LIC Launches Jan Suraksha and Bima Lakshmi Insurance Plans

The Life Insurance Corporation of India (LIC) has launched two new insurance plans—Jan Suraksha Plan (880) and Bima Lakshmi Plan (881). These are the first policies introduced by LIC under the new GST regime, reflecting its efforts to expand financial protection across diverse income and gender groups. While Jan Suraksha caters to the lower-income segment, Bima Lakshmi is an exclusive offering for women, providing a blend of protection, savings, and health benefits.

LIC Jan Suraksha Plan (Plan 880)

Key Features

• The LIC Jan Suraksha Plan is a life micro-insurance endowment plan. It offers a lump sum at maturity and life cover during the policy term.
• The plan includes guaranteed additions at the rate of 4% of the annualised premium each year, helping build savings over time.

Eligibility and Sum Assured

• Entry age: 18 to 55 years
• Policy term: 12 to 20 years
• Minimum sum assured: ₹1,00,000
• Maximum sum assured: ₹2,00,000 (in multiples of ₹5,000)

Other Benefits

• Limited premium payment term (policy term minus 5 years)
• Auto cover after 3 full years of premium payments
• Loan facility after 1 year of premium payment
• Suitable for economically weaker sections needing affordable insurance

LIC Bima Lakshmi Plan (Plan 881)

Overview

• The LIC Bima Lakshmi Plan is a non-linked life insurance policy with guaranteed benefits and money-back options.
• It also includes critical illness coverage, making it a holistic plan for women.

Eligibility and Policy Structure

• Entry age: 18 to 50 years
• Policy term: 25 years
• Premium paying term: 7 to 15 years
• Minimum sum assured: ₹2,00,000
• No upper limit on the sum assured (as per underwriting policy)
• Sum assured multiples: ₹10,000

Unique Features

• Guaranteed additions of 7% of the annual premium for in-force policies
• Flexibility to choose survival benefits from three available options
• Option to defer survival benefits for future needs
• Installment payout for maturity or death benefits
• Auto cover after 3 years of full premium payment
• Optional critical illness rider specific to women

Inclusion and Customization

• Both plans reflect LIC’s strategy to broaden insurance access and create targeted offerings. Jan Suraksha brings insurance to low-income individuals, often underinsured due to cost barriers.
• Bima Lakshmi promotes financial independence and health security for women, a segment historically underserved in the insurance market.
• These products also respond to policy directions under the next-gen GST regime, ensuring affordability while enhancing coverage.

Key facts

• LIC Jan Suraksha Plan (880) targets low-income individuals
• LIC Bima Lakshmi Plan (881) is exclusively for females
• First LIC plans under new GST regime
• Jan Suraksha: Sum assured ₹1–2 lakh, 12–20 years term
• Bima Lakshmi: Sum assured starts at ₹2 lakh, term is 25 years
• Guaranteed additions: 4% (Jan Suraksha), 7% (Bima Lakshmi)