Contents
- 1 LIC New Bhagya Lakshmi Plan 829 Review
- 1.1 LIC Bhagya Lakshmi Plan Eligibility Conditions
- 1.2 Benefits of LIC Bhagyalakshmi Policy (Table No. 829)
- 1.3 Riders of LIC Bhagya Lakshmi New Micro Insurance Plan
- 1.4 LIC Bhagya Lakshmi Policy Rebates
- 1.5 Buying Process of LIC’s Bhagya Lakshmi Plan 829
- 1.6 LIC Bhagya Lakshmi New Term Plan Claim Process
- 1.7 LIC Bhagyalakshmi Plan Premium Calculator
- 1.8 Additional Information about LIC’s Bhagyalakshmi Plan
LIC New Bhagya Lakshmi Plan 829 Review
LIC Bhagya Lakshmi Plan is a new Micro Insurance plan with term insurance features. The LIC Micro Insurance Plans are not plans but opportunities that knock on your door once in a lifetime. Also, these are a perfect combination of insurance, investment and a lifetime of happiness. Life Insurance Corporation of India has introduced this New Bhagyalakshmi policy to serve the distinct needs of the people with low income. LIC India has given a Unique Identification Number for this LIC’s New Bhagya Lakshmi Plan, i.e., 512N292V01. The policyholder should quote this UIN in all relevant documents that are required to buy the policy.
LIC Bhagyalakshmi Plan is a non-participating limited payment protection oriented plan with return of 110% of total amount of premiums payable on maturity. Where the premium paying term is 2 years lesser than the policy tenure. Since we know that any life insurance policy with a sum assured of Rs. 50,000 or less is named as micro insurance, the minimum Sum Assured for this LIC New Term Plan 829 is Rs. 20,000/-. You can use LIC New Bhagya Lakshmi Plan Premium Calculator to calculate your premiums. Here we have provided the LIC Bhagya Lakshmi Maturity Calculator and Premium Calculator to calculate Maturity benefits and Death benefits. So, once refer this LIC’s Bhagya Lakshmi Premium Chart before buying this plan.
LIC Bhagya Lakshmi Plan Eligibility Conditions
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| Premium Payment Modes |
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Benefits of LIC Bhagyalakshmi Policy (Table No. 829)
Death Benefit
Provided the policy is in force by paying up-to-date premiums, if the death of the policyholder occurs before the specified date of maturity, then the beneficiary of the policy will get Sum Assured as Death Benefit. The Sum Assured under this policy is defined as the amount of money received along with the applicable bonus at the end of the policy tenure.
Maturity Benefit
Provided the policy is in force if the insured survives till the maturity date, then Sum Assured on Maturity shall be payable excluding the taxes and extra premium. The Sum Assured on Maturity is equal to 110% of the total premiums paid during the contract term.
Riders of LIC Bhagya Lakshmi New Micro Insurance Plan
A rider is an add-on provision to a basic insurance policy that provides additional benefits to the policyholder and comes into play in case of a specific eventuality. If the Life Assured wants to avail these rider benefits, he/ she should pay an additional premium for the rider. For this Bhagya Lakshmi Plan 829 of LIC, there are no riders available. But some plans of LIC India such as LIC Jeevan Mangal Plan 840 comes with inbuilt Accident Benefit Rider.
LIC Bhagya Lakshmi Policy Rebates
Rebate is the discount in premium that insured will get if he/ she pay premium annually. The rebate available for this LIC New Bhagya Lakshmi Plan is Mode Rebate. Rebates are available on the premium if the life assured opts for the higher mode and take the high-risk cover policy.
Mode Rebate:
| Mode | Percentage |
| Yearly | 2% tabular premium |
| Half-Yearly | 1% tabular premium |
| Monthly & Quarterly | NIL |
High Sum Assured Rebate: Nil.
Buying Process of LIC’s Bhagya Lakshmi Plan 829
The documents required to buy LIC New Bhagya Lakshmi Policy are
- Application form/ Proposal form issued by U & R Department along with a photo.
- Address proof.
- Age proof.
- Medical reports (if required).
LIC Bhagya Lakshmi New Term Plan Claim Process
The documents that are needed for claiming procedure under LIC Bhagya Lakshmi plan are given below.
- Original Policy Document.
- NEFT Mandate Form.
- Death Certificate.
- Proof of Title.
- Accident/ Disability Proof (as mentioned in the rider circular).
- School/ College/ employer’s certificate.
- If age is not admitted under the policy, the proof of age of the insured shall also be submitted.
