LIC Scheme: Check BIMA Lakshmi Plan For Women In Chhath Puja 2025; Basic Sum Assured Rs 200,000; How To Apply

Amidst the celebration of Chhath Puja, where women fast and pray for the longevity and health of their husbands, a secure future for women is also pivotal. Ahead of Chhath Puja, the largest insurer of India, LIC launched a new scheme called Bima Lakshmi, which is a women-centric insurance plan offering protection and wealth accumulation.

LIC's Bima Lakshmi offers comprehensive financial flexibility to women by not only paying sum assured but also guaranteed additions plus additional incentives. The basic sum assured to women is up to Rs 2,00,000 and there is no maximum limit.

What Is LIC Bima Lakshmi Plan?

This policy is Non-Par, Non-Linked, Life, Individual, Savings Plan designed exclusively for females. This plan is a Limited Premium Payment plan with Guaranteed Additions and provides life cover, savings and survival benefits as per the Option chosen.

Also, it offers a lump sum payment along with accrued Guaranteed Additions at the time of maturity to the surviving policyholder. In addition, this plan also takes care of liquidity needs through its loan facility.

LIC Bima Lakshmi Plan Key Features:

-A comprehensive insurance plan designed exclusively for females providing protection, savings and survival benefits.

-Guaranteed Additions as a percentage of Total Tabular Annual Premium in respect of Premiums Paid during the Policy Term.

-Flexibility to choose Survival Benefits from three Options under the plan.

-Option to defer receipt of Survival Benefits.

- Flexibility to : Choose Premium Paying Term from 7 to 15 years; OR Opt for payment of Maturity/Death benefit in instalments.

- Auto cover facility after payment of three full years' premiums.

- Benefit of attractive incentives for Higher Sum Assured.

-Option to enhance coverage by opting for Riders on
payment of additional premium for rider benefits.

LIC Bima Lakshmi Plan Eligibility:

Minimum Age To Buy This Policy: 18 Years

Maximum Age To Enter This Policy: 50 Years

Policy Tenure: 25 Years

Premium Paying Term: 7 Years To 15 Years

Minimum Basic Sum Assured: Rs 2,00,000

Maximum Basic Sum Assured: No Limit but subsject to Board Approved Underwriting Policy.

Basic Sum Assured Multiples: The basic sum assured is in the multiples of Rs 10,000.

LIC Bima Lakshmi Benefits Payable:

1. Survival Benefits:

As per LIC's sales brochure, on the Life Assured surviving to the end of each of the specified durations during the policy term, provided all due premiums have been paid, Survival Benefit in lumpsum or a specified percentage of Basic Sum Assured shall be payable to the Life Assured at periodic intervals depending on the Option chosen at the proposal stage.

There are three options in survival benefits:

1. Option A: Here 50 % of Basic Sum Assured shall be payable as Survival Benefit at the end of the Premium Paying Term.

2. Option B & Option C:

The following table gives the details of frequency of payment of Survival Benefits and the percentage of Survival Benefit payable for the chosen option.

Summary:

Option A: 50% of basic sum is paid after the premium payment term ends.

Option B: 7.5% of basic sum is paid by the end of every two years.

Option C: 15% is delivered at the end of every 4 years.

These options must be selected at the proposal stage only.

2. Maturity Benefits:

Upon maturity, LIC will pay sum assured on maturity along with the accrued Guaranteed Additions.

3. Guaranteed Additions for in-force policy:

The Rate of Guaranteed Additions for an in-force policy shall be 7% of the Total Tabular Annual Premium in respect of Premiums Paid.

4. Death Benefits:

This Death Benefit shall not be less than 105% of total premiums paid up to the date of death.

According to the Angel Broking blog, LIC's BIMA Lakshmi combines wealth accumulation, health security, and critical illness protection in a single plan. Tailored for women, it ensures both financial and health safety, making it an ideal choice for long-term planning.

How to Apply?

This plan can be purchased Offline through Licensed agents, Corporate agents, Brokers, Insurance Marketing Firms, as well as Online directly through website www.licindia.in. However, it is not available for sale through Point of Sales Persons-Life Insurance (POSP-LI)/Common Public Service Centers (CPSC-SPV), as per LIC.

Step 1: Visit LIC branch or the official website.

Step 2: Fill the application form of LIC Bima Lakshmi scheme.

Step 3: After doing so, submit the application for with required documents such as address proof, age proof, identification and others.

Step 4: Then select the premium option for the policy along with the survival benefits options as well to receive money-back offer at intervals.

Step 5: The last step is to make the first premium instalment to activate the policy.
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