LIC Launches Two New Insurance Plans: Jan Suraksha & Bima Lakshmi; Check Eligibility, Benefits, Premium & All

Life Insurance Corporation of India (LIC) has introduced two new insurance plans; LIC Jan Suraksha Plan (880) and LIC Bima Lakshmi Plan (881) aimed at serving distinct segments of the population. These are LIC's first offerings under the newly implemented next-generation GST regime, according to a statement by the insurer.

LIC Jan Suraksha Plan (880): Affordable Coverage for Low-Income Groups

The LIC Jan Suraksha Plan (UIN: 512N388V01) is a life micro-insurance, non-linked, non-participating individual savings plan targeted at the lower-income demographic. It offers a lump sum benefit on maturity and financial protection to the family in case of the policyholder's death during the term.

This endowment plan comes with guaranteed additions of 4% of the annualised premium every policy year, which will accrue throughout the term of the policy.

Key Details of LIC Jan Suraksha Plan: Eligibilty, Policy Term, Premium and All

• Eligibility: Entry age between 18 and 55 years
• Sum Assured: Minimum Rs 1,00,000; Maximum Rs 2,00,000 (in multiples of Rs 5,000)
• Policy Term: 12 to 20 years
• Premium Paying Term: Policy term minus 5 years
• Payment Mode: Limited premium
• Auto Cover: Available after 3 full years of premium payments
• Policy Loan: Available after one year and one full premium payment

LIC Bima Lakshmi Plan (881): Exclusive Insurance Plan for Women

The second plan, LIC Bima Lakshmi Plan, is a non-linked, savings-cum-protection plan designed exclusively for women. It offers life cover, fixed periodic money-back benefits, and coverage for select critical illnesses through an optional rider.

In-force policies will receive guaranteed additions of 7% of the total tabular annual premium each year. Paid-up policies will earn proportionate guaranteed additions.

Key Details For LIC Bima Lakshmi Plan: Eligibilty, Policy Term, Premium and All

• Eligibility: Women aged 18 to 50 years
• Policy Term: 25 years
• Premium Paying Term: 7 to 15 years
• Minimum Sum Assured: Rs 2,00,000 (in multiples of Rs 10,000)
• Maximum Sum Assured: No upper limit (subject to underwriting)
• Auto Cover: Activated after 3 years of premium payments
• Riders: Female critical illness rider and other standard riders available

Additional Features of This Newly Launched LIC Scheme:

• Choice of three survival benefit options
• Option to defer survival benefits
• Installment-based payout option for maturity or death benefits
• Attractive incentives for higher sum assured
• Option to enhance coverage through rider benefits

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