LIC Bima Lakshmi Plan is a new guaranteed-return, women-only LIC savings plus protection plan that offers limited premium payment, periodic money-back, and a lump-sum maturity benefit with life cover for the entire term.
What is LIC Bima Lakshmi Plan?
LIC’s Bima Lakshmi (Plan No. 881) is a non-linked, non-participating, limited premium money-back endowment plan launched in 2025 exclusively for women. It combines life insurance protection with assured savings, guaranteed additions, and survival benefits at fixed intervals during the policy term.
Policy term is fixed at 25 years, while the premium paying term is limited and can be chosen from available options. LIC Bima Lakshmi Plan 881 comes with several unique features that make it different from traditional LIC policies.
The plan is designed for women who want guaranteed returns, disciplined savings, and family protection in a single LIC policy.
Key Features of LIC Bima Lakshmi
Plan type: Non-linked, non-participating, limited premium, savings-cum-protection money-back plan for women only.
Minimum Sum Assured: ₹2,00,000; no upper limit subject to LIC underwriting rules.
Guaranteed Additions (GA) are added every policy year and paid along with maturity or death benefit as per policy conditions.
Auto cover feature: After payment of at least three full-year premiums, life cover continues automatically for a limited period even if premiums are not paid (as per policy terms).
Optional LIC Female Critical Illness Rider available with specific limits and conditions to cover women-specific illnesses and pregnancy-related complications.
Eligibility, Premium Term and Age Limits
Understanding eligibility and premium structure is important for prospects searching for LIC Bima Lakshmi Plan details in India.
Entry age: 18 years (completed) to generally 50 years for eligible women, subject to rider module and underwriting.
Policy term: Fixed at 25 years for all options under this plan.
Premium Paying Term (PPT): Limited premium options (for example 7, 10, 12 years etc.) as specified by LIC for this plan, while risk cover continues for the full term.
Premium mode: Yearly, half-yearly, quarterly, or monthly (through NACH/Salary) as per LIC’s standard rules.
Benefits of LIC Bima Lakshmi Plan
LIC Bima Lakshmi is popular for its guaranteed survival payouts, maturity benefit, and strong death cover for women.
Survival Benefit: A fixed percentage of Basic Sum Assured is paid at specified intervals during the policy term if the life assured survives those dates, helping with periodic financial needs.
Maturity Benefit: On survival till maturity, the remaining Basic Sum Assured along with accumulated Guaranteed Additions is payable, making it a long-term wealth-creation tool.
Death Benefit: If the life assured dies during the policy term, nominee receives Sum Assured on Death plus accrued Guaranteed Additions, subject to a minimum of 105% of total premiums paid (excluding taxes and riders) as per product conditions.
Tax benefits: Premiums and benefits are generally eligible for tax benefits under prevailing sections of the Income Tax Act (subject to change and individual eligibility).
Riders, Surrender, Loan and Other Important Provisions
The plan offers extra protection options and liquidity features that many women and LIC agents search for while comparing LIC Bima Lakshmi with other LIC plans.
Female Critical Illness Rider: Optional rider with multiple modules (like cancer, women-specific surgeries, pregnancy-related complications) with defined maximum rider sum assured for each module.
Policy Loan: Loan facility is available after payment of at least three full years’ premiums, with surrender value acting as security and interest rate as per LIC’s prevailing rate.
Surrender Value: The policy acquires Guaranteed Surrender Value after payment of minimum required premiums, and Special Surrender Value may be paid if more favourable, as per LIC rules.
Paid-up & Revival: If premiums stop after paying the minimum, the policy may continue as paid-up with reduced benefits, and a lapsed policy can usually be revived within a specific period by paying due premiums with interest and satisfying health conditions.
