LIC Bhagya Lakshmi Plan 829 Calculator
LIC Bhagya Lakshmi Plan 829 Calculator
LIC Bhagya Lakshmi Plan 829 was a microinsurance policy introduced by the Life Insurance Corporation of India (LIC) to provide affordable life insurance protection and savings benefits for individuals from low-income groups.
What is LIC Bhagya Lakshmi Plan 829?
LIC Bhagya Lakshmi Plan 829 was a non-linked, non-participating microinsurance plan with a limited premium payment structure. The plan offered life insurance protection during the policy term along with a guaranteed maturity benefit for policyholders who survived until the end of the policy period.
The plan was designed to make insurance accessible and affordable while providing financial security and a guaranteed return on eligible premiums paid.
Launch and Withdrawal Details
- Launch Date: 29 December 2014
- Withdrawal Date: 31 January 2025
Although the plan is no longer available for new purchases, existing policyholders continue to receive benefits according to the original policy conditions.
Eligibility Criteria
| Criteria | Details |
|---|---|
| Minimum Entry Age | 8 Years |
| Maximum Entry Age | 55 Years |
| Maximum Maturity Age | 65 Years |
| Minimum Sum Assured | ₹20,000 |
| Maximum Sum Assured | ₹50,000 |
| Policy Term | 7 to 15 Years |
| Premium Payment Term | Generally 2 years shorter than the policy term |
Key Features of LIC Bhagya Lakshmi Plan 829
Limited Premium Payment
Premiums are payable for a shorter duration than the overall policy term, reducing the long-term payment burden while maintaining insurance coverage.
Guaranteed Maturity Benefit
On survival until the end of the policy term, the policyholder receives 110% of the total premiums paid, excluding taxes, rider charges, and any extra premiums.
Death Benefit
If the life assured passes away during the policy term, the nominee receives the applicable death benefit as per policy provisions, helping provide financial support to the family.
Flexible Premium Payment Modes
Premiums could be paid through multiple modes, including:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
Grace Period
A grace period of 60 days was available from the premium due date, allowing policyholders additional time to make premium payments without immediate policy lapse.
Microinsurance Product
The plan was specifically developed to meet the insurance needs of economically weaker sections and low-income households.
LIC Bhagya Lakshmi Plan 829 Calculator
The LIC Bhagya Lakshmi Plan 829 Calculator helps policyholders estimate:
- Premium payable
- Total premium outgo
- Maturity benefit
- Death benefit
- Policy value based on selected inputs
Details Required for Calculation
To use the calculator, enter:
- Age at entry
- Sum Assured
- Policy Term
- Premium Payment Term
- Premium Payment Frequency
Based on these details, the calculator provides an estimate of premiums and expected policy benefits.
Benefits of the Plan
Maturity Benefit
Upon successful completion of the policy term and payment of all due premiums, the policyholder receives 110% of the total eligible premiums paid.
Death Benefit
In case of death during the policy term, the nominee receives the applicable death benefit according to the policy conditions.
Affordable Protection
The plan was designed to offer life insurance protection at a relatively low premium, making it suitable for individuals with limited financial resources.
Flexible Payment Options
Multiple premium payment modes allowed policyholders to choose a payment schedule that matched their income pattern.
Why Use the LIC Bhagya Lakshmi Plan 829 Calculator?
- Understand premium commitments before purchasing.
- Estimate maturity proceeds in advance.
- Compare different sum assured and policy term combinations.
- Improve financial planning with accurate projections.
- Quickly evaluate policy benefits without manual calculations.
Frequently Asked Questions
What is LIC Bhagya Lakshmi Plan 829?
LIC Bhagya Lakshmi Plan 829 was a microinsurance plan that combined affordable life insurance protection with a guaranteed maturity benefit.
Who could purchase this plan?
Individuals aged between 8 and 55 years were eligible to purchase the plan, subject to LIC’s underwriting guidelines.
What was the maturity benefit under this plan?
The maturity benefit was 110% of the total eligible premiums paid, excluding taxes and other applicable charges.
What was the available sum assured range?
The minimum sum assured was ₹20,000 and the maximum sum assured was ₹50,000.
Is LIC Bhagya Lakshmi Plan 829 still available?
No. The plan has been withdrawn for new sales, although existing policyholders continue to receive benefits as per their policy terms.
Conclusion
LIC Bhagya Lakshmi Plan 829 was a simple and affordable microinsurance solution that provided both life cover and guaranteed maturity benefits. Its limited premium payment structure, flexible payment options, and focus on low-income households made it a useful protection and savings plan for many policyholders. Existing policyholders can continue using calculator tools to estimate premiums, maturity values, and other policy benefits for better financial planning.
