LIC Bhagya Lakshmi Plan No 829 | LIC's New Term Plan Features

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LIC Bhagya Lakshmi Plan

Life Insurance Corporation of India has introduced a new Term Insurance plan called LIC Bhagya Lakshmi Plan as per the new IRDA guidelines. The LIC’s Bhagyalakshmi plan is a Micro Insurance policy with term insurance features. The Unique Identification Number of this LIC New Bhagya Lakshmi Plan is UIN: 512N292V01. The insured should quote this UIN number in all relevant documents that are required to buy the policy. LIC Bhagya Lakshmi Policy is a non-participating limited payment protection oriented plan with 110% of total amount of premiums payable on maturity are returned. The premium paying term for this LIC Term Plan 829 is two years lesser than the policy term.

Any life insurance policy with a sum assured of Rs. 50,000 or less is named as micro insurance. The Micro Insurance Plans of Life Insurance Corporation are not plans but opportunities that knock on your door once in a lifetime. Also, these micro insurance plans are a perfect blend of insurance, investment and a lifetime of happiness. The minimum entry age to acquire LIC’s Bhagya Lakshmi policy is 18 years, and the maximum entry age is 55 years. There is no loan facility available for this LIC Bhagya Lakshmi Plan. Here you can calculate the Premiums, Maturity benefits, and Death benefits using LIC Bhagyalakshmi Premium Calculator and LIC New Bhagya Lakshmi Premium Chart.

Eligibility Conditions of LIC New Bhagya Lakshmi Plan 829

S.No.	Conditions	Details
1.	Minimum Entry Age	18 years (completed).
2.	Maximum Entry Age	55 years (nearest birthday).
3.	Maximum Maturity Age	65 years (nearest birthday).
4.	Policy Term	Premium Paying Term + 2 years.
5.	Premium Payment Modes	Yearly. Half-Yearly. Quarterly. Monthly. Salary Deductions.
6.	Minimum Basic Sum Assured	Rs 20,000/-.
7.	Maximum Basic Sum Assured	Rs. 50,000/- (in multiples of Rs. 1000).
8.	Minimum Premium Paying Term	5 years.
9.	Maximum Premium Paying Term	13 years.

Benefits of LIC’s New Micro Insurance Plan 829

The Micro Insurance Plans of Life Insurance Corporation of India are not plans but opportunities that knock on your door once in a lifetime. Moreover, these policies are a perfect combination of insurance, investment and a lifetime of happiness. The Benefits offered by the LIC’s New Bhagya Lakshmi Plan 829 are as follows.

Death Benefit

If the policyholder dies before the specified date of maturity, provided the policy is in force by paying up to date premiums, then the nominee of the policy will get Sum Assured as Death Benefit. Where the Sum Assured under this LIC Bhagyalakshmi policy is defined as the amount of money received along with the relevant bonus at the end of the policy term.

Maturity Benefit

If the Life Assured survives to the maturity date, provided the policy is in force, then Sum Assured on Maturity will be paid by excluding the taxes and extra premium. Where the Sum Assured on Maturity is equal to 110% of the total premiums paid during the term of the contract.

LIC Bhagya Lakshmi Rebates

Rebate is the discount in premium that individuals will get if they pay premium amount annually. Rebates are available on the premium if the policyholder opts for the higher mode and take the high-risk cover policy. The rebate available for this LIC Bhagya Lakshmi Plan is Mode Rebate. High Sum Assured Rebate is not available for this LIC’s Micro Insurance Plan 829.

Mode Rebate:

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

Riders of LIC Bhagyalakshmi Plan

A Rider is an add-on provision to any insurance policy. Therefore it provides additional benefits to the life assured at an additional cost. In general, LIC provides three types of riders such as accidental death benefit, Critical illness, and Permanent disability riders. Under the accidental death benefit rider, if in case the death of the policyholder occurs due to an accident, then the nominee will get the money. The Insured can avail the Permanent disability rider if in case he/ she was suffering from a permanent disability due to some reason. And, the Critical illness rider can be used under critical health conditions like stroke, cancer, paralysis, etc. and provides for medical expenses before death. Unfortunately, there are no riders available for this LIC Bhagya Lakshmi Plan 829.