LIC Bhagyalakshmi Plan Premium Calculator
Here we are providing the required data for calculating the premium rates in this LIC Online Term Plan using LIC Bhagya Lakshmi Premium and Maturity calculator. The LIC New Bhagyalakshmi Premium Chart is used to estimate the benefits offered by this Micro Insurance plan. To calculate premiums online, the insured have to enter the following details mentioned below.
- Name.
- Email Id.
- Mobile.
- Age.
- Term.
- Sum Assured.
After entering all the above details, you can quickly calculate the premium for LIC Bhagya Lakshmi Plan 829.
LIC New Bhagyalakshmi Maturity Calculator
LIC New Bhagya Lakshmi Maturity Calculator helps you to calculate the maturity value or maturity amount. Maturity amount is the amount that is payable to the life assured during the maturity time. You can calculate the Maturity benefits using this LIC’s Bhagya Lakshmi Plan Maturity calculator. But you will only receive the approximate or nearby maturity amount with this LIC New Bhagyalakshmi Calculator.
Example for LIC Bhagya Lakshmi Plan
Here we have provided an example to understand easily about the Bhagya Lakshmi Micro Insurance Plan. Suppose Mr. David is the only earning member of the family. He lives with his wife and child and opts this LIC Bhagya Lakshmi plan. Since this New plan 829 is the best policy for the people with low-income, he has chosen this LIC’s Bhagya Lakshmi Plan for a Sum Assured of Rs. 50,000/-. The term of the policy he opted is 15 years and pays premium annually.
Since the premium payment mode is yearly, he will pay for 13 years and gets a rebate of 2% on his premiums. If he dies during the coverage term, David’s family will be paid the sum assured of Rs. 50,000 (Death Benefit). If in case Mr. David survives 15 years till the maturity date, then he will be paid 110% of the premiums he has paid so far (Maturity Benefit). Thus his family can stay financially secure by choosing this LIC Bhagyalakshmi Plan 829.
Additional Information about LIC’s Bhagyalakshmi Plan
Loan: There is no loan facility present for this LIC’s New Micro Insurance Plan 829.
Tax: Taxes including Service tax, if any, for this LIC Bhagya Lakshmi Plan are as per the rules of tax laws and the rate of tax will be applicable from time to time.
Paid-up Value: For policies with the Premium Paying Term less than 10 years if after at least 2 years premiums have been paid and for policies with Premium term 10 years or more if after at least three full years premiums have been paid and any subsequent premium be not duly paid, the policy shall not become completely void, but exists as a paid-up policy. Under a Paid-up policy, the amount payable on death shall be reduced to such a Sum called Death Paid-up Sum Assured, and the amount payable at maturity will be reduced to a sum called Maturity Paid-up Sum Assured.
Surrender Value: The life assured can surrender the policy at any time during the policy term provided the premiums have been paid for at least two consecutive years if premium paying term is less than 10 years and for at least 3 consecutive years if the premium paying term is 10 years or more. The Guaranteed Surrender Value for this plan is equal to GSV factor multiplied by total premiums paid; taxes and extra premium, if any are excluded. The Guaranteed Surrender Value factor will depend on the policy term and policy year in which the policy is surrendered and is as given in the table below.
Grace Period: Grace period can be utilized for paying unpaid premiums. The grace period available for this plan is two calendar months but not less than 60 days for all modes of payments.
Free Look Period: If the policyholder is not satisfied with the terms and conditions of the policy, then he/ she may return within 15 days to the corporation. The insured must state the reason for objections clearly.
Revival Period: If the insured doesn’t pay the premiums within the grace period then the policy will lapse. But one can revive the lapsed policy within a period of 2 consecutive years from the date of first unpaid premium (FUP) or before the maturity date .
Exclusions
The LIC Bhagya Lakshmi Plan shall be void if the insured commits suicide at any time within 12 months from the date of commencement of risk, provided the policy is inforce and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid. Taxes and Extra premium, if any are excluded.
FAQ’s of LIC New Policy Bhagya Lakshmi (Table no. 829)
1. What are the different premium paying modes available?
Ans. The premiums for this LIC Bhagya Lakshmi Plan 829 can be paid in monthly, quarterly, half-yearly, and yearly modes.
2. Can I avail loan for this LIC New Bhagyalakshmi Plan ?
Ans. There is no loan facility available for this LIC New Micro Insurance Policy 829.
3. Is there a high sum assured rebate in this Bhagya Lakshmi Plan ?
Ans. No, there is no High Sum Assured Rebate option available with this plan.
4. What are the accepted conditions for rebate under this LIC Bhagya Lakshmi Policy ?
Ans. Rebates are given at the rate of 2% of tabular premium in the yearly premium payment mode and the rate of 1% of tabular premium in the half-yearly premium payment mode.
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