Small Monthly Savings: When it comes to secure investments and reliable returns, LIC is the first name that comes to mind for Indian investors. From children’s education to retirement planning, LIC offers insurance plans for every age and need. Importantly, LIC has also launched special policies keeping in mind the financial security of women. One such policy is the LIC Bima Lakshmi plan, which was launched in October 2023.
What is the LIC Bima Lakshmi Plan?
LIC Bima Lakshmi is a non-linked and non-participating money-back life insurance policy. The objective of this plan is to provide women with insurance protection along with regular savings and assured returns. This plan offers a balanced benefit of both insurance and investment, making it easy to plan for future financial needs.
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Who can benefit from this plan?
Women aged 18 to 50 years can invest in the LIC Bima Lakshmi plan. The total policy term is fixed at 25 years, while the premium payment term can be chosen between 7 and 15 years. This flexibility allows women to choose a plan according to their income and expenses.
What are the main benefits of the plan?
This policy offers the benefit of both guaranteed savings and life cover. A fixed amount is paid as a survival benefit every 2 or 4 years during the policy term, ensuring a regular cash flow. An annual return of approximately 7 percent is added to the premium, which accumulates into a large sum at maturity. Additionally, the option to add extra riders, such as health and critical illness cove,r is also available.
Loan facility available on the policy
If the policyholder has paid premiums continuously for three years, they become eligible for auto cover and a loan facility. This facility helps reduce financial stress when needed.
How to build a fund of approximately ₹16 lakh
If a woman chooses this plan at the age of 40 and opts for a basic sum assured of ₹3 lakh, she will have to pay a premium of approximately ₹53,400 every year for about 15 years. This translates to a monthly expense of approximately ₹4,400. During this period, the total premium paid will be slightly more than ₹8 lakh. Upon completion of the 25-year policy term, she will receive approximately ₹13 lakh as maturity benefit. Adding the survival benefits received every two years, the total return can reach approximately ₹15 to ₹16 lakh.
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Who is this plan suitable for?
LIC Bima Lakshmi is especially beneficial for women who want a secure investment, regular income, and a lump sum amount in the future. This plan offers an option to get stable returns over the long term while minimizing risk.
What tax benefits are available?
The premiums paid under this policy are eligible for tax deduction under Section 80C of the Income Tax Act. Furthermore, the maturity amount received is exempt from tax under Section 10(10D), making the returns even more attractive.