LIC’s smallest scheme is called Bhagya Lakshmi Plan. This scheme can be very useful for people who are financially weak. Bhagya Lakshmi Yojana is specially introduced for low-income group people. The plan is low insurance, with no GST applicable. Let us know about the benefits related to this scheme.
LIC Bhagya Lakshmi Protection Understanding Quantity 939 additionally stands for ‘Length of time Understanding with Return Top price’, which suggests 110 % of the highest price paid all over the knowing is returned on the time of maturity:
If one wants to take this policy, he has to undergo some kind of medical test. This plan also means ‘Term Plan with Return Premium’, which means 110% of the premium paid during the plan is repaid on maturity. This is a term premium plan, in which premium has to be paid for a period less than the term of the policy.
Age limit for availing the benefit of the plan: The person should be at least 19 years old and at most 55 years old to avail of this scheme. The premium payment period is a minimum of 5 years and a maximum of 13 years for which the premium is to be paid. The Life Insurance facility is available for more than 2 years from the year the premium is paid.
The minimum sum insured in this policy is Rs. 20,000 and the maximum sum insured is Rs. 50,000. You can choose between annual, half-yearly, quarterly, and monthly peers to pay the premium. The depositor receives a substantial amount as a maturity benefit. 110% of the amount paid during the premium term is refunded on maturity. If the depositor commits suicide within 1 year of taking the policy, he will not get the benefit of coverage. Also, coverage under Bhagya Lakshmi policy is given in case of suicide after 1 year.
Under LIC Bhagya Lakshmi Yojana, the policyholder does not get the facility to take a loan. Policy surrender is facilitated. If the depositor surrenders the policy, he will be paid 30-90% of the amount deposited. The longer the policy lasts, the higher the surrender value.