Life Insurance Corporation of India (LIC) is one of the most trusted insurance providers in the country, offering various life insurance plans tailored to different needs. Among its latest offerings, the LIC Bima Sakhi Plan has gained attention for its unique benefits and eligibility criteria. This policy provides a mix of savings and protection, making it an attractive choice for individuals looking for financial security.
What is LIC Bima Sakhi Plan?
LIC Bima Sakhi Plan is a non-linked, non-participating life insurance policy that offers financial protection to policyholders and their families. It provides guaranteed benefits upon maturity, along with life cover to ensure financial security in case of unforeseen circumstances.
Key Features of LIC Bima Sakhi Plan
- Guaranteed Maturity Benefits: The plan offers assured returns on investment upon policy completion.
- Life Cover: In case of the policyholder’s demise during the policy term, the nominee receives a lump sum payout.
- Flexible Premium Payment: Policyholders can choose from different premium payment options based on their financial convenience.
- Loan Facility: After a certain period, policyholders can avail loans against their policy.
- Tax Benefits: Premiums paid under this plan qualify for tax deductions under Section 80C of the Income Tax Act.
Minimum Qualification to Join LIC Bima Sakhi Plan
To ensure eligibility, one must meet the following criteria:
- Minimum Entry Age: 18 years
- Maximum Entry Age: 55 years
- Policy Term: 10 to 25 years
- Minimum Sum Assured: Rs.1,00,000
- Maximum Sum Assured: No upper limit (subject to underwriting conditions)
- Premium Payment Mode: Yearly, half-yearly, quarterly, or monthly
Benefits of LIC Bima Sakhi Plan
1. Financial Security for the Family
The plan provides a death benefit to the nominee in case of the policyholder’s unfortunate demise, ensuring their family is financially secure.
2. Guaranteed Maturity Payout
If the policyholder survives the policy term, they receive a guaranteed lump sum maturity benefit.
3. Loan Against Policy
After a certain number of years, the policyholder can avail a loan against the policy, providing liquidity in case of financial emergencies.
4. Tax Savings
Policyholders can claim tax deductions on premiums paid, and the maturity amount is tax-free under Section 10(10D) of the Income Tax Act.
5. No Market Risks
Unlike ULIPs or mutual funds, LIC Bima Sakhi is a non-linked plan, meaning returns are not affected by market fluctuations.
Example Case: LIC Bima Sakhi Plan Calculation
- Policyholder: Ramesh, Age 35
- Sum Assured: Rs.10,00,000
- Policy Term: 20 years
- Premium Paying Term: 15 years
- Annual Premium: Rs.50,000 (approximate, varies as per LIC’s actual rates)
- Maturity Amount: Rs.18,00,000 (Sum Assured + Bonuses)
Breakdown of Benefits
1. Death Benefit
If Ramesh passes away during the policy term, his nominee will receive:
- Sum Assured on Death: Rs.10,00,000
- Accrued Bonuses: Rs.3,00,000 (example assumption)
- Total Payout to Nominee: Rs.13,00,000
2. Maturity Benefit (If Ramesh Survives Full Term)
At the end of 20 years, Ramesh will receive:
- Sum Assured: Rs.10,00,000
- Reversionary Bonus + Final Additional Bonus: Rs.8,00,000 (example assumption)
- Total Maturity Payout: Rs.18,00,000
3. Loan Facility
After 3 years, Ramesh can avail a loan of up to 80% of the surrender value if required.
4. Surrender Value
If Ramesh surrenders the policy after 10 years, he will get approximately 40-50% of the total premiums paid.
This is a general example based on estimated LIC rates. The actual premiums and benefits will depend on LIC’s latest policy terms, bonus rates, and additional features.
Why Should You Invest in LIC Bima Sakhi Plan?
- Ideal for individuals looking for stable returns and risk-free investment.
- Helps build long-term financial security for policyholders and their families.
- Provides an additional source of funds through loan facilities.
- Offers flexibility in premium payment and tenure selection.
Investing in LIC Bima Sakhi Plan ensures a combination of security and savings, making it an excellent choice for those seeking financial stability. Before choosing this plan, carefully assess your financial goals and select a tenure and sum assured that aligns with your needs.
