LIC Bhagya Lakshmi Plan 939 Calculator
Plan Number: 939
UIN: 512N292V04
Plan Type: Non-Linked, Non-Participating Micro Insurance Plan
Launch Date: 01.03.2022 (March 1, 2022)
Withdrawn Date: 01.01.2025 (January 1, 2025)
⚠️ This plan has been withdrawn and is no longer available for new purchases
Policy Details
Premium Details
Benefits
- Policy Term = Premium Payment Term + 2 years
- Death Benefit = Higher of (7 × Annual Premium) OR (105% of Total Premiums Paid)
- Maturity Benefit = 110% of Total Premiums Paid
- No medical examination required for this plan
- This plan has been withdrawn from 01.01.2025
- Premiums are calculated based on official LIC rate tables
- Rebates: 2% on Yearly mode, 1% on Half-Yearly mode
- Grace period: 30 days for monthly, 60 days for other modes
- Tax benefits available under Section 80C and Section 10(10D)
The LIC Bhagya Lakshmi Plan 939 is a specialized micro-insurance savings plan offered by Life Insurance Corporation (LIC) of India. Designed mainly for individuals seeking financial protection at an affordable cost, the plan provides a limited premium payment term with guaranteed returns.
Introduction to LIC Bhagya Lakshmi Plan 939
Launched by LIC on 1st March 2022, the Bhagya Lakshmi Plan 939 is a non-linked, non-participating micro-insurance term plan targeted towards low-income individuals. Sadly, this plan was withdrawn on 1st January 2025, but it remains significant as a case study for micro insurance solutions designed for financial security among economically weaker sections.
The plan offers a unique feature of returning 110% of the total premiums paid on maturity and provides life cover throughout the policy term. It is also designed to have a limited premium payment period, making it affordable while providing financial protection.
What is a LIC Bhagya Lakshmi Plan 939 Calculator?
A LIC Bhagya Lakshmi Plan 939 calculator is an online or offline tool that helps potential policyholders estimate the premium payable and maturity benefits based on age, sum assured, policy term, and premium payment term. It simplifies understanding how much one needs to pay periodically and the benefits they will receive, helping users plan their finances effectively.
Why Use the Calculator?
- Quick Premium Calculation: Instantly find out the premium amount for different modes.
- Maturity Benefit Estimation: See the expected maturity amount, which is 110% of the total premiums payable.
- Death Benefit Clarity: Understand the sum assured payable to nominees in case of the insured’s demise.
- Financial Planning: Helps individuals plan savings and insurance efficiently.
Key Features of LIC Bhagya Lakshmi Plan 939
Understanding the plan’s main features will help prospective buyers make an informed decision:
- Type of Plan: Micro-Insurance, Non-linked, Non-participating Term Plan.
- Entry Age: Minimum 18 years completed.
- Maximum Entry Age:
- For 5-year premium payment term: 42 years (nearer birthday).
- For 6 to 13-year premium payment terms: 55 years (subject to maturity age of 65 years).
- Policy Term: Premium paying term + 2 years.
- Premium Payment Term: Ranges from 5 to 13 years.
- Sum Assured: Ranges from ₹20,000 to ₹50,000 in multiples of ₹1000.
- Maturity Benefit: 110% of total premiums paid.
- Death Benefit: Sum assured payable to nominee anytime before maturity.
- Grace Period: 30 days for monthly premium mode, 60 days for yearly/quarterly/half-yearly modes.
- Revival Facility: Policy can be revived within 5 years from the first unpaid premium.
- Surrender Value: Available after completion of 1 year premium payment; highest of guaranteed or special surrender value is paid.
- Loan Facility: Not available under this plan.
- Medical Examination: Not required.
- Tax Benefits: Maturity proceeds are tax-free under Section 10(10D) of the Income Tax Act.
Eligibility Criteria for LIC Bhagya Lakshmi Plan
| Eligibility Parameter | Details |
|---|---|
| Minimum Age at Entry | 18 years |
| Maximum Age at Entry | 42 to 55 years (depending on PPT) |
| Maximum Age at Maturity | 65 years |
| Premium Payment Modes | Yearly, half-yearly, quarterly, monthly |
| Policy Term | Premium payment term + 2 years |
| Sum Assured | ₹20,000 to ₹50,000 |
Understanding Premium Payment and Policy Term
The plan requires payment of premiums for a limited number of years (5 to 13 years), and the policy term extends beyond this by 2 years. For example, if the premium payment term is 6 years, the policy maturity term will be 8 years in total.
