LIC Bima Lakshmi: Public sector insurance company Life Insurance Corporation of India has launched a new policy. This plan, specially brought for women, provides savings benefits along with insurance. It is a non-linked, non-participating plan, with no connection to market fluctuations. However, there is no participation in the company’s profits, so there are no bonus payments. In this, there is an opportunity to receive Rs. 8 lakhs at once through the base plan itself. So what should be done for that? Let’s find out.
The maturity term of this policy is 25 years. However, the policyholders can choose the premium payment period. They can choose a premium term from 7 years to 15 years. Also, women whose minimum age is from 18 years to 50 years are eligible to buy this policy. The minimum sum assured of this plan is Rs. 2 lakhs. There is no maximum limit. They can pay a premium according to their affordability and get benefits.
This policy has a guaranteed addition. The policyholder is credited with 7 percent of the premium paid. This is calculated over the entire term of the policy. After the policy matures, the sum assured plus the guaranteed addition is paid. In the event of the unfortunate death of the policyholder, the nominee will be paid 10 times the annual premium or the sum assured, whichever is higher.
The option has to be selected at the time of purchasing the policy. According to Option A, 50 percent of the sum assured can be taken after the completion of the policy premium payment tenure. According to Option B, 7.5 percent of the sum assured can be taken 12 times every 2 years. In Option C, 15 percent of the sum assured can be withdrawn once every four years. It is given back 6 times.
Premium payment options include monthly, quarterly, semi-annually, and annually. Salaried women and self-employed women can choose a premium term based on their income. Various riders can be added to this policy to provide additional protection. These include accidental death, disability rider, and new term assurance rider. A critical illness rider is also available for women.
How about Rs 8 lakhs?
Suppose a 35-year-old woman has taken this policy. If the policy premium payment term is 10 years and the base plan is taken, the premium will be Rs. 125 per day. That is, the total premium paid will be up to Rs. 4.49 lakh. If option B is chosen, the guaranteed addition will be deposited up to Rs. 6.44 lakh. Rs. 15 thousand will be returned every two years. This can be taken 12 times. The total will be Rs. 1,80,000. Now, the maturity benefit and guaranteed addition together will be Rs. 8.44.
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