LIC Bima Lakshmi (Plan No. 881, UIN 512N389V01) is a non‑linked, non‑participating, individual savings‑cum‑protection money‑back plan designed exclusively for women. It combines life cover, periodic survival payouts, guaranteed additions and a lump‑sum at maturity, making it suitable as a long‑term wealth‑creation and protection solution for female lives.
Key features
- For women only: Available exclusively to female lives, including working women, homemakers and professionals, subject to eligibility.
- Non‑linked, non‑participating: Returns come via guaranteed additions and defined survival/maturity benefits, not market performance or bonuses.
- Limited premium payment: Premiums are payable only for a limited period (around 7 to 15 years), while the policy term is longer (fixed at 25 years as per current product description).
- Money‑back survival benefits: A fixed percentage of Basic Sum Assured is paid at pre‑set intervals during the policy term if the life assured survives those dates.
- Guaranteed additions: Guaranteed Additions accrue every policy year and are payable with maturity or death benefits, enhancing the total payout.
- Life cover for full term: Death benefit (Sum Assured on Death plus accrued Guaranteed Additions) is payable if the life assured dies during the policy term, subject to terms.
- Optional riders: LIC’s New Term Assurance Rider and LIC’s Female Critical Illness Rider may be added for extra protection, subject to underwriting and rider rules.
Eligibility and basic parameters
Exact limits should be confirmed from the latest LIC Bima Lakshmi sales brochure when you publish; current indicative details are:
- Eligible life: Female only.
- Minimum entry age: 18 years (completed).
- Maximum entry age: Around 50 years, with some option‑wise caps (for certain payout/benefit options).
- Policy term: 25 years (fixed in current version).
- Premium Paying Term (PPT): Choice of limited PPT options, typically from 7 to 15 years, depending on the pattern chosen.
- Minimum Basic Sum Assured: ₹2,00,000.
- Maximum Basic Sum Assured: No upper limit, subject to LIC’s underwriting norms.
- Premium payment modes: Yearly, half‑yearly, quarterly and monthly (via NACH/auto‑debit), as per LIC rules.
You can lift the exact eligibility table from the brochure/CIS when finalizing your page.
Benefits at a glance
Survival (money‑back) benefits
During the 25‑year term, LIC Bima Lakshmi pays survival benefits at specified policy anniversaries if the life assured is alive and the policy is in force.
The benefits are a fixed percentage of Basic Sum Assured at different points (for example, staged percentages at certain years), helping with periodic financial needs such as children’s education expenses or milestone goals.
Maturity benefit
If the life assured survives till the end of the 25‑year policy term, the maturity benefit is payable as:
- Remaining portion of Basic Sum Assured (after deducting survival payouts as per plan structure), plus
- Accrued Guaranteed Additions for all policy years.
This creates a long‑term corpus with clarity on guaranteed growth, which can be used for retirement, children’s advanced education or other major goals.
Death benefit
If the life assured dies during the policy term while the policy is in force, the nominee receives:
- Sum Assured on Death, plus
- Accrued Guaranteed Additions up to the date of death.
Sum Assured on Death is subject to product rules and is at least 105% of total premiums paid (excluding taxes, rider premiums and extra premiums) up to the date of death.
Survival benefits already paid, and whether they are adjusted, follow the exact formula given in the LIC brochure and policy document, which you should reference for technical wording.
Who should consider LIC Bima Lakshmi?
- Women seeking a disciplined savings plan that also offers life cover and periodic money‑back payouts during the policy term.
- Homemakers or working women who want guaranteed additions and predictable benefits rather than market‑linked risk.
- Women planning for long‑term goals (children’s education, marriage, business seed capital, retirement cushion) and comfortable with a 25‑year horizon plus limited premium‑paying years.
Example: A 30‑year‑old woman chooses Bima Lakshmi with a 25‑year term and 12‑year PPT; she receives survival payouts at defined milestones for her child’s schooling, enjoys life cover throughout, and finally gets the remaining Sum Assured plus guaranteed additions at maturity around age 55.
Important points and disclaimers
- LIC Bima Lakshmi is non‑linked and non‑participating; there are no bonuses, only guaranteed additions plus defined money‑back and maturity benefits.
- Actual IRR depends on age, premium band, payout option, tax impact and rider selection; clients should see an illustration before purchase.
- Surrender value, paid‑up value, loan facility and rider terms apply as per LIC’s rules and are detailed in the official brochure, Customer Information Sheet and policy document.
- Tax benefits on premiums and proceeds are subject to provisions of the Income‑tax Act and may change; investors should seek personalised tax advice.