LIC’s New Microinsurance Plan – BHAGYA LAKSHMI 829 21

New Micro Insurance PlanBhagya Lakshmi (Table No. 829)

Features and Benefits:

  • Minimum Age at Entry: 18 years
  • Maximum Age at Entry: 55 years
  • Minimum Premium Paying Term: 5 years
  • Maximum Premium Paying Term: 13 years
  • Minimum Policy Term: 7 years
  • Maximum Policy Term: 15 years
  • Maximum Maturity Age : 65 Yrs
  • Minimum Sum Assured : Rs. 20,000
  • Maximum Sum Assured : Rs. 50,000
  • Sum Assured in multiple of Rs. 1000
  • Mode of premium payment: Yearly, Half yearly, Quarterly, Monthly and SSS.
  • Grace Period: 60 days.
  • Rebate on Mode: Yearly 2%, Half yearly 1%


  • On Maturity : 110% of premium paid
  • On Death: Sum Assured

Death Benefit : If the demise of the Life Assured occurs before the stipulated date of maturity, provided that the policy is in force by paying up-to-date premiums, then the nominee will get Sum Assured under the policy as Death Benefit. Where Sum Assured is the amount of money received along with the applicable bonus at the end of the policy term.

Maturity Benefit : If the insured survives to the date of maturity, provided the policy is in force, then Sum Assured on Maturity shall be payable which is equal to 110% of total amount of premiums payable during the term of the contract. Taxes and extra premium, if any, are excluded.

Paid-Up Value : For policies with Premium Paying Term (PPT) less than 10 years if after at least 2 years premiums have been paid and for policies with PPT 10 years or more if after at least 3 full years premiums have been paid and any subsequent premium be not duly paid, this policy shall not become wholly void, but exists as a paid-up policy. The amount payable on death under a paid-up policy shall be reduced to such a Sum called Death Paid-up Sum Assured, and the amount payable at maturity shall be reduced to a sum called Maturity Paid-up Sum Assured. Where,

Death Paid-up Sum Assured = Sum Assured on Death * (number of premiums paid/ number of premiums payable during the policy tenure).

Maturity Paid-up Sum Assured = Sum Assured on Maturity * (number of premiums paid/ number of premiums payable during the term of the policy).

Surrender Value : The insured can surrender the policy at any time during the policy tenure provided the premiums have been paid for at least 2 consecutive years if premium paying term is less than 10 years and for at least 3 consecutive years if premium paying term is 10 years or more. The Guaranteed Surrender Value (GSV) is equal to Guaranteed Surrender Value factor multiplied by total premiums paid (taxes and extra premium, if any are excluded).

Loan : There is no loan facility available for this LIC’s New Bhagya Lakshmi Plan.

Tax : Taxes including service tax, if any, under this LIC Bhagya Lakshmi Plan shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

Free Look period : If the Life Assured is not satisfied with the “Terms and Conditions” of the policy, then he/ she may return the policy to the LIC India within the free look period, i.e., 15 days from the date of receipt of the policy stating the reason for objections.

Grace Period : The Grace period allowed for this LIC Bhagyalakshmi Plan is two calendar months but not less than 60 days for all modes of payments.

Revival : If premiums are not paid within the grace period then the policy will lapse. But you can revive the lapsed policy within a period of two consecutive years from the date of first unpaid premium or before the date of maturity.

Exclusions :

Exclusions are the cases for which an insurance company does not provide coverage. The exclusions of LIC’s New Bhagya Lakshmi Policy is as under.

  • The policy shall be void if the policyholder commits suicide at any time within 1 year from the date of commencement of risk, provided the policy is inforce; the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes and extra premium, if any.
  • If the life assured commits suicide within 12 months from the date of renewal, then the amount paid will be higher of 80% of premiums paid till the date of death or surrender value exclusive of taxes and extra premium.

21 thoughts on “LIC’s New Microinsurance Plan – BHAGYA LAKSHMI 829

  1. Reply K R Maniramnath Nov 22,2014 12:43 PM

    Kindly guide me on the above by e-mail for taking policy. Thanking you.

  2. Reply RAJEEV KUMAR Nov 30,2014 10:59 AM

    Please provide the Redye Recknor

  3. Reply omparkash Dec 13,2014 2:51 PM

    Give me more information about bhagye laksmi plan 829.

  4. Reply prabu Dec 18,2014 2:58 PM

    Please provide the Redye Recknor

  5. Reply Ramesh Dec 31,2014 9:39 AM


  6. Reply pl give me detail information and ready recknor Jan 17,2015 5:08 AM

    Looking nice plan for sell

  7. Reply suyog khare Jan 24,2015 5:54 AM

    give mi premium details

  8. Reply ashish Jan 26,2015 4:39 PM

    is any rebate given in income tax?

  9. Reply Bhagya Lakshmi (Table No. 829) Jan 29,2015 3:19 PM

    GIVE THE PREMIUM DETAILS (Bhagya Lakshmi (Table No. 829))

  10. Reply sudhanshu prasad Feb 17,2015 10:17 AM

    dear sir
    please give the premium datail table no -829 01502 12j

  11. Reply nitesh Mar 3,2015 4:42 AM

    Dear sir
    please give the premium datail table no -829 in my mail id

  12. Reply bvn satyanarayna Mar 6,2015 3:30 PM


    i requested i am white card holder i take bhagyalakshmi micro insucrance plan lic send details tb 829 and 830 send details in telugu language my mail

  13. Reply SHIV KUMAR MISHRA May 5,2015 7:09 AM

    kabhi lauch ho raha hai

  14. Reply panneer May 18,2015 5:51 AM

    please can you advice me more detail about this policy

  15. Reply Revathi May 26,2015 10:34 AM

    can you provide me more detail about this plan

  16. Reply Bhagya laskhmi 829 Jun 13,2015 8:10 AM

    Kindly Please send me the premium complete details on my email i want to take this premium.

  17. Reply Premium Chart Jul 13,2015 4:09 PM

    Premium Chart

  18. Reply Rajendra L Tailor Jul 13,2015 4:12 PM

    Send me Premium chart Age wise with S.A. 20000+25000+50000 on my

  19. Reply lakshman Aug 12,2015 9:21 AM

    send me a premium chart age wise

  20. Reply ASHOK SAHOO Nov 9,2015 11:50 AM

    can you send details of this policy.

  21. Reply Raghubir Singh Jun 11,2017 5:06 PM

    If I invest 200000rs in 8 years in plan no. 829 bhagya Lakshmi plan. After 8 years how much I will get amount

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