Life Insurance Corporation of India (LIC) offers a variety of insurance policies that help people invest safely and get insurance benefits. One such scheme is LIC Bima Lakshmi Yojana, which is specially designed for women. Only women can apply for this scheme and avail its benefits. Under LIC Bima Lakshmi Scheme, women get both insurance and investment benefits. Let us know how LIC Bima Lakshmi Scheme works.

LIC Bima Lakshmi Yojana

LIC Bima Lakshmi Plan is a non-linked, non-participating, money-back life insurance plan, which offers both insurance and investment & savings benefits. Women between the age of 18 to 50 years can invest in this scheme. The policy term is 25 years, and the premium term can be chosen between 7 to 15 years.

The most notable feature of LIC insurance plan is that it pays a fixed amount regularly, which is called survival benefit. This policy adds an additional guaranteed benefit of about 7% every year on the premium, thereby increasing the total return at maturity. Vehicle insurance and loan facilities are also available under this scheme after paying premium for three years. Premium payments under this policy are also eligible for tax deduction under Section 80C.

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lic insurance plan premium

The premium you pay under a LIC insurance plan is determined by your basic sum assured, premium payment term and policy term. If you pay premiums for 15 years and receive survival benefits every two years, you can create a corpus worth lakhs of rupees. If the policyholder dies during this period, the nominee will receive the insurance benefit.

Funds ranging from Rs 4,400 to Rs 16 lakh

When it comes to safe investment plans and great returns, there is no alternative to Life Insurance Corporation of India (LIC). LIC offers policies for everyone, from children to senior citizens, from education to retirement. LIC also offers a special policy for women. In October last year, LIC had launched Bima Lakshmi scheme exclusively for women.

In this scheme, a fund of Rs 16 lakh can be created by paying just Rs 4,400 per month. Let us understand with an example. Suppose you are 40 years old and have opted for a basic sum assured of Rs 3 lakh. If you pay a premium of approximately Rs 53,400 per year (i.e. Rs 4,400 per month) for 15 years, the total premium will be approximately Rs 8.07 lakh. On completion of the policy term of 25 years, you will get Rs 13.09 lakh as maturity benefit. Survival benefit of approximately Rs 22,500 will be given every two years. As a result, you will get a total return of up to Rs 15.79 lakh.

For whom is this scheme beneficial?

This plan is a good option for women who want secure savings, regular cash flow and a lump sum amount in the long run. You can claim tax deduction on your premium under Section 80C, while the maturity amount can be claimed as a deduction under Section 10 (10D).