LIC Bhagya Lakshmi Plan

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 Features of LIC Bhagya Lakshmi Plan

·         Non-participating limited payment protection-oriented plan.
·         Minimum sum assured is Rs.20,000.
·         Maximum sum assured is Rs.50,000.
·         Premium payment modes available are monthly, quarterly, half-yearly, yearly, and single payment.
·         Extended grace period of up to 60 days from the premium due date (two calendar months).
·         The plan offers rebates of 2% of tab premium in the yearly mode.
·         The plan offers rebates of 1% of tab premium in the half-yearly mode.
·         There is no rebate for high sum assured options.
·         The minimum premium paying term is 5 years.
·         The maximum premium paying term is 13 years.
·         The policy term will be the premium paying term + 2 years, hence:
·         Minimum policy term is 7 years.
·         Maximum policy term is 15 years

Benefits of LIC Bhagya Lakshmi Plan

1.      Death Benefit:
In the unfortunate event of the demise of the life insured, his / her dependents will be paid a sum equal to the sum assured chosen.

2.      Maturity Benefit:
In the event that the life insured survives till the end of the policy term, he / she will be paid a maturity benefit that is equal to 110% of the total premiums payable during the policy term (not including taxes or extra premiums).

3.      Surrender value:
Paid up value / surrender value will accrue based on the following conditions:

o   For policies with a premium paying term less than 10 years: after 2 full years’ premiums are paid.
o   For policies with a premium paying term greater than 10 years: after 3 full years’ premiums are paid.

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