LIC Bhagya Lakshmi Plan 2023 Benefits, Features, Details, Reviews

LIC Bhagya Lakshmi Plan – Disaster protection Partnership of India is a major calculate the boundless utilization of protection items across India. LIC’s Bhagya Lakshmi Plan is one of the best microinsurance item that is intended to work with reserve funds and go about as a protection and speculation apparatus. LIC’s Bhagya Lakshmi Plan is a non-benefit taking part plan that offers monetary security. The LIC’s Bhagya Lakshmi Plan is a restricted premium installment plan that ensures every available ounce of effort of premium reimbursement on the date of development to the policyholder and pays a demise advantage to the candidate on account of death of the policyholder.

Bhagya Lakshmi is the most auspicious time of the year and it is celebrated with great pomp and show in India. The LIC plans to celebrate LIC Bhagya Lakshmi with full swing in all its branches across the country. The main aim of this plan is to ensure that all its customers are benefitted and to create a lasting relationship with them.

LIC Bhagya Lakshmi Plan 2023

The LIC’s Bhagya Lakshmi Plan is intended to take care of the money and protection needs of individuals having a place with the lower pay bunch. The Bhagya Lakshmi Plan can go about as the best venture and saving instrument for helping speculation and getting future monetary necessities. The LIC’s Bhagya Lakshmi Plan offers following advantages to the policyholder.

LIC Bhagya Lakshmi Plan 2023 is a comprehensive and all-encompassing insurance plan that offers considerable benefits to its customers. If you’re ready to take your life, health, and financial security to the next level, then this plan is perfect for you.
LIC Bhagya Lakshmi Plan

LIC Bhagya Lakshmi Plan Overview

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What are the key features of the LIC Bhagya Lakshmi Plan?

LIC Bhagya Lakshmi Plan is a comprehensive insurance plan that covers a wide range of risks. It provides comprehensive protection for you and your family, including health, accidental death, property damage, and liability. In addition to this, the plan offers a wide range of benefits that make it ideal for those who want to ensure that they’re covered in case of an emergency. Here are some of the key features of the LIC Bhagya Lakshmi Plan.

The LIC’s Bhagya Lakshmi plan offers the accompanying key highlights to the policyholders :

  • This is a miniature insurance restricted payment security plan
  • The arrangement is intended to take special care of the protection needs of individuals of the low-pay bunch
  • The arrangement has different methods of premium installments for the policyholder to browse
  • The strategy can be given up any time in the wake of building settled up esteem

What are the benefits offered under the LIC Bhagya Lakshmi Plan?

The LIC’s Bhagya Lakshmi Plan is intended to take special care of the money and protection needs of individuals having a place with the lower pay bunch. The Bhagya Lakshmi Plan can go about as the best speculation and saving apparatus for supporting venture and getting future monetary necessities. The LIC’s Bhagya Lakshmi Plan offers following advantages to the policyholder :

  • Development Advantage : Development Advantage is paid to the policyholder on enduring the whole strategy term. The development benefit is paid on the date of development of the arrangement for example toward the finish of the residency of the arrangement. The development benefit payable by LIC under the Bhagya Lakshmi Plan is comparable to every available ounce of effort of the aggregate sum of expenses paid by the policyholder during the residency of the approach. Generously note, the estimation of development benefit the superior sum will exclude the sum made good on towards charges or any additional exceptional paid during the residency of the strategy.
  • Passing Advantage : The demise benefit is paid in occasion of possibility gave the arrangement is in force. The demise benefit payable under the Bhagya Lakshmi Plan is identical to the aggregate guaranteed picked under the essential arrangement.

What are the eligibility criteria of the LIC’s Bhagya Lakshmi Plan?

To benefit the LIC’s Bhagya Lakshmi Plan, the policyholder needs to satisfy specific qualification standards and conditions. In the event that the policyholder fits in the pre-characterized qualification rules, the policyholder can undoubtedly buy the LIC’s Bhagya Lakshmi plan for defending the future monetary necessities of their friends and family. Following are the fundamental qualification rules and states of the LIC’s Bhagya Lakshmi Plan :

Particulars Conditions
Age at Entry 18 Years completed
Age at Entry 55 Years Nearing Birthday
Premium Paying Term 5 years
Premium Paying Term 13 years
Policy Tenure Minimum Premium Paying Term + 2 Years i.e. 7 Years
Policy Tenure Maximum Premium Paying Term + 2 Years i.e. 15 Years
Age at Maturity 65 Years Nearing Birthday
Sum Assured Rs 20,000
Sum Assured Rs 50,000

What are the documents required while buying the LIC’s Bhagya Lakshmi Plan?

Are you looking to buy life insurance? If so, you’ll want to be aware of the many documents that are required in order to purchase a LIC’S Bhagya Lakshmi Plan. In this post, we’ll outline the documents that you will need to have in hand before making your purchase. We also provide a guide on what to look for when purchasing a LIC’S Bhagya Lakshmi Plan

, so that you can make an informed decision. Let’s get started!

Following is a rundown of related pertinent records expected for buying LIC’s Bhagya Lakshmi Plan

  • A most recent shaded identification estimated photo
  • Xerox Duplicate of Personality Verification
  • Xerox Duplicate Old enough Verification
  • Xerox Duplicate of Address Verification
  • A totally filled proposition structure
  • Premium sum check or money

Upon receipt and approval of the multitude of above important required records and on receipt of the superior sum LIC will give the Bhagya Lakshmi Strategy.