Benefits of LIC Bhagya Lakshmi Plan 829
Maturity Benefit
If the policyholder survives the entire policy term and all due premiums are paid, LIC pays 110% of the total premiums paid, excluding taxes and any extra premium charges. This feature helps create a small savings corpus while maintaining life insurance protection.
Death Benefit
In the event of the life assured’s death during the policy term, the nominee receives the applicable death benefit as per the policy conditions. This financial support helps family members manage expenses during difficult times.
Tax Benefits
Premiums paid under the plan qualify for tax deductions under Section 80C of the Income Tax Act, subject to prevailing tax regulations. Death and maturity benefits may also be eligible for tax exemption under Section 10(10D), as per applicable tax laws.
How to Use the LIC Bhagya Lakshmi Plan 829 Calculator
The LIC Bhagya Lakshmi Plan 829 Calculator helps estimate premiums and policy benefits based on your selected inputs.
Step 1: Enter the Sum Assured
Select the desired sum assured within the plan’s available limits.
Step 2: Choose the Policy Term
Select the policy duration according to your financial goals and coverage requirements.
Step 3: Enter the Premium Payment Term
Choose the premium-paying period applicable to the selected policy term.
Step 4: Select Premium Payment Mode
Choose a suitable payment frequency:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
Step 5: Enter Your Age
Provide your age at entry, which is used to calculate the applicable premium.
Step 6: View Results
The calculator displays:
- Estimated premium amount
- Total premium outgo
- Projected maturity benefit
- Applicable policy benefits
Using the calculator helps you evaluate different policy options and make informed financial decisions.
Sample Premium Illustration
The following sample premium rates are indicative values per ₹1,000 Sum Assured:
| Age (Years) | 7 Years / 5 Years | 10 Years / 8 Years |
|---|---|---|
| 20 | ₹127.45 | ₹64.35 |
| 30 | ₹129.30 | ₹65.80 |
| 40 | ₹138.30 | ₹72.80 |
| 50 | — | ₹91.40 |
Actual premiums depend on age, policy term, premium mode, and LIC’s applicable premium rates.
At maturity, eligible policyholders receive 110% of the total premiums paid, subject to policy conditions.
Advantages of LIC Bhagya Lakshmi Plan 829
Affordable Premium Structure
The plan was designed to provide life insurance coverage at affordable premium rates, making it suitable for low-income households.
Protection with Savings
It combines insurance protection with a guaranteed maturity benefit, offering both security and savings.
Flexible Payment Modes
Policyholders could choose from multiple premium payment frequencies according to their financial convenience.
Tax Efficiency
The plan offered tax benefits on premiums and eligible policy proceeds under prevailing tax laws.
Financial Security
The death benefit helps provide financial support to family members in the event of the policyholder’s untimely demise.
Important Points to Remember
- LIC Bhagya Lakshmi Plan 829 has been withdrawn for new sales and is no longer available for purchase.
- Existing policyholders continue to enjoy all policy benefits according to the original terms and conditions.
- Before making any insurance-related decisions, always verify policy details through official LIC sources or a licensed LIC advisor.
- Online LIC calculators can help estimate premiums, maturity benefits, and policy values for active policies.
Frequently Asked Questions
What is LIC Bhagya Lakshmi Plan 829?
LIC Bhagya Lakshmi Plan 829 was a microinsurance policy designed to provide affordable life insurance protection along with a guaranteed maturity benefit for individuals from low-income groups.
When was LIC Bhagya Lakshmi Plan 829 launched?
The plan was introduced by LIC on 29 December 2014.
Is LIC Bhagya Lakshmi Plan 829 available for new purchase?
No. The plan has been withdrawn and is not open for new policy purchases. Existing policyholders, however, continue to receive benefits as per their policy contracts.
What is the eligible entry age under the plan?
The minimum entry age is 8 years, while the maximum entry age is 55 years.
What are the premium payment terms?
Premiums are payable for a shorter duration than the overall policy term. Depending on the selected policy tenure, the premium payment term generally ranges from 5 to 13 years.
What maturity benefit does the plan provide?
On successful completion of the policy term, the policyholder receives 110% of the total eligible premiums paid, excluding taxes and any additional premium charges.
Are tax benefits available under the plan?
Yes. Premiums paid may qualify for tax deductions under Section 80C, while eligible maturity and death benefits may be exempt under Section 10(10D), subject to prevailing tax regulations.
Conclusion
LIC Bhagya Lakshmi Plan 829 was created to offer affordable insurance protection and guaranteed savings benefits to financially vulnerable households. Its limited premium payment structure, maturity benefit, and life cover made it a practical option for policyholders seeking basic financial security.
Although the plan is no longer available for new enrollment, existing policyholders can continue to enjoy its benefits. The LIC Bhagya Lakshmi Plan 829 Calculator remains a useful tool for estimating premiums, maturity proceeds, and policy benefits for active policies.
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