be Rs 53,400, which means Rs 4450 per month. You will receive significant benefits upon maturity.

You will receive approximately Rs 1,309,260 as survival benefits, and approximately Rs 22,500 every two years, resulting in a total benefit of approximately Rs 1,579,260. The total payment will be approximately ₹8,07,075. This means that if you pay a premium of around ₹53,000 every year for 15 years, you will receive ₹16 lakh after 25 years.