LIC’s New Bhagya Lakshmi Plan 829 Review, Features & Benefits

LIC New Bhagya Lakshmi Plan Review

LIC Bhagya Lakshmi Plan is a new Micro Insurance plan with term insurance features. Life Insurance Corporation of India has introduced this New Bhagya Lakshmi Term plan as per the new guidelines of IRDA to serve the distinct needs of the people with low income. LIC’s Bhagyalakshmi Policy is a non-participating limited payment protection oriented plan with 110% of total amount of premiums payable on maturity are returned. Where the premium paying term for this plan no. 829 is two years lesser than the policy term.  The Unique Identification Number of this LIC New Bhagya Lakshmi Plan is 512N292V01. The individuals should quote this UIN in all relevant documents that are required to buy the policy.

Micro Insurance Plans of LIC are a perfect combination of insurance, investment and a life of happiness. The different modes of Premium payment for the LIC Bhagya Lakshmi Plan are Yearly, Half Yearly, Quarterly, Monthly, and Salary Deductions. The minimum entry age to acquire this LIC New Term Plan 829 is 18 years, and the maximum entry age is 55 years. Here in this page, you can also calculate the Premiums, Maturity benefits, and Death benefits using LIC Bhagya Lakshmi Premium Calculator and LIC Bhagyalakshmi Premium chart.

Benefits & Key Features of LIC Bhagya Lakshmi Plan 829

LIC’s New Bhagyalakshmi Policy Benefits

Death Benefit:

Provided the LIC New policy 829 is in force by paying up to date premiums, if the life assured dies before the specified maturity date, then the nominee will get Sum Assured as Death Benefit. Where the Sum Assured is the amount of money received along with the appropriate bonus at the end of the policy term.

Maturity Benefit:

If the policyholder survives to the date of maturity, provided the policy is in force, then Sum Assured on Maturity will be paid (taxes and extra premium, if any are excluded). Where the Sum Assured on Maturity is equal to 110% of the total premiums paid during the term of the contract.

Key Features of LIC New Micro Insurance Plan – Bhagya Lakshmi

The features of LIC Bhagya Lakshmi Plan 829 are as follows.

1. The Bhagyalakshmi Plan of LIC offers good life cover with low premium payments.
2. It is a non-participating limited payment protection oriented plan.
3. The term of the policy will be the premium paying term + 2 years.
4. In the event of the unfortunate death of the policyholder before the end of the policy term, then the insured family will receive Sum Assured as a death benefit.
5. On Maturity, 110% of the premiums will be paid to the individuals excluding taxes and extra premium.
6. Yearly, Half-Yearly, Quarterly, Monthly, or through Salary deductions are the premium payment modes available for this plan.
7. One can renew the lapsed policy within a period of 2 consecutive years from the date of first unpaid premium (FUP).
8. The Grace period of two calendar months (less than 60 days) is available for premium payment in all modes.

Eligibility Criteria for LIC’s Bhagya Lakshmi Plan

Minimum Entry Age	18 years (completed).
Maximum Entry Age	55 years (nearest birthday).
Maximum Maturity Age	65 years (nearest birthday).
Policy Term	Premium Paying Term + 2 years.
Premium Payment Modes	Yearly. Half-Yearly. Quarterly. Monthly. Salary Deductions.
Minimum Basic Sum Assured	Rs 20,000/-.
Maximum Basic Sum Assured	Rs. 50,000/- (in multiples of Rs. 1000).
Minimum Premium Paying Term	5 years.
Maximum Premium Paying Term	13 years.

LIC Bhagya Lakshmi Plan Premium Calculator

You can calculate the minimum premium that has to be paid to take the policy by using the LIC Bhagya Lakshmi Premium Calculator. The Amount of premium to be paid depends on the Sum Assured, Term of the Policy, Premium Payment Modes, and Age of the Insured. The Policyholder should enter some basic information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the Premium Value for this LIC Bhagya Lakshmi Plan.

Rebates of LIC Bhagyalakshmi New Microinsurance Plan

A rebate is a discount in premium that the insured will get if he/ she pays the premium annually. Under this LIC New Bhagyalakshmi plan, only one rebate is available, i.e., Mode Rebate. High Sum Assured Rebate is not available for this plan.

Mode Rebate:

Mode	Percentage
Yearly	2% tabular premium
Half-Yearly	1% tabular premium
Monthly & Quarterly	NIL

How to Buy LIC Bhagya Lakshmi New Term Plan 829 ?

