LIC's Bhagya Lakshmi Plan - Micro Insurance Plan

LIC’s Micro Insurance Plans are not plans but opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance, investment and a lifetime of happiness!.

LIC’s Bhagya Lakshmi is a limited premium paying, Non-linked, Non-participating Individual, Life, Micro Insurance, savings plan with return of 110% of total amount of premiums payable on maturity where the premium paying term is 2 years lesser than the policy term.

Maturity Benefit

Provided the policy is inforce, on surviving to the date of maturity, “Sum Assured on Maturity” shall be payable which is equal to 110% of total amount of premiums payable during the term of the contract (excluding taxes and extra premium, if any).

Death Benefit

On Life Assured's death before the stipulated Date of Maturity, provided the policy is in full force by paying up-to-date premiums, “Sum Assured on Death” equal to Sum Assured under the policy shall be payable.

Eligibility conditions and other restrictions

  • Minimum Sum Assured : Rs.20,000/-
  • Maximum Sum Assured : Rs.50,000/-

(Sum Assured shall be in multiples of Rs. 1,000/-)

  • Policy Term : Premium Paying Term + 2 years
  • Minimum Age at entry : 18 years (completed)
  • Maximum Age at entry : 42 years (nearer birthday) for Premium Paying Term 5 years; 55 years (nearer birthday) for Premium Paying Term 6 to 13 years subject to Maximum Maturity Age of 65 years)
  • Maximum Maturity Age : 65 years (nearest birthday)
  • Minimum Premium Paying Term : 5 years
  • Maximum Premium Paying Term : 13 years

Payment of Premiums:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode during the premium paying term of the policy.

A grace period of two calendar months but not less than 60 days will be allowed for all modes of payments.

5. Sample Premium Rates: Following are some of the sample premium rates (in Rs.) (exclusive of taxes) per Rs. 1000/- Sum Assured:
AGE In years TERM (PPT) in years
7(5) 10(8) 15(13)
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


Mode Rebate
Yearly mode 2% of Tabular Premium
Half-yearly mode 1% of Tabular premium
Other modes NIL