LIC Jan Suraksha And Bima Lakshmi Plans: Policy Term, Age Limit, Sum Assured Details

India’s leading insurer, Life Insurance Corporation (LIC), has rolled out two new schemes designed to meet the needs of specific demographic groups. Launched on 14 October, the LIC Jan Suraksha and LIC Bima Lakshmi plans aim to provide affordable insurance coverage for lower-income families and women, respectively. According to experts, these schemes reflect LIC’s focus on financial inclusion and targeted protection. Both plans are now available for subscription, marking LIC’s first insurance products under the updated next-generation GST framework.

LIC Jan Suraksha: A Microinsurance Plan For Low-Income Groups

The LIC Jan Suraksha scheme is a non-linked, non-participating insurance plan tailored specifically for economically weaker sections of society. Experts note that microinsurance plans such as this are designed to balance affordability with meaningful coverage. Premiums are kept low, and payment schedules are flexible to accommodate the financial realities of low-income households.

This plan offers financial support to families in the unfortunate event of the policyholder’s death during the policy term. In addition, surviving policyholders receive a lump sum amount at maturity. The endowment plan also includes guaranteed additions, accruing at 4 per cent of the annualised premium each policy year throughout the term.

Eligible applicants must be between 18 and 55 years old. The basic sum assured ranges from Rs 1,00,000 to Rs 2,00,000, with multiples of Rs 5,000 permitted. Policy terms span 12 to 20 years, while the premium paying term is calculated as the policy term minus five years.

Experts suggest that such plans are particularly suitable for first-time insurance buyers seeking reliable coverage without high premiums.

LIC Bima Lakshmi: Life Cover And Savings For Women

The LIC Bima Lakshmi plan is also non-linked and non-participating, designed primarily to provide life cover and maturity benefits for female policyholders. According to financial advisors, schemes targeting women can play a crucial role in promoting financial security and independence.

Applicants for this plan must be aged 18 to 50. The minimum basic sum assured is Rs 2,00,000, with no defined upper limit, subject to LIC’s underwriting norms. Multiples of Rs 10,000 are allowed for the basic sum assured. The policy term is set at 25 years, with the premium paying term ranging from 7 to 15 years.

Experts highlight that such schemes are particularly valuable for women seeking long-term savings options alongside life protection. The flexibility in premium payment terms allows policyholders to align contributions with income growth or other financial commitments.

Accessibility And Benefits Of The New LIC Schemes

Both LIC Jan Suraksha and LIC Bima Lakshmi plans are structured to be accessible while providing meaningful protection and potential savings. Experts point out that non-participating schemes simplify the insurance product for first-time buyers, as returns are predictable and guaranteed additions provide added value.

The focus on low premiums, flexible terms, and targeted coverage ensures that vulnerable or underserved populations can obtain financial protection without significant strain. For women, in particular, schemes like LIC Bima Lakshmi can enhance financial independence and security over a long-term horizon.

Expert Recommendations For Prospective Buyers

Financial experts recommend that interested applicants carefully evaluate their income, future obligations, and insurance needs before subscribing to these plans. LIC’s targeted products can serve as foundational tools for financial planning, but policyholders should seek guidance to optimise coverage and align it with long-term objectives. Experts emphasise that reviewing the terms, maturity benefits, and sum assured multiples is crucial for maximising value.

Disclaimer: This article is for informational purposes only and is intended to provide awareness about LIC insurance schemes. It does not constitute financial advice. Prospective investors and policyholders are encouraged to consult certified financial advisors before making any insurance or investment decisions.