Pay a Premium of Rs 4,450 Per Month and Get a Fund of Up to Rs 16 Lakh, Know About This Excellent LIC Scheme!

Best LIC Scheme: The Life Insurance Corporation of India (LIC) has been offering insurance plans keeping in mind the needs of different sections of the country. To empower women financially, LIC has launched a special money-back policy that provides both security and assured savings. This scheme is called the LIC Bima Lakshmi Yojana, which has been specifically designed keeping in mind the financial needs and future security of women. This scheme is considered useful for women who want to build a large fund over the long term without taking much risk.

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What is the LIC Bima Lakshmi Yojana?

The LIC Bima Lakshmi Yojana is a money-back life insurance policy that offers the benefits of both insurance cover and savings. In this plan, a survival benefit is provided at fixed intervals during the policy term, ensuring that funds are available when needed. Upon completion of the policy, a guaranteed amount is received as a maturity amount, which helps in meeting major future needs.

Which women can avail of this scheme?

Indian women aged 18 to 50 years can invest in this policy. The facility to take out a policy through a guardian is also available for minor daughters. The total duration of the scheme is 25 years, while the premium payment period can be chosen between 7 and 15 years. This allows investors to plan their premiums according to their income and convenience.

Key features of the Bima Lakshmi Yojana

This scheme guarantees life cover along with savings for women. Survival benefits are received every few years after a fixed period, providing the investor with regular returns. Bonuses and other benefits are added along with premium payments, increasing the amount received at maturity. The facility to take a loan against the policy is also available, making this scheme even more useful.

Tax savings and additional security benefits

Investing in the LIC Bima Lakshmi Yojana can also provide tax relief. Tax benefits on premiums can be availed under Section 80C of the Income Tax Act, and tax exemption on the maturity amount is available under Section 10(10D). Additionally, the policy offers the option to add health riders such as critical illness coverage, providing extra protection during times of illness.

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How a large fund can be created with just ₹4,450 per month

Let’s say a woman is 40 years old and pays premiums for this plan for 15 years. By paying a monthly premium of approximately ₹4,450, or about ₹53,000 annually, she receives regular survival benefits throughout the policy term. Upon maturity, the maturity amount combined with the survival benefits received earlier can create a fund of up to approximately ₹16 lakh. The total premium paid during this period is significantly less, making this plan a secure long-term savings option.