LIC Bhagya Lakshmi Plan 839 Calculator
Micro Insurance Plan (UIN: 512N292V02)
⚠️ Plan Status: WITHDRAWN
Launch Date: December 29, 2014
Withdrawal Date: February 1, 2020
This calculator is for existing policyholders only
Calculate Your Maturity Benefits
📊 Calculation Results
💰 Maturity Amount
(110% of Total Premiums Paid)
📋 Plan Features
- Minimum Sum Assured: ₹20,000
- Maximum Sum Assured: ₹50,000
- Entry Age: 18-55 years
- Maturity Benefit: 110% of Total Premiums Paid
- Death Benefit: Higher of 105% of premiums paid or 7× Annualized Premium
- Premium Payment Modes: Monthly, Quarterly, Half-Yearly, Yearly
Premium Rate Chart (Per ₹1,000 Sum Assured)
| Age (Years) | 7 Years / 5 Years | 10 Years / 8 Years | 15 Years / 13 Years |
|---|---|---|---|
| 20 | ₹127.45 | ₹64.35 | ₹37.20 |
| 30 | ₹129.30 | ₹65.80 | ₹38.55 |
| 40 | ₹138.30 | ₹72.80 | ₹44.25 |
| 50 | ₹164.10 | ₹91.40 | ₹57.15 |
*Premium rates are approximate and may vary based on age at entry. Actual rates as per LIC official tables.
LIC Bhagya Lakshmi Plan 839 was a micro-insurance life insurance policy offered by the Life Insurance Corporation of India (LIC), designed to provide affordable risk cover with guaranteed maturity benefits for people in the low-income segment.
LIC Bhagya Lakshmi Plan 839 aimed to bridge the insurance protection gap in financially weaker segments of society. It offered a combination of security, affordability, and guaranteed benefits even for those with modest means, reflecting LIC’s mission to provide financial security for all sections of society.
What Is LIC Bhagya Lakshmi Plan 839?
LIC Bhagya Lakshmi Plan 839 was a non-linked, non-participating, micro-insurance term plan, offering a unique benefit: return of 110% of total premiums paid on maturity. It was specifically designed for individuals seeking low-premium life insurance with basic savings.
Launch and Withdrawal Dates
- Launch Date: December 29, 2014
- Withdrawal Date: February 1, 2020
Core Features
Key Highlights
| Feature | Details |
|---|---|
| Plan Type | Micro Insurance, Limited Premium Payment, Non-linked, Non-participating |
| Premium Payment Term | 5 to 13 years |
| Policy Term | Premium payment term + 2 years (7 to 15 years) |
| Entry Age | 18 to 55 years (policy start) |
| Sum Assured | ₹20,000 to ₹50,000 |
| Maximum Maturity Age | 65 years |
| Premium Payment Modes | Monthly, Quarterly, Half-yearly, Yearly, Salary deductions |
Maturity Benefit
- Upon surviving the policy term and paying all due premiums, the policyholder receives 110% of total premiums paid, excluding taxes and rider premiums.
Death Benefit
- If the insured dies before maturity and all due premiums are paid, the nominee receives the higher of:
- 7 times the annualized premium, or
- 105% of total premiums paid up to the date of death.
- Sum assured is subject to policy terms and conditions.
Eligibility Criteria
| Eligibility Criteria | Specifications |
|---|---|
| Minimum Entry Age | 18 years completed |
| Maximum Entry Age | 55 years |
| Minimum Policy Tenure | 7 years |
| Maximum Policy Tenure | 15 years |
| Premium Payment Term | 5-13 years |
| Minimum Sum Assured | ₹20,000 |
| Maximum Sum Assured | ₹50,000 |
| Maximum Age at Maturity | 65 years |
Premium Payment Options
- Modes: Yearly, Half-Yearly, Quarterly, Monthly, or Salary Deduction
- Minimum Installment Premium: ₹500
- Premium Rebates: 2% (yearly) and 1% (half-yearly) discount on tabular premium.
- Grace Period: 60 days for all payment modes.
