Are you looking for a way to protect your family and save money at the same time? Let me tell you about LIC’s BHAGYA LAKSHMI plan. It’s a great way to do both!
The BHAGYA LAKSHMI plan (No. 939) from LIC is a participating non-linked plan. That means it gives you a mix of protection and savings. If something bad happens to you, it makes sure your loved ones will be okay with financial security. At the same time, it helps you save up a big amount of money for things you want to do in the future.
I think the BHAGYA LAKSHMI plan is a really smart choice. You can feel good knowing your family is protected. Plus, you get to build up your savings so you can reach your goals. It’s like getting the best of both worlds!
So if you’re looking for a plan that takes care of your family and helps you save, I highly recommend checking out LIC’s BHAGYA LAKSHMI plan (UIN No. 512N292V03). You won’t be disappointed. It’s a great way to get peace of mind and build a better future at the same time.
Overview
The BHAGYA LAKSHMI plan from LIC is a great way to keep your family safe with money. If something bad happens to you, it gives them a lot of money to help them. And when the plan ends, you get a big amount of money for sure to do the things you want.
This plan has many good things that make it easy and rewarding to save money. You only have to pay for a short time, but you still get the benefits of life cover. Plus, you can get a part of LIC’s profits, which helps your savings grow even more. And if you need money, you can take a loan from your policy.
Key Benefits
- Death benefit: If something happens to you, the person you choose gets a big amount of money plus any extra money from bonuses.
- Maturity benefit: If you live until the end of the plan, you get the basic amount plus any extra money from bonuses.
- Participation in profits: The policy lets you share in LIC’s profits. This means you can save more money through bonuses.
Eligibility
To get the BHAGYA LAKSHMI plan (No. 939), you have to be a certain age and choose how long you want the plan and how long you’ll pay. The table below shows the youngest and oldest ages allowed for different plan lengths:
| Item | Youngest | Oldest |
|---|---|---|
| Entry Age | 18 years | 57 years for 12-year plan, 8-year paying 62 years for 12-year plan, 9-year paying 59 years for 16-year plan 54 years for 21-year plan |
| Plan Length | 12 years | 21 years |
| Paying Length | 8 years | 9 years |
| Sum Assured | Rs. 3,00,000 | No limit |
Additional Features
- Paid-up Value: If you stop paying after 3 years, your BHAGYA LAKSHMI plan won’t end. Instead, it will have a paid-up value. This is calculated by multiplying the sum assured by the number of payments you made divided by the total number of payments you were supposed to make.
- Surrender Value: If you paid for at least 3 years and want to end your policy, you’ll get a surrender value. This is a percentage of the total premiums you paid (not counting taxes and rider premiums), plus the surrender value of any bonuses you earned.
- Policy Loan: If you have money problems, you can take a loan from your BHAGYA LAKSHMI policy. You can borrow up to 90% of the surrender value. This gives you a helpful backup when you really need it.
- Tax Benefits: Buying this plan can help you pay less taxes. The money you pay for the policy can be subtracted from your taxes under Section 80C of the Income Tax Act, 1961, as long as you follow the rules.
Riders
To make your BHAGYA LAKSHMI plan even better, you can choose two extra benefits called riders. These riders give you more protection against unexpected things. They make sure you and your loved ones have complete financial safety.
The first rider is LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01). If you choose this and have an accident that makes you disabled or die, you’ll get an extra amount of money. This rider makes sure your family has the money they need even if bad accidents happen.
The second rider is LIC’s New Term Assurance Rider (UIN: 512B210V01). This rider gives you extra life insurance along with your BHAGYA LAKSHMI plan. If you die during the policy term, the person you chose will get an additional sum assured. This gives your family even more financial protection.
Exclusions
- It’s important to know that the LIC BHAGYA LAKSHMI Plan (No. 939) has a rule about suicide. If the insured person commits suicide within 12 months from the start or revival of the policy, the death benefit paid will depend on certain conditions written in the policy papers.
Frequently Asked Questions
What happens if I stop paying?
If you can’t keep paying after the first 3 years of your BHAGYA LAKSHMI policy, it won’t end right away. Instead, it will keep going as a paid-up policy. This means you’ll get smaller benefits based on how much you already paid. But if you stop paying in the first 3 years, your policy might end and you could lose your insurance.
Can I bring back a policy that ended?
Yes, you can bring back your ended LIC BHAGYA LAKSHMI Policy (No. 939) within 2 years from when you missed the first payment. To do this, you’ll need to show proof that you’re still healthy. This might mean filling out a health form or getting a check-up. If you successfully bring back the policy, it will start again and you can keep enjoying the benefits of life insurance.
Do I need a medical exam to get this plan?
Whether you need a medical exam to get the BHAGYA LAKSHMI plan depends on things like your age, the amount of money you want, and what you say about your health. LIC might ask you to take some medical tests to make sure you can be insured and to figure out the right price. But sometimes, you might be able to get the plan easily without any medical exams.
How do I get a loan from my policy?
Once your BHAGYA LAKSHMI policy has a surrender value, you can take a loan from it. You can borrow up to 90% of the surrender value. This helps you with money when you need it. It’s easy to apply for a loan. Just contact your nearest LIC office or go to the LIC website. You can pay back the loan and interest in easy payments. This way, your policy can still give you the benefits you wanted.