LIC Bhagya Lakshmi Plan | LIC New Term Plan 829 Review, Features, Benefits

LIC Bhagya Lakshmi Plan 829 Review

LIC Bhagya Lakshmi 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 two years lesser than the policy term. Life Insurance Corporation of India has introduced this LIC New Micro Insurance Plan 829 as per the new guidelines of IRDA. The Unique Identification Number (UIN) of this LIC’s Bhagya Lakshmi Plan 829 is 512N292V01. The policyholder has to quote this UIN number in all relevant documents that are required to buy the policy.

Micro Insurance is a special category created by IRDA to increase the coverage of insurance for an economically vulnerable section of society. Any life insurance policy with a sum assured of Rs. 50,000 or less is termed as micro insurance. The Micro Insurance Plans of LIC are not plans but opportunities that knock on your door once in a lifetime. Also, these are a perfect blend of insurance, investment and a lifetime of happiness. Hence, this LIC New Bhagyalakshmi policy is the best for the people with low-income. The modes of premium payment allowable for this LIC Bhagyalakshmi Plan are yearly, half-yearly, quarterly, monthly or through salary deductions. Here we have provided the LIC Bhagya Lakshmi Premium Calculator and Maturity Calculator for the sake of insured to calculate Premiums, Maturity, and Death benefits.

LIC New Bhagya Lakshmi Policy Benefits and Features

The LIC New Bhagya Lakshmi Policy provides a wide range of benefits for the policyholder. So, Let’s take a look at the benefits and features of this LIC’s New Micro Insurance Plan 829 in the below sections.

 LIC’s New Micro Insurance Plan – Bhagya Lakshmi 829 Benefits

Death Benefit

If the demise of the Life Assured occurs before the stipulated date of maturity, provided that the policy is in force by paying up-to-date premiums, then the nominee will get Sum Assured under the policy as Death Benefit. Where Sum Assured is the amount of money received along with the applicable bonus at the end of the policy term.

Maturity Benefit

If the insured survives to the date of maturity, provided the policy is in force, then Sum Assured on Maturity shall be payable which is equal to 110% of total amount of premiums payable during the term of the contract. Taxes and extra premium, if any, are excluded.

What are the Features of LIC Bhagya Lakshmi Plan ?

The New Bhagya Lakshmi Plan 829 is a non-par limited payment protection plan that returns a total of 110% of the premiums paid on plan maturity to the surviving insured or pays out a death benefit to the family members of the policyholder in the case of his/ her demise. Life Insurance Corporation of India features this New Bhagya Lakshmi Term plan as a unique product with so many features included. The features of LIC Bhagya Lakshmi Plan are as follows.

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

Eligibility Conditions of LIC’s Bhagyalakshmi Plan

Before buying the LIC Bhagya Lakshmi Plan, the insured must know the eligibility conditions such as Entry Age, Policy Term, Sum Assured, etc.

LIC Bhagya Lakshmi Policy Rebates

Rebate is the discount in premium that individuals will get if he/ she pay premium annually. The rebate available for this LIC Bhagya Lakshmi Plan is Mode Rebate. Rebates are available on the premium if the insured opts for the higher mode and take the high-risk cover policy.

Mode Rebate:

High Sum Assured Rebate is not available for this LIC’s Bhagya Lakshmi Plan 829.

Riders for LIC Bhagya Lakshmi New Term Plan 829

A Rider is an add-on provision to any insurance policy. Hence it provides additional benefits to the insured at an additional cost. In general, LIC provides an accidental death benefit, Critical illness, and Permanent disability riders. Due to accidental death benefit rider, the beneficiary will get the money is a case of demise due to an accident. Critical illness rider can be used under critical health conditions like stroke, cancer, paralysis, etc. and provides for medical expenses before death. And, the Permanent disability rider can be availed in case the insured was suffering from a permanent disability due to some reason. But there are no riders available for this LIC Bhagya Lakshmi Plan 829.

LIC Bhagyalakshmi Premium Calculator

LIC Bhagya Lakshmi Plan Premium Calculator helps you to calculate the premium and maturity amount for the New Micro Insurance Plan 829. Before buying the LIC Bhagyalakshmi Plan, you have to check the premium rates for your desired sum assured using this LIC’s Bhagya Lakshmi Premium Calculator or Maturity Calculator. The LIC New Bhagya Lakshmi Premium Chart is used to estimate the benefits offered by the New LIC plan. To calculate the premium amount, the policyholder should enter the following details.

