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Are you looking for an affordable life insurance plan that offers both protection and savings? Look no further than LIC Bhagya Lakshmi, a micro insurance product designed to meet the needs of individuals seeking financial security on a budget. As the Best LIC Agent in Kolkata, I’m excited to share all the details about this unique plan and how it can benefit you and your family.
Table of Contents
Key Takeaways
- LIC Bhagya Lakshmi is a micro insurance plan offering both protection and savings.
- It provides 110% return of premiums on maturity.
- Premiums start as low as ₹500, making it highly affordable.
- The plan offers flexibility in premium payment modes and policy terms.
- You can get coverage up to ₹2,00,000 without medical tests in most cases.
- As your LIC Agent in Kolkata, I’m here to help you every step of the way.
What is LIC Bhagya Lakshmi?
LIC Bhagya Lakshmi is a non-linked, non-participating individual life micro insurance term plan with an added maturity benefit. It’s specifically designed for those who want basic life coverage along with the opportunity to get back more than they’ve paid in premiums at the end of the policy term.
Key Features:
- Limited premium paying term
- Return of 110% of total premiums on maturity
- Affordable premiums starting at just ₹500
- Flexible premium payment modes
- No medical examination required (in most cases)
Benefits of LIC Bhagya Lakshmi
1. Maturity Benefit
One of the standout features of LIC Bhagya Lakshmi is its maturity benefit. If you survive the policy term, you’ll receive 110% of the total premiums paid. This means you not only get life coverage but also a guaranteed return on your investment.
2. Death Benefit
In the unfortunate event of your death during the policy term, your nominees will receive the Sum Assured on Death. This is calculated as the highest of:
- 7 times the annualized premium
- 105% of total premiums paid up to the date of death
- Sum Assured
3. Flexibility in Premium Payment
LIC Bhagya Lakshmi offers flexibility in how you pay your premiums. You can choose from:
- Yearly
- Half-yearly
- Quarterly
- Monthly modes
This allows you to align your premium payments with your income cycle, making it easier to maintain the policy.
4. Affordable Premiums
With premiums starting as low as ₹500, LIC Bhagya Lakshmi is accessible to a wide range of individuals. This affordability makes it an excellent option for those just starting their financial planning journey or those looking for additional coverage on a budget.
Eligibility and Policy Terms
To help you understand if LIC Bhagya Lakshmi is right for you, let’s look at the eligibility criteria and policy terms:
| Criteria | Details |
|---|---|
| Minimum Entry Age | 8 years (completed) |
| Maximum Entry Age | 42 years (for 5-year premium paying term) 55 years (for 6-13 year premium paying term) |
| Maximum Maturity Age | 65 years |
| Minimum Sum Assured | ₹50,000 |
| Maximum Sum Assured | ₹2,00,000 (across all policies under this plan) |
| Premium Paying Term | 5 to 13 years |
| Policy Term | Premium Paying Term + 2 years |
It’s important to note that the Sum Assured is available in multiples of ₹1,000, allowing you to fine-tune your coverage to your specific needs.
Sample Premium Rates
To give you an idea of how affordable LIC Bhagya Lakshmi can be, here are some sample premium rates per ₹1,000 of Sum Assured (excluding taxes):
| Age (years) | 7-year term (5-year PPT) | 10-year term (8-year PPT) | 15-year term (13-year PPT) |
|---|---|---|---|
| 20 | ₹127.45 | ₹64.35 | ₹37.20 |
| 30 | ₹129.30 | ₹65.80 | ₹38.55 |
| 40 | ₹138.30 | ₹72.80 | ₹44.25 |
| 50 | – | ₹91.40 | ₹57.15 |
As you can see, the premiums are quite reasonable, especially for younger individuals. This makes LIC Bhagya Lakshmi an excellent choice for those looking to start their insurance journey early.
Additional Features and Benefits
1. Grace Period
Life can be unpredictable, and LIC understands that. That’s why LIC Bhagya Lakshmi offers a grace period for premium payments:
- 30 days for monthly premium mode
- 60 days for other premium modes
During this grace period, your policy remains in force, ensuring continuous coverage.
2. Revival Option
If your policy lapses due to non-payment of premiums, don’t worry! You have the option to revive it within 5 years from the date of the first unpaid premium. This flexibility ensures that a temporary financial setback doesn’t cost you your valuable life coverage.
3. Paid-up Policy Option
If you’ve paid premiums for at least one full policy year and are unable to continue, your policy doesn’t become void. Instead, it becomes a paid-up policy with reduced benefits. This ensures that you don’t lose out completely on the premiums you’ve already paid.
4. Surrender Value
Need to exit the policy early? LIC Bhagya Lakshmi offers surrender values after payment of at least one full year’s premiums. The surrender value is the higher of the Guaranteed Surrender Value or the Special Surrender Value, ensuring you get a fair deal.
Why Choose LIC Bhagya Lakshmi?
- Affordable Protection: With low premiums, it’s an excellent choice for those on a budget.
- Guaranteed Returns: Unlike many term plans, you get back more than you’ve paid if you survive the policy term.
- Flexibility: Choose your premium payment mode and policy term to suit your needs.
- Trustworthy Provider: LIC is India’s largest and most trusted life insurer.
- No Medical Tests: In most cases, you can get covered without undergoing medical examinations.
How to Buy LIC Bhagya Lakshmi
As the Best LIC Agent in Kolkata, I’m here to make your insurance buying process smooth and hassle-free. Here’s how you can get started:
- Contact Me: Call me directly at 7980031260. I’m always ready to assist you.
- Discuss Your Needs: We’ll have a detailed discussion about your financial goals and protection needs.
- Get a Quote: I’ll provide you with a personalized quote based on your requirements.
- Complete the Application: I’ll guide you through the application process, ensuring all details are correctly filled.
- Policy Issuance: Once approved, your policy will be issued, and you’ll be on your way to a secure financial future!
Remember, insurance is not just a product; it’s a promise of protection for your loved ones. As your dedicated LIC Agent in Kolkata, I’m committed to helping you make the best choice for your family’s financial security.
Don’t hesitate to reach out at 7980031260 for any questions or to start your journey towards a protected future with LIC Bhagya Lakshmi.
Frequently Asked Questions
Can I get LIC Bhagya Lakshmi if I’m above 55 years old?
Unfortunately, the maximum entry age for this plan is 55 years. However, I can suggest alternative LIC plans that might be suitable for you.
Is the premium for LIC Bhagya Lakshmi fixed throughout the policy term?
Yes, the premium remains constant throughout the premium paying term you choose.
Can I get a loan against my LIC Bhagya Lakshmi policy?
No, this plan doesn’t offer a loan facility. It’s designed primarily for protection and savings.
What happens if I miss a premium payment?
You have a grace period to pay the premium. If you don’t pay within this period, the policy will lapse. However, you can revive it within 5 years.
Is the maturity benefit of LIC Bhagya Lakshmi taxable?
As per current tax laws, the maturity benefit is tax-free under Section 10(10D) of the Income Tax Act. However, I recommend consulting a tax advisor for the latest information.
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