LIC Bima Lakshmi Scheme offers guaranteed returns with life cover, bonus benefits, tax savings, and secure long-term financial protection.
Overview of LIC Bima Lakshmi Scheme
LIC Bima Lakshmi is a non-linked, participating life insurance savings plan. This means:
- This plan is not connected to stock market.
- The Returns in this plan are stable and predefined.
- The bonus facility is also available by LIC.
- The plan provides financial support to the family in unfortunate death.
The plan is best suitable for long-term financial goals such as:
- planning of Retirement
- Education of Child
- Marriage planning of children’s.
- Wealth creation for future.
Key Features of LIC Bima Lakshmi Scheme
- The Plan is exclusively designed for females candidates for providing protection, savings and survival benefits.
- Free to choose any of Survival Benefits from three Options under the plan.
- Flexibility to Choose Premium Paying Term from 7 to 15 years.
- Candidates can Opt instalment facility for payment of Maturity/Death benefit.
- Benefit of attractive incentives for Higher Sum Assured .
Eligibility Criteria for LIC Bima Lakshmi Scheme
| Parameter | Details |
| Minimum Age at Entry | 18 years |
| Maximum Age at Entry | 50 years |
| Policy Term | 25 years |
| Premium Paying Term (PPT) | 7–15 years |
| Minimum Sum Assured | ₹2,00,000 |
| Maximum Sum Assured | No limit (subject to underwriting) |
Benefits of LIC Bima Lakshmi Scheme
The benefits of LIC Bima Lakshmi Scheme is divided in different parts. All benefits are given below:
Death Benefit
On death during policy term (if in-force):
Higher of:
- Basic Sum Assured
- 10 × Tabular Annual Premium
Plus:
- Accrued Guaranteed Additions
Minimum death benefit = 105% of total premiums paid
Maturity Benefit
On survival till 25 years:
- Basic Sum Assured
- Accrued Guaranteed Additions
Survival Benefits (Three Options)
| Option | Survival Benefit Structure |
| Option A | 50% of Basic Sum Assured at end of PPT |
| Option B | 7.5% of BSA every 2 years (Year 2 to 24) |
| Option C | 15% of BSA every 4 years (Year 4 to 24) |
Guaranteed Additions
- 7% of Total Tabular Annual Premium
- Accrued yearly throughout policy term
- Enhanced via incentives (High Sum Assured / Online purchase / Existing policyholder)
This makes the product highly predictable and structured.
Sample Illustration Analysis (Age 35, SA ₹2,00,000, PPT 10 years)
Option A
- Annual Premium: ₹34,480
- Total Premium Paid: ₹3,44,800
- Survival Benefit: ₹1,00,000 (Year 10)
- Maturity Benefit: ₹6,94,788
- Death Benefit at Maturity: ₹8,39,588
Option B
- Annual Premium: ₹44,940
- Multiple survival payouts of ₹15,000
- Maturity Benefit: ₹8,44,889
- Higher overall payout compared to Option A
Option C
- Annual Premium: ₹43,190
- Survival payouts of ₹30,000 every 4 years
- Maturity Benefit: ₹8,19,777
INCENTIVES
Incentive for High Basic Sum Assured
The incentive for higher Basic Sum Assured is shown below:
| (Rate of Guaranteed Addition as a % of Total Tabular Annual Premium in respect of premium paid) | |||||
| PPT (years) | Basic Sum Assured (Rs.) | ||||
| 2,00,000 to less than 5,00,000 | 5,00,000 to less than 10,00,000 | 10,00,000 to less than 15,00,000 | 15,00,000 to less than 25,00,000 | 25,00,000 and above | |
| 7 to 9 | Nil | 0.25% | 0.35% | 0.40% | 0.45% |
| 10 to 15 | Nil | 0.30% | 0.40% | 0.45% | 0.50% |
Incentive under Online Sale
The Proposal to be completed without any assistance of Agent / Intermediary in the Online mode to be eligible for incentive in the form of increase in Rate of Guaranteed Additions. Details are given below
| Rate of Guaranteed Addition (as a % of Total Tabular Annual Premium in respect of premiums paid) | |
| Premium Paying Term (PPT) (years) | Rate of Guaranteed Addition (%) |
| 7 to 9 | 0.75% |
| 10 to 14 | 1.25% |
| 15 | 1.50% |
Incentive for Existing Policyholder and Nominee/Beneficiary
The Incentive shall be in the form of increase in Rate of Guaranteed Additions.
The incentive in terms of Guaranteed Additions as a percentage of Total Annualized Premium in respect of premiums paid for different categories of existing policyholders including the nominee or beneficiary of deceased policyholder under this plan is as follows:
Eligible Categories:
1. Existing Policyholder whose policy has matured within one year before registration of proposal under this product and purchases this plan on her life and/or family members.
2. Nominee/Beneficiary of deceased Policyholder where date of death is within one year before registration of proposal under this product.
3. Existing Policyholder having an in-force policy with the Corporation.
(*Family members include Grandparent, Parent, Spouse, Children or Grandchildren.)
| Premium Paying Term (PPT) (years) | Rate of Guaranteed Addition (% of Total Tabular Annual Premium) |
| 7 to 11 | 0.05% |
| 12 to 15 | 0.10% |
Revival of LIC Bima Lakshmi Scheme
The policy will lapse if premium is not paid within the grace period. A lapsed policy can be revived within a period of five consecutive complete years from the date of First Unpaid Premium and before the Date of Maturity, as applicable.
Loan Facility in LIC Bima Lakshmi Scheme
Loan will be available within the Surrender Value of the policy during the policy term under the following conditions:
i. Loan can be availed when the policy completed first year and premium has been paid of full year is paid.
ii. The maximum loan allowed under the policy, as a percentage of Surrender Value, shall be as follows:
| Policy Status | Before payment of two full years’ premiums | After payment of two full years’ premiums |
| Under In-force policies | 50% | 75% |
| Under Paid-up policies | 40% | 65% |
Surrender Value Rules
The policy holder can surrendered the policy after completion of the first policy year provided one full year’s premium has been paid. The policy holder can acquire
- Guaranteed Surrender Value (GSV) after payment of at least two full policy years’ premiums.
- Special Surrender Value (SSV) after completion of the first policy year provided one full year’s premium has been paid.
Documents Required for LIC Bima Lakshmi Scheme
To apply for LIC Bima Lakshmi Scheme following documents are required:
- Identity Proof
- Address Proof
- PAN Card
- Passport Size Photo
How to Apply
You can purchase LIC Bima Lakshmi through:
- LIC Branch Office
- Authorized LIC Agent
- Official LIC Online Portal (if available for online purchase)
Always ensure you receive:
- Policy bond
- Premium receipt
- Policy document copy
Disclaimer: Visit official website: LIC India or discuss with your financial advisor before purchasing policy.
Frequently Asked Questions (FAQs)
Q1. Is LIC Bima Lakshmi Policy safe?
Ans: Yes it is safe as it is backed by government and India’s most trusted insurance company.
Q2. Can I pay premium monthly?
Ans: Yes, A policy holder can pay premiums yearly, half-yearly, quarterly or monthly.
Q3. What happens if I miss premium?
Ans: If policy holder miss premium then can be paid in grace period. If not paid in grace period then policy will lapse.
Q4. What is the minimum and maximum policy term?
Ans: The policy term generally ranges between 15 to 25 years, depending on LIC guidelines at the time of purchase.
Q5. Can I change my premium payment mode later?
Ans: Yes, LIC usually allows change in premium payment mode (yearly, half-yearly, quarterly, monthly) subject to terms and conditions.