• Name.
• Mobile Number.
• Age.
• E-Mail Id.
• Policy Term.
• Premium Payment term.
• Sum Assured.

LIC’s Bhagya Lakshmi Premium Chart

The LIC Bhagyalakshmi Plan Premium Chart is used to estimate the benefits offered by this New Micro Insurance plan. Following are some of the sample annual tabular premium rates (exclusive of service tax) per Rs. 1000/- Sum Assured. So, once refer this LIC Bhagya Lakshmi Premium chart before buying to get a clear idea about the plan.

Sample Premium Rates:

How to Buy LIC Bhagya Lakshmi Plan 829 ?

The Buying procedure of LIC Bhagya Lakshmi Plan is very simple if you have all the information regarding documents with you. The policyholder can buy this LIC New Micro Insurance Plan 829 either in online or offline mode by visiting the official website of LIC India or approaching the LIC agents. In online mode, you can pay the premium amount through Net Banking or Credit Card or Debit Card. Whereas in offline mode, you should visit the LIC branch office and pay the premium using Cash or Demand Draft.

The required documents to buy the LIC Bhagyalakshmi Plan is listed below.

• Application form/ Proposal form.
• Address proof.
• Age proof.
• Medical reports (if required).

Claim Process of LIC Bhagya Lakshmi Policy

While lodging the claim in case of death of the Life Assured or after the policy term, following documents are needed for claim procedure of LIC Bhagya Lakshmi Policy.

• Original policy document.
• NEFT form.
• Discharge form.
• Cancel check or Bank Passbook xerox.
• Medical treatment before the death.
• Death certificate.
• Proof of accident/ Disability.

Additional Information about LIC New Bhagya Lakshmi Micro Insurance Plan

Paid-Up Value

For policies with Premium Paying Term (PPT) less than 10 years if after at least 2 years premiums have been paid and for policies with PPT 10 years or more if after at least 3 full years premiums have been paid and any subsequent premium be not duly paid, this policy shall not become wholly void, but exists as a paid-up policy. The amount payable on death under a paid-up policy shall be reduced to such a Sum called Death Paid-up Sum Assured, and the amount payable at maturity shall be reduced to a sum called Maturity Paid-up Sum Assured. Where,

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 insured can surrender the policy at any time during the policy tenure provided the premiums have been paid for at least 2 consecutive years if premium paying term is less than 10 years and for at least 3 consecutive years if premium paying term is 10 years or more. The Guaranteed Surrender Value (GSV) is equal to Guaranteed Surrender Value factor multiplied by total premiums paid (taxes and extra premium, if any are excluded). The GSV factor will depend on the policy term and policy year in which the policy is surrendered and is as given in the table below.

Loan

There is no loan facility available for this LIC’s New Bhagya Lakshmi Plan.

Tax

Taxes including service tax, if any, under this LIC Bhagya Lakshmi Plan shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

Free Look period

If the Life Assured is not satisfied with the “Terms and Conditions” of the policy, then he/ she may return the policy to the LIC India within the free look period, i.e., 15 days from the date of receipt of the policy stating the reason for objections.

Grace Period

The Grace period allowed for this LIC Bhagyalakshmi Plan is two calendar months but not less than 60 days for all modes of payments.

Revival

If premiums are not paid within the grace period then the policy will lapse. But you can revive the lapsed policy within a period of two consecutive years from the date of first unpaid premium or before the date of maturity.

Exclusions

Exclusions are the cases for which an insurance company does not provide coverage. The exclusions of LIC’s New Bhagya Lakshmi Policy is as under.

• The policy shall be void if the policyholder commits suicide at any time within 1 year from the date of commencement of risk, provided the policy is inforce; the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes and extra premium, if any.
• If the life assured commits suicide within 12 months from the date of renewal, then the amount paid will be higher of 80% of premiums paid till the date of death or surrender value exclusive of taxes and extra premium.

Here you can also refer other Micro Insurance plans available in LIC, i.e., New Jeevan Mangal Plan 840.

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