LIC Bima Lakshmi Plan: In today's world, women are playing a strong role not only in the home but also in financial decision-making. Therefore, savings plans that also provide security are extremely important for them. The LIC Bima Lakshmi plan (Plan 881) is one such special policy, designed specifically for women. This plan is an excellent combination of savings, insurance coverage, and periodic payouts.

What is the LIC Bima Lakshmi Plan?
Bima Lakshmi is a money-back life insurance policy, meaning it not only provides life insurance coverage but also returns a certain amount at fixed intervals during the policy term. A lump sum is paid at maturity. In this way, this plan fulfills both security and savings needs.

Who can take this policy?
This plan is specifically designed for women, with women aged 18 to 50 years eligible to invest. It is also possible to take out a policy in the name of minor daughters, which is operated through a guardian. The total policy term is 25 years, while several options are available for premium payment, such as 7, 10, and 15 years, allowing for selection based on individual needs.

Key Features of this Plan:
This plan offers guaranteed life cover along with savings. Money is also returned periodically as a survival benefit during the policy term. Rider options are available for additional protection, such as critical illness cover. Loan facility is available after 3 years of taking the policy. Automatic cover is also provided if premium payments stop after a certain period. Additionally, this plan offers tax benefits, with deductions available on premiums under Section 80C and on the maturity amount under Section 10(10D).

How much money can be accumulated? (How Much Can You Get?)
Let's say a 40-year-old woman takes out this policy with a basic sum assured of ₹3,00,000 and a monthly premium of approximately ₹4,450 (i.e., about ₹53,400 annually), payable for 15 years. This policy provides a survival benefit of approximately ₹22,000 every two years, and an estimated amount of over ₹13 lakh is received upon policy maturity. Adding the survival benefits and the maturity amount, the total benefit could be around ₹16 lakh, while life insurance coverage remains in effect throughout the policy term. Thus, by paying a total premium of approximately ₹8 lakh, there is a possibility of receiving more than double the amount in the future, along with ensuring financial security for the family.

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