LIC Bima Lakshmi Plan 881 – Features, Benefits,Complete Details & Maturity Calculator

LIC Bima Lakshmi Plan (881) is a non-linked, non-participating, individual, limited premium, money-back life insurance plan which are launched by Life Insurance Corporation of India .It offers a mix of savings and protection with guaranteed additions and periodic money-back benefits.

LIC Bima Lakshmi Plan is designed mainly exclusively for females those who want a secured investment with guaranteed returns and shorter premium payment tenure.
Let’s understand its features, benefits, premium details, and how to use a calculator to estimate returns.

Key Highlights of LIC Bima Lakshmi Plan 881

Here are Key Highlights of LIC Bima Lakshmi shown below:

Key Features of LIC Bima Lakshmi

Here are key features of LIC Bima Lakshmi :

1. This plan designed exclusively for female policyholders.
2. This provided Guaranteed Additions benefits every year at fixed rates.
3. This plan Flexibility to choose from three survival benefit options.
4. Choice of premium paying term (7 to 15 years).
5. Policy term of 25 years.
6. Option to receive maturity or death benefits in instalments.
7. Auto-cover facility after three years of full premium payment.
8. Loan facility for liquidity needs.
9. Attractive incentives for higher sum assured, online purchase, or existing policyholders.

LIC Bima Lakshmi Eligibility and Policy Conditions

Benefits of LIC Bima Lakshmi Plan 881

The benefits payable under an in-force policy shall be as under:

1. Guaranteed Money-Back Returns

LIC Bima Lakshmi offers periodic money-back payments during the policy term. This ensures regular liquidity while your policy continues to provide life cover.

2. Guaranteed Additions

Guaranteed Additions accrue at 7 % of the Total Tabular Annual Premium every policy year.
They increase further through incentives for:

• High Sum Assured (up to + 0.50 %)
• Online purchase (extra additions)
• Existing policyholders/nominees (extra 0.05–0.10 %)

3. Death Benefit

Death benefits are payable in case of Unfortunately policy holder passes away during the policy term (while the policy is in force), all due premiums have been paid shall be “Sum Assured on Death” along with accrued Guaranteed Additions .In this condition the nominee receives:

Death Benefit = Sum Assured on Death + Accrued Guaranteed Additions

Where
Sum Assured on Death = Higher of (Basic Sum Assured or 10× Tabular Annual Premium).
The total death benefit shall not be less than 105% of total premiums paid.

4. Maturity Benefit

The Maturity Benefit are payable to policyholder, If the life assured survives till the maturity date and the policy is active, the “Sum Assured on Maturity” along with the accumulated Guaranteed Additions . The “Sum Assured on Maturity” is equal to the Basic Sum Assured.

Maturity Benefit = Basic Sum Assured + Accrued Guaranteed Additions

5. Survival Benefits (Three Options)

If the life assured survives the specified periods during the policy term and all premiums are paid, a lump sum or a fixed percentage of the Basic Sum Assured will be paid as Survival Benefit at regular intervals, based on the option chosen at the start. This option cannot be changed later.

Option A – 50 % of Basic Sum Assured at the end of the Premium Paying Term.
Option B / C – Periodic payments as a % of Basic Sum Assured during the policy term:

6. Rider Options

There are following four option Rider shall be available under this plan by payment
of additional premium.

1. LIC’s Accidental Death & Disability Benefit Rider
2. LIC’s Accident Benefit Rider
3. LIC’s New Term Assurance Rider
4. LIC’s Female Critical Illness Benefit Rider

7. Settlement Option (for Maturity Benefit):

Receive maturity benefits in instalments over 5, 10 or 15 years instead of lump sum. Payments can be monthly, quarterly, half-yearly, or yearly.

8. Loan Facility

After the policy acquires surrender value, you can take a loan against the policy for liquidity.

Other Important Provisions

1. Grace Period: 30 days for yearly/half-yearly/quarterly premiums; 15 days for monthly.
2. Auto Cover Period: Available after 3 years’ premium payment.
3. Surrender Value: Available after 2 full years’ premiums.
4. Paid-Up Value: Proportionate benefit if premiums stop after minimum payment.
5. Free Look Period: 30 days from policy receipt to cancel if unsatisfied.

Real-Life Example

Let’s say Priya, 35 years old, chooses:

• Option C
• Sum Assured ₹ 2 lakh
• PPT 10 years, Policy Term 25 years
• Her annual premium (approx.) = ₹ 43,190

Over the years, she receives periodic survival benefits, guaranteed additions, and finally a maturity value higher than ₹ 4.5 lakh, all while her family remains covered for ₹ 4.3 lakh during the term.

Why Choose LIC Bima Lakshmi Plan 881?

Here are many point due to which you may choose LIC Bima Lakshmi Plan :

1. This plan are 100 % Guaranteed Returns with no market risk.
2. Its Ideal for women seeking savings + life cover.
3. They have Flexible premium payment and benefit options.
4. Backed by India’s most trusted insurer – LIC.
5. This are Suitable for working women and homemakers alike