LIC New Bhagya Lakshmi Premium Calculator

One can calculate the premium rate of this plan using this LIC Bhagya Lakshmi Premium Calculator. Following are the required details to calculate the premium. LIC New Bhagyalakshmi Calculator is used to calculate the premium amount for yearly, half-yearly, quarterly and monthly modes.

Name.
E-Mail Id.
Mobile Number.
Age.
Policy Term.
Premium Paying 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 Term 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’s Bhagya Lakshmi Premium chart before buying to get a clear idea about the plan.

Sample Premium Rates:

Age in Years	Term (PPT) in years
Age in Years	7(5)	10(8)	15(13)
20	127.45	64.35	37.20
30	129.30	65.80	38.55
40	138.30	72.80	44.25
50	164.10	91.40	57.15
55	179.90	103.05	—

LIC Bhagya Lakshmi Policy Maturity Calculator

The Maturity calculator of the LIC Bhagya Lakshmi Plan helps the insured to calculate the maturity amount. Here the maturity amount is the amount that is payable to the policyholder during the maturity time. The Maturity value is calculated based on the previous year bonus rates. But the life assured should enter the basic details such as Age, policy term, sum assured, etc. to calculate the benefits. The LIC New Bhagyalakshmi Maturity Calculator also provides approximate returns associated with this micro-insurance plan.

LIC’s Bhagya Lakshmi Plan Buying Procedure

One can buy the LIC Bhagya Lakshmi Plan in two ways, i.e., either in online or offline mode. For Online mode, the individuals should refer the official website of LIC India. For offline mode, you should visit the nearest LIC Branch Office or Contact an LIC Agent of superior guidance. Following documents are required to buy LIC New Bhagya Lakshmi Policy.

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

Visit the nearest branch of LIC or approach any LIC Agent for the proposal form of LIC New Bhagyalakshmi Plan.

Claim Process of LIC Bhagya Lakshmi New Term Plan 829

The insured can claim this New Micro Insurance plan offered by the LIC India after the completion of the policy term. In the case of eventual death of the policyholder, the nominee can claim the policy instead of the insured. The documents required for claim process of LIC Bhagya Lakshmi New Term Plan 829 are given below.

Original Policy Document.
NEFT form.
Cancel check or Bank Passbook xerox.
Discharge form.
Death certificate.
Proof of Accident/ Disability (For rider circular).
Employer/ College/ School certificate for proof.
Medical Treatment before the death.

Additional Information about LIC’s New Bhagyalakshmi Plan (Table No. 829)

Paid-up value

For policies with Premium Paying Term 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 will not become void, but exists as a paid-up policy. The amount payable at maturity shall be reduced to a sum called Maturity Paid-up Sum Assured and the amount payable on death under a paid-up policy shall be reduced to such a Sum called Death Paid-up Sum Assured. The Death Paid-up Sum Assured and Maturity Paid-up Sum Assured are defined as follows.

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 policyholder can surrender the policy at any time during the policy term provided the premiums have been paid. If the premium paying term is less than 10 years, then he/ she can surrender the policy if the insured have been paid for at least 2 consecutive years. If the premium paying term is more than or equal to 10 years, then the life assured can surrender the policy by paying the premium for at least 3 consecutive years. The Guaranteed Surrender Value for this Bhagyalakshmi plan is equal to GSV factor multiplied by total premiums paid excluding the taxes and extra premium.

Grace Period

The Grace period available for this LIC Bhagya Lakshmi plan under all modes of payment is two calendar months but not less than 60 days.

Exclusions

Every insurance policy, including LIC term insurance plans, has certain conditions called Exclusions under which claims will not be entertained. The primary exclusion that applies to the policies issued by LIC is suicide committed by the policyholder. The New Bhagya Lakshmi Policy shall be void if the insured 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. Taxes and extra premium, if any are excluded.

In our policydunia.com site, we will provide all the LIC New policies. You can also refer other Micro Insurance plans of LIC, i.e., New Jeevan Mangal Policy here. So, keep visiting our site regularly.