Premium payment modes include monthly, quarterly, half-yearly, and yearly to provide flexibility to the insured.
How to Use the LIC Bhagya Lakshmi Plan 939 Calculator?
Using the calculator is straightforward:
- Enter Age: Input the age of the policyholder.
- Select Sum Assured: Choose the sum assured amount between ₹20,000 and ₹50,000.
- Choose Premium Payment Term: Select the number of years to pay premiums (between 5 and 13 years).
- Select Payment Mode: Pick your preferred premium payment mode (monthly, quarterly, half-yearly, or yearly).
- Calculate: The tool will display the premium amount to be paid per mode and the maturity benefit or death benefit as applicable.
By using the calculator effectively, policyholders can see how much they need to invest periodically and the benefits available at the end of the policy term.
Benefits of LIC Bhagya Lakshmi Plan 939
Financial Protection for Family
In case of the policyholder’s death before maturity, the nominee receives the sum assured, providing financial security.
Maturity Benefit
On survival till the end of the policy term, the policyholder receives 110% of total premiums paid, ensuring savings with returns.
Affordable Premiums
Limited premium payment term and low sum assured make it affordable for lower-income groups, such as farmers and laborers.
No Medical Examination
The plan doesn’t require a medical check-up, making it easy and quick to get insured.
Flexibility in Payment Modes
Policyholders can choose from various premium payment modes for their convenience.
Grace Period and Revival Facility
Grace period helps avoid policy lapse due to delayed payments, and revival option allows to reinstate the policy within 5 years.
Tax Benefits
Maturity amount and premiums are eligible for tax benefits under the Income Tax Act, Section 80C and 10(10D).
Exclusions and Limitations
- No loan facility is available under this plan.
- Policyholders must adhere to the premium payment schedule to keep the policy active.
- The plan was withdrawn by LIC on 01 January 2025 and is no longer available for new policy purchases.
Important Dates of LIC Bhagya Lakshmi Plan 939
- Launch Date: 1st March 2022
- Withdrawn Date: 1st January 2025
Though withdrawn now, it provided valuable coverage to many during its availability period.
How Does the Plan Compare with Other LIC Plans?
| Feature | LIC Bhagya Lakshmi 939 | Other LIC Micro Insurance Plans |
|---|---|---|
| Policy Type | Non-linked, Non-participating | Linked / Non-linked varying |
| Premium Payment Term | Limited (5-13 years) | Varies |
| Maturity Benefit | 110% of premiums paid | Varies |
| Entry Age | 18-55 years | Usually wider range |
| Medical Exam Requirement | No | Often Yes |
| Loan Facility | No | Often Available |
| Target Users | Low income, micro insurance | Wider demographic |
Frequently Asked Questions
What is LIC Bhagya Lakshmi Plan 939?
It is a micro-insurance savings plan by LIC that provides life cover with a limited premium payment term and maturity benefit of 110% of total premiums paid.
When was the LIC Bhagya Lakshmi Plan 939 launched?
It was launched on 1st March 2022.
Is the LIC Bhagya Lakshmi Plan 939 still available for new policies?
No, the plan was withdrawn on 1st January 2025 and is no longer available.
What is the minimum and maximum age to buy this plan?
Minimum age is 18 years, and maximum age is between 42 to 55 years depending on the premium payment term.
What is the premium payment term for this plan?
The premium payment term ranges from 5 to 13 years.
What is the sum assured under LIC Bhagya Lakshmi Plan 939?
The sum assured ranges from ₹20,000 to ₹50,000 in multiples of ₹1000.
Conclusion
LIC Bhagya Lakshmi Plan 939 was a valuable micro-insurance product launched to provide affordable financial protection and savings to economically weaker sections. Its unique features like limited premium payment term, no medical exam requirement, and guaranteed return of premiums, make it an attractive option for many during its availability period.