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The LIC Bima Lakshmi plan is a money-back policy designed for women, offering savings, insurance protection, and periodic payouts. This scheme is considered a reliable option for future needs, tax savings, and financial stability.

In today's world, women are not only managing family responsibilities but also planning their own financial future. Therefore, the need for schemes that provide both savings and security, and offer support when needed, is increasing. The Life Insurance Corporation of India (LIC)'s Bima Lakshmi plan (Plan 881) is a special policy designed with this in mind. This scheme is specifically created for women. By investing ₹4,450 every month, you can build a fund of millions for yourself.

Bima Lakshmi is a money-back life insurance policy. This means that it not only provides insurance coverage but also returns a fixed amount at regular intervals during the policy term. This relieves women of the worry of having their money locked up for a long time. Upon completion of the policy, i.e., at maturity, a lump sum amount is paid, which can help with future needs such as children's education, marriage, or retirement planning. Thus, this plan becomes a balanced option for both security and savings.

What is LIC's Bima Lakshmi Scheme?

• This is a special money-back policy for women
• It provides life insurance cover along with savings
• Money is returned periodically during the policy term
• A lump sum amount is paid at maturity

Who can invest in LIC's Bima Lakshmi Scheme?

• Women aged 18 to 50 can take this policy
• Policy is also possible in the name of a minor daughter
• Premium options of 7, 10, and 15 years
• Benefits of tax savings and loan facility

What is the target of the Bima Lakshmi Scheme?

• Target Investors: Women
• Policy Term: 25 years
• Premium Term: 7 / 10 / 15 years
• Benefits: Insurance + Savings + Money Back
• Tax Benefits: Under 80C and 10(10D)

Why is the Bima Lakshmi Scheme best for women?

This policy can be taken by women aged 18 to 50 in their own name. Additionally, parents or guardians can also take this policy in the name of their minor daughter, which they manage themselves. The total policy tenure is 25 years, while premium payment options are available for 7, 10, and 15 years. This allows women to choose the premium term according to their income and needs. The policy cover continues even after the premium payment is completed, which makes it even more attractive.

How much can be accumulated?

If a 40-year-old woman invests in the LIC Bima Lakshmi plan and keeps the basic sum assured at ₹3 lakh, she will have to pay a monthly premium of approximately ₹4,450. This premium is paid for 15 years. During the policy term, a survival benefit of approximately ₹22,000 is received every two years, providing financial support at intervals.  Upon maturity, an estimated amount of more than ₹13 lakh can be received. Combining the survival benefits and the maturity amount, the total benefits can reach approximately ₹16 lakh. While paying a premium of approximately ₹8 lakh during this period, the woman gets life insurance protection along with the opportunity for more than double the return.

What are the features of the LIC Bima Lakshmi plan?

• Survival benefits are received at fixed intervals
• Continuous financial support
• Option to add riders as needed
• Additional protection like critical illness cover
• Loan facility available on the policy after a few years
• Auto cover remains active even if premium payments stop

Will I also get the benefit of tax savings? This plan is also beneficial from a tax-saving perspective. The premiums paid are eligible for deductions under Section 80C of the Income Tax Act, while the maturity amount may be tax-free under Section 10(10D) (subject to conditions).  Therefore, overall, the LIC Bima Lakshmi plan is a strong option for women who want to combine a safe investment option, regular income, and future planning.

Conclusion

The LIC Bima Lakshmi plan is a safe and reliable investment option for women, offering a balance of savings, insurance protection, and periodic payouts. This policy can prove to be a smart choice for women seeking long-term planning, tax savings, and financial security.

Important Questions Related to the Article (FAQs)

Q1 What is the LIC Bima Lakshmi plan?

It is a special money-back life insurance policy for women, offering both protection and savings.

Q2 Who can invest in this policy?

Women aged 18 to 50 years can invest, and guardians can take out the policy for their minor daughters.

Q3 How long do I have to pay premiums?

There are premium payment options of 7 years, 10 years, and 15 years.

Q4 Does this plan provide money during the policy term?

Yes, money is paid at fixed intervals during the policy term as a survival benefit.

Q5 Does it offer tax-saving benefits?

Yes, tax benefits are available on premiums under Section 80C and on the maturity amount under Section 10(10D).