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LIC’s Micro Insurance Plans are not plans but opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance, investment and a lifetime of happiness!.
LIC’s Bhagya Lakshmi is a non-par limited payment protection oriented plan with return of 110% of total amount of premiums payable on maturity where the premium paying term is 2 years lesser than the policy term.
On Life Assured's death before the stipulated Date of Maturity, provided the policy is in full force by paying up-to-date premiums, “Sum Assured on Death” equal to Sum Assured under the policy shall be payable.
Provided the policy is inforce, on surviving to the date of maturity, “Sum Assured on Maturity” shall be payable which is equal to 110% of total amount of premiums payable during the term of the contract (excluding taxes and extra premium, if any).
The modes of premium payment allowable are Yearly, Half Yearly, Quarterly or Monthly. Single Premium mode is available for terms from 5 to 10 years.
A grace period of two calendar months but not less than 60 days will be allowed for all modes of payments.