LIC Bima Lakshmi, a savings & protection plan for women | Fusion - WeRIndia

The Life Insurance Corporation of India (LIC) has introduced a new women-centric policy called LIC Bima Lakshmi on October 15, 2025.

This savings plus protection plan is designed to offer financial security, guaranteed returns, and periodic survival benefits, all within a fixed policy term of 25 years.

Bima Lakshmi allows flexibility in choosing the premium paying term, ranging from 7 to 15 years, making it both affordable and convenient.

The plan combines protection, savings, and regular payouts, making it suitable for women seeking long-term financial stability with life cover.

Key Features

• LIC Bima Lakshmi offers guaranteed additions at a fixed rate throughout the policy term.
• Policyholders can choose from three different survival benefit options, determining how and when they receive payouts.
• Money-back payments are available every two or four years or after the premium paying term, depending on the chosen option.

The policy also allows flexibility in benefit payments; both maturity and death benefits can be received in instalments over 5, 10, or 15 years, rather than a single lump sum.

Another highlight is the auto-cover continuation, which keeps the insurance protection active even if premiums stop after three full years of payment.

Eligibility and Sum Assured

• The minimum Basic Sum Assured is ₹2,00,000, with no upper limit.
• Entry age ranges from 18 to 50 years, and the policy must run for 25 years.
• Premiums are payable in multiples of ₹10,000, providing flexibility based on financial goals.

Benefits

Death Benefit: If the policyholder passes away during the term, the nominee receives the sum assured on death plus accrued guaranteed additions. The minimum payout is 105% of total premiums paid.

Maturity Benefit: On surviving till maturity, the policyholder receives the Basic Sum Assured plus accumulated guaranteed additions.

Survival Benefit: Depending on the chosen option, a portion of the Basic Sum Assured is paid during the policy term.

Guaranteed Additions: These accumulate at 7% of the annual premium for every completed policy year during the premium-paying term.

Policyholders can enhance coverage by adding optional riders:

• LIC’s Accidental Death and Disability Benefit Rider
• LIC’s Accident Benefit Rider
• LIC’s New Term Assurance Rider
• LIC’s Female Critical Illness Rider, which offers a lump-sum payout on diagnosis of specified illnesses.

LIC Bima Lakshmi is available both offline through LIC branches and online via the official website.

With guaranteed returns, flexible payout options, and special benefits for women, the plan aims to promote financial independence and protection for women across India.

Image Credit: Rajasekhar1961, CC0 1.0, via Wikimedia Commons

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