One can buy the LIC Bhagya Lakshmi Plan from the nearest LIC Branch Office or through online at the LIC’s Official Website or from the LIC Agent. The documents required for buying LIC New Bhagyalakshmi plan are listed below.

• Application form / Proposal form along with the photo.
• Address Proof.
• Age Proof.
• Medical Reports (if required).

Claim Process of LIC Bhagyalakshmi Plan

The Insured or Nominee can apply for the claim in the case of Death or Disability occurred due to the Sudden Accident within the Policy Term or Maturity Period of the policy has completed. You can get the Claim form of this LIC Bhagya Lakshmi Policy from the LIC Regional Offices or the Official Website of LIC. The Documents required in LIC Bhagyalakshmi Claim Process are

• Claim Form.
• NEFT Form.
• Proof of death.
• Medical treatment before death, school/ college/ employer’s certificate, whichever is applicable.
• Age proof.

Example for LIC Bhagya Lakshmi Policy

For example, Mr. Harry has chosen this LIC Bhagya Lakshmi Plan. He lives with his wife and child and also the only earning member of the family. The reason behind choosing this LIC’s Bhagya Lakshmi Plan is that the Life Insurance Corporation has designed this policy for, especially low-income people. So, he has taken this new plan from LIC for a Sum Assured of Rs. 50,000/-. The policy term he opted is 15 years and pays premium annually.

Since the mode of premium payment is yearly, he will pay for 13 years and gets a rebate of 2% on his premiums. If the death occurs during the coverage term, then the insured family will be paid the sum assured of Rs. 50,000 (Death Benefit). If in case Mr. Harry 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 New Bhagya Lakshmi Plan 829.

LIC’s Bhagya Lakshmi Plan Details

Riders of LIC Bhagyalakshmi Plan

A Rider is an add-on provision to any insurance policy that provides additional benefits to the insured at an additional cost. But for this LIC New Bhagya Lakshmi Plan 829, there are no riders available.

Paid-up value

For policies with Premium Paying Term less than ten years if after at least 2 years premiums have been paid and for policies with PPT (Premium Paying Term) 10 years or more if after at least 3 full years premiums have been paid and any succeeding premium be not duly paid, the policy shall not become void, but exists as a paid-up policy. The amount payable on death under a paid-up policy will 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.

Death Paid-up Sum Assured = Sum Assured on Death * (number of premiums paid/ number of premiums payable during the policy tenure).

Maturity Paid-up Sum Assured = Sum Assured on Maturity * (number of premiums paid/ number of premiums payable during the term of the policy).

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 three consecutive years if premium paying term is ten years or more. The Guaranteed Surrender Value is equal to Guaranteed Surrender Value factor multiplied by total premiums paid (exclusive of taxes and extra premium, if any).

Free Look Period

If the insured is not satisfied with the terms and conditions of the policy, then he/ she may return it to the corporation within the free look or cooling off period, i.e., 15 days from the date of receipt of the policy. The policyholder must state the reasons for objections while returning the policy.

Grace Period

For this LIC’s Bhagya Lakshmi Plan 829, the Grace period is two calendar months, i.e., not less than 60 days under all modes of payment.

Exclusions

Every insurance policy, including LIC term plans, has certain conditions under which claims will not be entertained. These conditions are called ‘Exclusions.’ The exclusions of LIC Bhagya Lakshmi Plan are as under:

Suicide: The policy shall be void, 

• If the insured commits suicide within 12 months from the commencement of risk, provided the policy is inforce, then 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.
• If in case the policyholder commits suicide within 1 year from the date of revival, an amount which is more than 80% of the premiums paid till the date of death or surrender value shall be payable.

FAQ’s on LIC New Bhagyalakshmi Plan (Table No. 829)

1. What are the rebate conditions accepted for this LIC Bhagya Lakshmi Policy ?

Ans. For the yearly premium payment mode, the rebates are given at the rate of 2% of the tabular premium and at the rate of 1% of the tabular premium for the half-yearly premium payment mode.

2. What are the sum assured options available under this LIC New Term plan 829 ?

Ans. Depending on the amount of coverage required, the insured can choose a sum assured that was between Rs. 20,000 and Rs. 50,000/-.

3. What is the Entry age for the Bhagyalakshmi Plan of LIC ?

Ans. The Minimum entry age for this policy is 18 years; whereas the maximum entry age is 55 years.

4. How can I renew a lapsed policy ?

Ans. The individuals can renew/ revive the lapsed policy within a period of 2 consecutive years from the date of first unpaid premium or before the date of maturity.

You can also refer other LIC Term Insurance plans such as LIC New Jeevan Mangal Plan and Amulya Jeevan II Plan here.