This plan specially designed for low income people, is a plan with low sum assured. There is no GST in this. Also, you do not have to undergo any kind of medical test in taking this policy.
Term plan with return premium
In this policy, you get a term plan with return premium. Which means that you will be given 110 percent of the maturity premium that you will pay while taking the policy. The tenure of this premium plan is limited.
Premium for fewer years
In this, you have to pay premium for less than the term of the policy. The minimum age for this is 19 years and the maximum is 55 years. Also, you can take this policy for a minimum tenure of 5 years and a maximum term of up to 13 years.
This is also advantage
In this policy, you get another special benefit, if you have taken this policy for a minimum period of 5 years, then you will be given 2 years more life coverage.
How much money on maturity
The minimum sum assured in this policy is 20 thousand rupees and maximum 50 thousand rupees. You get the option to choose from monthly, quarterly, half yearly and yearly term to pay the premium of this policy. The person gets 110 per cent of the premium paid during the policy, on maturity of the policy.
What are the provisions in the policy on suicide
If the policyholder commits suicide within 1 year of taking the policy due to some unfortunate situation, then they do not get any benefit in the policy. But after one year, the benefit of coverage is given to the person in case of such an incident.
No loan facility
Loan facility is not given to the investor in LIC Bhagya Lakshmi Policy. However, the facility of surrender is given in this. If the person has surrendered the policy, then 30 to 90 percent of the deposited money is given to him. The more days the policy lasts, the higher is its surrender value.
