LIC New Bhagya Lakshmi Micro Insurance Plan


LIC will be soon launching new plan Bhagya Lakshmi Table No 829. This insurance plan will be Micro insurance plan.Micro Insurance is special category made by IRDA to increase coverage of insurance for economic vulnerable section of society. Any life insurance plan with a sum assured of Rs 50,000 or less is called as micro insurance.

This policy will be for low-income people & maximum sum assured will be Rs.50, 000.  Premium of this policy is likely to be low. Those who cannot afford insurance policy for them this policy will be boon. Let’s take a look at features & benefits of Bhagya Lakshmi micro insurance plan.

BHAGYA 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

Premium rates of this policy are yet not available. So let us wait to analyze more.

Looking at features and benefit it seems to be good policy for low-income group. Those who cannot afford big policies they may opt for this policy, but in absence of premium table it will be difficult to evaluate this policy in detail.

As and when I get information about this policy I will update this post.

Do share your views on above post.

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Article by Raviraj

Raviraj is the man behind He is graduate in finance, engaged in blogging since 7 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

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  1. Tarun kr.gupta says:

    Dear sir i am 30years old and i am looking a suitable future plan for my pls suggest me what will be a best option for me?sukanya samriddhi yojna or any other plan.i can invest rs.12000/-per year.

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