The name of the smallest plan of LIC is Bhagya Lakshmi Plan. This scheme can prove to be very helpful for those people who are financially weak. Bhagya Lakshmi plan has been specially introduced for the low income group people. This scheme is of low sum insured, in which no GST is applicable. Let us know about the benefits associated with this scheme.
Let us tell you that if someone wants to take this policy, then he will have to undergo some kind of medical test. This plan also stands for ‘Term Plan with Return Premium’, which means 110% of the premium paid during the plan is returned at the time of maturity. This is a premium plan of some time period, in which premiums have to be paid for less than the time period of the policy.
Age limit to avail the scheme
To take this scheme, the age of the person should be at least 19 years and maximum 55 years. Premium Paying Term i.e. the number of years for which premium is to be paid is minimum 5 years and maximum 13 years. The facility of Jeevan Bima is available for more than 2 years from the number of years for which the premium payment is done.
You will get so much benefit on maturity
The Minimum Sum Assured in this policy is Rs 20,000 and the Maximum Sum Assured is Rs 50,000. You can choose from Annual, Half Yearly, Quarterly and Monthly Peers to pay the premium. The depositor gets a substantial amount as maturity benefit. 110 percent of the amount paid during the premium term is refunded on maturity. If the depositor commits suicide within 1 year of taking the policy, then he will not get the benefit of coverage. At the same time, if the incident of suicide occurs after 1 year, then the benefit of coverage is given under the Bhagya Lakshmi policy.
Under the LIC Bhagya Lakshmi Plan, the depositor does not get the facility to take a loan. The facility to surrender the policy has been given. If the depositor surrenders the policy, he will be given 30-90% of the money deposited. The longer the policy lasts, the higher will be its surrender value.