LIC’s Best Investment Plan for Women, High Returns With Life Insurance Cover

LIC Bima Lakshmi Yojana: This plan is a good option for women who want secure savings, regular cash flow, and a lump sum over the long term. You can claim tax exemption on your premiums under Section 80C. When it comes to safe investment plans and bumper returns, Life Insurance Corporation (LIC) is essential. LIC offers policies for everyone from children to the elderly, from education to retirement. LIC also offers a special policy for women.

LIC Bima Lakshmi Yojana

In October last year, LIC launched the Bima Lakshmi plan specifically for women. With just Rs 4,400 per month, a corpus of Rs 1.6 million can be created. Life cover is also available. LIC Bima Lakshmi Yojana is a non-linked, non-participating, money-back life insurance plan. It offers insurance as well as investment and savings benefits. Women between the ages of 18 and 50 can invest in this plan. The policy has a maturity period of 25 years. The premium tenure can be chosen from 7 to 15 years. LIC Bima Lakshmi offers guaranteed savings and life cover.

A fixed amount is paid as a survival benefit every 2 or 4 years. The policy offers a benefit of approximately 7% of the annual premium, building a substantial corpus at maturity. Additionally, there’s the option to add health riders and additional coverage, such as critical illness coverage. Auto coverage and loan benefits become available on the policy after three years of premium payment.

This can be illustrated with an example. Suppose you are 40 years old and have chosen a basic sum assured of Rs 3 lakh. If you pay a premium of approximately Rs 53,400 (i.e., Rs 4,400 per month) every year for 15 years, the total premium will be approximately Rs 8.07 lakh. After the 25-year policy term, you will receive Rs 13.09 lakh as maturity. Survival benefits of approximately Rs 22,500 will be paid every two years.

Consequently, you will receive a total return of up to Rs 15.79 lakh. This plan is a good option for women who want secure savings, regular cash flow, and a lump sum over the long term. You can claim tax deductions on your premiums under Section 80C, while the maturity amount can be claimed as deduction under Section 10 (10D).

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