Online Calculator for LIC Bhagya Lakshmi Plan 839
How the Calculator Works
Policyholders could use official or third-party LIC premium calculators to estimate:
- Annual premium based on age, sum assured, and term
- Maturity value (110% of premiums paid)
- Total amount payable to nominee in case of unfortunate death
Calculators required the user to enter:
- Age at entry
- Policy term
- Sum assured (select from ₹20,000 to ₹50,000)
- Premium payment term
For the most accurate calculation, LIC’s official website or reliable LIC calculator tools such as LICCalculator.INFO or PolicyBazaar could be used.
Sample Premium Rates (Per ₹1,000 Sum Assured)
| Age (years) | 7 yrs / 5 yrs | 10 yrs / 8 yrs | 15 yrs / 13 yrs |
|---|---|---|---|
| 20 | ₹127.45 | ₹64.35 | ₹37.20 |
| 30 | ₹129.30 | ₹65.80 | ₹38.55 |
| 40 | ₹138.30 | ₹72.80 | ₹44.25 |
| 50 | — | ₹91.40 | ₹57.15 |
Actual premium varied by age, policy period, mode, and sum assured. Use the official calculator for exact values.
Plan Benefits in Detail
Maturity Benefit
- Guaranteed return of 110% of the total premiums paid, excluding taxes and rider premiums, on policyholder survival to maturity.
Death Benefit Explained
- On policyholder’s death, the nominee gets Sum Assured on Death, which is the highest of:
- 7 times of annualized premium, or
- 105% of total premiums paid (not including taxes/extras)
- All future benefits are subject to active and in-force policy status.
Simple Illustration
Suppose a 30-year-old purchases a ₹30,000 sum assured, and chooses a 10-year term (with an 8-year premium payment term).
- Premium per year (approx): ₹65.80 x 30 = ₹1,974
- Total paid over 8 years: ₹1,974 x 8 = ₹15,792
- Maturity payout: 110% x ₹15,792 = ₹17,371
Additional Features
Policy Surrender
- Allowed after at least one full year’s premium paid
- Surrender Value: Higher of Guaranteed Surrender Value or Special Surrender Value.
Policy Revival
- If lapsed, can be revived within 5 years from first unpaid premium and before maturity date.
Paid-Up Value
- After one full year’s premium, if further premium is not paid, the policy acquires paid-up value (a reduced benefit).
Free Look Period
- 15 days from receipt to review policy and, if dissatisfied, cancel with refund (minus charges).
Tax Benefits
- Premiums may be eligible for deduction under Section 80C and maturity/death benefits under Section 10(10D) of the Income Tax Act, 1961.
Why Choose LIC Bhagya Lakshmi Plan 839?
Key Advantages
- Affordable for lower income groups
- Assured return of 110% of premiums paid
- Low sum assured making it accessible
- Multiple payment options and grace period
- Life coverage for the nominee
Limitations
- Maximum sum assured limited to ₹50,000
- No loan facility
- Withdrawn in February 2020, so not available for new purchase.
Frequently Asked Questions
What is LIC Bhagya Lakshmi Plan 839?
LIC Bhagya Lakshmi Plan 839 is a micro-insurance policy for low-income groups that offers life cover and a guaranteed maturity benefit of 110% of total premiums paid.
Who is eligible to buy this plan?
Anyone aged 18 to 55 years at the time of entry is eligible to purchase this plan, with policy terms ranging from 7 to 15 years.
What is the maturity benefit under this plan?
On surviving the policy term and paying all premiums, you will receive 110% of the premiums paid, excluding taxes and rider premiums.
How is the death benefit calculated?
If the policyholder dies during the term, the nominee receives the higher of either 7 times the annual premium or 105% of premiums paid up to the date of death.
What is the minimum and maximum sum assured?
The minimum sum assured is ₹20,000 and the maximum is ₹50,000.
Conclusion
LIC Bhagya Lakshmi Plan 839 exemplified LIC’s focus on social security for India’s lower-income groups. Although the plan was withdrawn in 2020, its simple structure—limited premiums, guaranteed returns, low eligibility barriers, and robust death/maturity protection—offers an excellent case study in the importance of micro-insurance for broader financial inclusion. Existing policyholders will continue to enjoy plan benefits as committed until the end of their contract.