The Life Insurance Corporation of India (LIC) has launched two new schemes. The first is the LIC Jan Suraksha Yojana, specifically for low-income individuals. The second is the LIC Bima Lakshmi Yojana, exclusively for women. LIC stated that these two schemes are LIC's first products under the new GST regime.

1. LIC Jan Suraksha Yojana (880)
This is a life microinsurance scheme. It is a non-participating, non-linked individual savings insurance plan. The benefit of this plan is that if the policyholder unfortunately dies during the policy term, their family will receive financial assistance. If the policyholder survives, they will receive a lump sum upon maturity.

This is an endowment plan that also offers guaranteed additions. These guaranteed additions will be added annually at the rate of 4% of the annualized premium throughout the policy term. To purchase this plan, you must be at least 18 years of age and at most 55 years of age.

What is the Basic Sum Assured?
The minimum basic sum assured in this plan is ₹100,000. The maximum basic sum assured per person is ₹200,000. The basic sum assured will be in multiples of ₹5,000. The policy term for the Jan Suraksha Plan can range from 12 to 20 years. The premium payment period will be 5 years less than the policy term.

Key Features of the Jan Suraksha Plan
This is a life microinsurance plan.
Premiums can be paid for a limited period.
Auto cover is available after paying the full premium for three years.
Policy loan facility is available after paying the full premium for one year and completing the first year of the policy.
Guaranteed additions are available from the beginning to the end of the policy.

2. Bima Lakshmi Plan (881)
LIC Bima Lakshmi Plan is a non-linked plan. It provides life insurance cover and pays back money every 2 to 4 years or at a fixed period after premium payments stop. This plan is specifically designed for women. It also covers certain illnesses and offers attractive guaranteed maturity benefits upon maturity.

You must be at least 18 years old to purchase this plan and a maximum of 50 years old. The policy term is 25 years, while the premium payment period can be chosen from 7 to 15 years.

What is the Basic Sum Assured?
The minimum Basic Sum Assured in this plan is ₹2,00,000. There is no maximum Basic Sum Assured per person. This depends on LIC's underwriting policy. The Basic Sum Assured can be taken in multiples of ₹10,000.

Key Features of Bima Lakshmi Plan
This is a comprehensive insurance plan specifically designed for women. It provides protection, savings, and survival benefits.
Guaranteed additions are available as a percentage of the total tabular annual premium paid during the policy term.
This plan allows women to choose survival benefits from three options.
There is also the option to receive survival benefits later.
The premium payment term can be chosen from 7 to 15 years.
The maturity or death benefit can be paid in installments.
Auto cover is available after paying the full premium for three years.
Attractive incentives are available for a higher sum assured.
There is also the option to increase coverage by choosing rider benefits by paying an additional premium.

Illnesses will also be covered.
LIC's auto cover facility becomes available after paying the full premium for three years under the Bima Lakshmi plan. In addition to other riders, a female critical illness rider can also be availed by paying an additional premium. According to LIC, 7% of the total tabular annual premium will be available every year as guaranteed additions for in-force and paid-up policies. Guaranteed additions will be added proportionately at the applicable rate.

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