What are the premium rates of the LIC’s Bhagya Lakshmi Plan?

The premium of the LIC’s Bhayga Lakshmi Plan is chosen according to the top notch rates expressed in the plain superior rate outline. This plain top notch rate diagram decides the yearly premium per Rs 1,000 of total guaranteed selected under the essential arrangement by the policyholder.

Following is the example outline of the top notch rate graph of the LIC’s Bhagya Lakshmi Plan :

Age of the insured 7 years
Premium paying term: 5 years
10 years
paying term: 8 years
 15 years
paying term:13 years
20 Years 127.45/INR 1,000 sum assured 64.35/INR 1,000 sum assured 37.20/INR 1,000 sum assured
30 years 129.30/INR 1,000 sum assured 65.80/INR 1,000 sum assured 38.55/INR 1,000 sum assured
40 years 138.30/INR 1,000 sum assured 72.80/INR 1,000 sum assured 44.25/INR 1,000 sum assured
50 years 164.10/INR 1,000 sum assured 91.40/INR 1,000 sum assured 57.15/INR 1,000 sum assured

Sample premium : For LIC Bhagya Lakhsmi Plan per INR 1,000 sum assured.

Age 30 years
Policy Tenure 15 years
Premium Paying Term 13 years
Premium factor 38.55
Sum Assured INR 30,000
Premium = 38.55/1000*30,000
Annual Premium INR 1,156.50 + applicable taxes

Mode Rebate

Annual 2% of Tabular Premium
Semi Annual 1% of Tabular Premium
Quarterly and Monthly NIL

What are the different modes of premium payment?

LIC for the simplicity of its clients has presented different premium installment modes for the simplicity of installment of premium to the policyholders. The policyholder can pick the exceptional installment mode according to their comfort. The superior installment modes presented under the LIC’s Bhayga Lakshmi Plan are as under :

  • Yearly
  • Half Yearly
  • Quarterly
  • Month to month
  • Compensation Allowance

The policyholder’s of the LIC’s Bhagya Lakshmi plan need to pay the expenses prior to the specified due date further LIC likewise gives an effortlessness time of 2 months for example at least 60 days time span for the installment of premium. In the event that the policyholder neglects to pay the neglected premium the strategy will stand slipped by and every one of the advantages of the arrangement will stop.

How to revive the lapsed Bhagya Lakshmi policy?

LIC’s Bhagya Lakshmi Plan passed approach can be restored by paying the neglected expenses in addition to intrigue, if any, inside the time of 2 sequential years beginning from the date of first neglected premium yet before the finish of strategy residency for example before the development date of the arrangement. The approach will be restored upon installment of neglected expenses, interest and accommodation of the verification of proceeded with insurability to LIC.

How to surrender the Bhagya Lakshmi Policy?

The LIC’s Bhagya Lakshmi strategy can at some random time during the residency of the approach be given up. The cycle for giving up the strategy is extremely basic. to give up the strategy the policyholder needs to present the accompanying reports to the closest LIC Office or branch:

  • Unique Approach Bond
  • Totally filled give up release structure
  • Xerox duplicate of personality verification
  • Properly filled NEFT command structure to get credit in the ledger

After presenting the above-expressed archives LIC will enroll the acquiescence guarantee and credit the acquiescence worth of the strategy in the policyholder’s financial balance. Generously note the acquiescence esteem is payable provided that the premium of one approach year has been settled completely. A reliable acquiescence esteem will be payable which is identical to the charges paid till the date of giving up the strategy. The surefire give up esteem is resolved utilizing the reliable acquiescence esteem factor. The dependable acquiescence esteem variable of LIC’s Bhagya Lakshmi Plan is communicated regarding rate and depends on the strategy term and the arrangement year in which the Bhagya Lakshmi strategy was given up by the policyholder.

Policy year of surrender Policy term 7 years Policy term 10 years Policy term 15 years
5 50.00% 50.00% 50.00%
7 80.00% 50.00% 50.00%
10 80.00% 62.86%
12 71.43%
15 80.00%

What are the documents required for registering the claim of LIC’s Bhagya Lakshmi Plan?

If you have been a victim of any kind of theft, fire, natural calamity, or any other form of loss, it is important to file a claim with the insurance company as soon as possible. This is especially true if the loss was caused by something like theft or fire. In order to ensure that the claim is processed quickly and without any complications, you will need to take certain steps beforehand. This guide will outline the documents that are required for registering a claim under the LIC’s Bhagya Lakshmi Plan.

For enlisting a typical demise guarantee under the LIC’s Bhagya Lakshmi Plan the candidate needs to present the accompanying reports to LIC :

  • Unique approach bond
  • Required applicable appropriately filled Guarantee structures
  • NEFT command structure
  • Verification of title
  • Verification of death
  • Verification of clinical treatment if pertinent

While in the event of development guarantee enlistment the policyholder is expected to present the accompanying records:

  • Unique arrangement bond
  • NEFT command structure
  • Appropriately filled release structure
  • Verification old enough on the off chance that not submitted before

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