LIC Bhagya Lakshmi Plan 939, Benefits, Features, parameter and Review
Table of Contents
LIC of India new plan launched on 1st. february 2020 which name is LIC’s Bhagya Lakshmi Plan 939 (LIC Table no. 939) is a Non-Linked, Non-Participating, Individual, Life, Micro Insurance, Term Plan with Return of 110% of Premiums on Maturity.
LIC’s Bhagya Lakshmi plan 939 is a limited premium paying, Non-linked, Non-participating Individual, Life, Micro Insurance, savings plan with return of 110% of total amount of premiums payable on maturity.
LIC’s Bhagya Lakshmi Plan 939 (LIC Table no. 939) provides financial protection for the family of the deceased policyholder any time before maturity. The main benefit of this plan is it has the limited premium payment term.
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Key Features
- 18 years is the minimum age of entry in this insurance plan.
- Premiums need to be paid for less number of years than Maturity year
- Ideal Plan for planning lower class people like farmer, labour etc.
- Maturity amount is tax free under 10 (10D).
- 60 days of the grace period is given if you are unable to pay the premium on the due date
- There is no need for a medical examination in this insurance plan.
LIC’s Bhagya Lakshmi Plan 939 Parameters/Eligibility
| Minimum Age at Entry | 18 Years (Completed) |
| Maximum Age at Entry | 42 years (nearer birthday) for Premium Paying Term 5 years 55 years (nearer birthday) for Premium Paying Term 6 to 13 years subject to Maximum Maturity Age of 65 years |
| Maximum Age at Maturity | 65 Years |
| Premium Paying Mode | Yearly, Half Yearly, Quarterly, Monthly |
| Policy Term | Premium Paying Term + 2 years |
| Premium Payment Term | 5 to 13 years |
| Basic Sum Assured | 20,000 and above (in multiple of 1,000) to 50,000 |
| Loan | No Loan available |
| Surrender | After 1 years of premium payment |
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Rebates in LIC’s Bhagya Lakshmi Policy 939
Rebate means discount on premium. One rebates in this policy one is Mode Rebate only.
Mode Rebate: Rebate given based on premium payment mode chosen.
| Premium Payment Mode | Percentage(%) Tabular premium |
| Yearly Mode | 2% |
| Half yearly Mode | 1% |
| Quarterly and Monthly | Nil |
Benefits
Maturity Benefits
LIC’s Bhagya Lakshmi Plan 939 Maturity Benefit = On Life Assured surviving to the end of policy term, , “Sum Assured on Maturity” equal to 110% of total amount of premiums payable during the term of the contract shall be payable provided all due premiums have been paid.
The premium referred above shall not include any taxes and extra premium, if any.
Death Benefits
LIC’s Bhagya Lakshmi Plan 939 Death Benefit = On Life Assured’s death before the stipulated Date of Maturity, provided the policy is in-force by paying up-to-date premiums, “Sum Assured on Death” shall be payable; where “Sum Assured on Death” is defined as highest of 7 times of annualised premium or 105% of total premiums paid upto the date of death or Sum Assured.
The premium referred above shall not include any taxes and extra premium, if any
Read also : LIC new Jeevan Anand plan 915 lifetime plan
LIC’s Bhagya Lakshmi Plan 939 Surrender, Loan and Paid-up value.
LIC’s Bhagya Lakshmi Plan 939 Surrender, Loan and Paid-up value details is given below.
Surrender period : Policy can be surrender after 1 years at least 1 full years payment of premiums.
Loan Facility : No Loan facility is available under LIC’s Bhagya Lakshmi Plan 939.
Paid-up value : Once a LIC’s Bhagya Lakshmi Plan 939 policy has completed minimum 1 full years and more premiums paid, and policyholder chooses to stop paying further premiums, it automatically becomes eligible for paid-up value.
Paid-up value formula
| Paid-up value = Sum Assured * Total number of premiums paid/Total number of premiums to be paid |
Also Read this : Invest 10K per month & Get Rs 1 Cr returns
Additional information
Revival : Policy should be revived before 5 years from last unpaid premiums.
Loan Facility : No Loan facility is available.
Suicide Clause : If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 1 year. Full Sum assured + Bonus will be paid by LIC to their nominee.
Cooling off Period : Policy holder can return back policy within 15 days from date of receiving the policy.
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