LIC Bhagya Lakshami

LIC Bhagya Lakshami

  • Investment and Saving Tool
  • Attractive Benefits at Low Cost
  • 110% of Premium Return at Maturity

Bhagya Lakshmi Plan By LIC of India

Life Insurance Corporation of India has launched the LIC Bhagya Lakshmi Plan in the LIC Micro Insurance Plan category. The plan works as an investment and saving tool and financially supports the low-income group. LIC of India offers various financial assets to complement their financial needs at a low cost and is one of the most trusted life insurance companies in India. You can compare and buy suitable life plans by going through the LIC plan list. Plan your life milestones with a suitable life plan from LIC endowment, LIC term, LIC child, LIC health, LIC whole life, LIC ULIP, and LIC pension plan.

What is LIC Bhagya Lakshmi Plan?

LIC Bhagya Lakshmi Policy is a non-linked, non-participating, individual, limited premium paying micro insurance plan. Specially designed for low-income groups, the plan ensures the financial protection of the loved ones in case of the unfortunate demise of the policyholder. Additionally, Bhagya Laxmi Yojana LIC guarantees to return 110% of the premium paid on the maturity date. This way, the plan ensures financial stability and the prosperity of policyholders and families.

Highlights of Bhagya Lakshmi Yojana LIC

Have a look at the key highlights of the Bhagya Lakshmi LIC policy that will help you understand the policy features at a glance.

Particulars Specifications
Plan Type Micro Insurance Plan
Maturity Benefit 110% of total premium paid
Premium Payment Term 5 years - 13 years
Minimum Instalment Premium Rs. 500

Eligibility Criteria of Bhagya Lakshmi Plan LIC

Below are the eligibility criteria and restrictions an insurance seeker must fulfil to buy the LIC Bhagya Lakshmi plan.

Particulars Specifications
Entry Age 8 years - 55 years
Basic Sum Assured Rs. 50,000 - Rs. 2 Lakhs
Policy Term Premium Paying Term + 2 years
Max Maturity Age 65 years

Key Benefits of Bhagya Lakshmi Plan LIC

As a successful investment and savings tool, the LIC Bhagya Lakshmi policy offers the following benefits to policyholders to secure their future financial needs.


Death Benefit

In case of the uncertain demise of the policyholder before the pre-stated maturity date, a death benefit is provided to the nominee. The death benefit is the ‘Sum Assured on Death’ equal to the highest of 7 times the annual premium paid or 105% of total premiums paid up to the date of death.


Maturity Benefit

If the policyholder survives the policy term, a ‘Sum Assured on Maturity’ equal to 110% of the total premium paid is payable. Provided all the premiums are duly paid.


Tax Benefit

The premium paid towards the LIC Bhagya Lakshmi Plan is eligible for tax exemptions under Section 80C of the Income Tax Act, 1961. Moreover, the benefits received are tax exempted under Section 10 (10D) of the Income Tax Act. These tax exemptions can be claimed yearly, which can be helpful in financial planning.

LIC Bhagya Lakshmi Plan Premium

Before purchasing the Bhagya Laxmi Yojana LIC, it is necessary to know about the LIC Bhagya Lakshmi Yojana premium rates. You can use the LIC Bhagya Lakshmi Plan premium calculator to clearly understand how much you need to pay for the policy.

The sample premium rates on the Sum Assured of Rs. 1,000 are mentioned below.

Age (in years) Policy Term/ Policy Payment Term
7 years/ 5 years 10 years/ 8 years 15 years/ 13 years
20 Rs. 127.45 Rs. 64.35 Rs. 37.20
30 Rs. 129.30 Rs. 65.80 Rs. 38.55
40 Rs. 138.30 Rs. 72.80 Rs. 44.25
50 - Rs. 91.40 Rs. 57.15

* All the premium rates mentioned above are provided by the official sources of LIC of India.

Additional Features of Bhagyalaxmi LIC Plan 939

Besides the benefits mentioned, the following features make LIC Bhagya Lakshmi a suitable investment plan.


Multiple Premium Payment Mode

The policyholder can make LIC premium payments regularly at yearly, half-yearly, quarterly, or monthly modes as selected at the time of inception of the policy.


Grace Period

If you miss the LIC premium payment within the due date, a grace period of 30 days is provided for the monthly premium mode and 60 days for other premium payment modes from the first unpaid premium date. The policy lapses if the premium is not paid within the grace period.


Policy Revival

A lapsed policy can be revived within 5 consecutive years from the first unpaid premium but before the date of maturity.



The LIC Bhagya Laxmi Plan offers certain rebates based on the premium amount. For the yearly mode, a 2% reimbursement is made on the tabular premium, and for the half-yearly instalment mode, a 1% discount is offered on the tabular premium.


Paid Up Value

If the policyholder has paid the LIC Bhagyalaxmi plan premium for at least one year and does not make subsequent premiums later, the insurance policy will not be wholly void. But holds as a paid-up policy.


Surrender Value

The policyholder can surrender the LIC Bhagya Lakshmi Plan if at least one full year of premiums is duly paid. On the surrender, the corporation pays the surrender value higher of the Guaranteed Surrender Value or Special Surrender Value. The Special Surrender Value is reviewed regularly and is determined by the Corporation on the prior approval of the Insurance Regulatory and Development Authority of India (IRDAI).


Free Look Period

If the policyholder is not satisfied with the terms and conditions of the Bhagya Lakshmi LIC policy, they can return the policy to the corporation within 15 days of receiving it. The policyholder needs to state the reason for objections, and the corporation will cancel the policy and return the premium amount paid after deducting any charges.

Key Exclusions Under Bhagyalaxmi LIC Policy

We have discussed the benefits and key features of the LIC Bhagya Lakshmi Plan and how it is a suitable choice for investment. The following exclusions are considered under the Bhagya Laxmi LIC policy.

Suicide Exclusion:

LIC Bhagya Lakshmi Plan will be considered void if

  • The life assured commits suicide at any time within the 12 months from the date of risk commencement, the LIC of India pays 80% of the total premium paid when claimed.
  • The life assured commits suicide within 12 months from the revival date, an amount higher of 80% of the total premium paid or surrender value on the date of death.

After the claim payment, the LIC of India will not entertain any claim under the policy.

How to Buy LIC Bhagya Lakshmi Plan?

You can visit the nearest LIC branch office with all the required documents to purchase the LIC Bhagya Lakshmi Plan. Can’t step out? No worries! You can simply connect with LIC customer support and pay the required premium. All the policy documents will be sent to you with your registered contact details.

Documents Required to Buy LIC Bhagya Laxmi Policy

  • Identity proof
  • Age proof
  • Address proof
  • Latest passport-sized photograph
  • Duly filled application form
  • Premium amount in cash or cheque

Final Words

Bhagya Laxmi LIC Policy is a good investment and life protection tool at an affordable cost. Once purchased, you can check LIC policy status, make LIC premium payment, download LIC receipt and revive the lapsed policy by logging into the LIC customer portal.

If you need to understand LIC benefits in detail, you can contact a LIC agent or a life insurance agent nearby. Use RenewBuy Advisor Connect to make the advisor search process easy for you.