LIC Launches Jan Suraksha and Bima Lakshmi Plans- Key Features & Benefits

LIC, India’s top life insurer, has launched two new plans, LIC Jan Suraksha and LIC Bima Lakshmi, in October 2025, designed to extend financial protection and savings to wider sections of society, especially women and low-income groups.​ Policyholders benefit from fixed returns, periodic survival payouts, robust health riders, flexible terms, and easy purchase options, making LIC’s new launches a smart choice for long-term financial planning.

LIC Launches Jan Suraksha and Bima Lakshmi Plans

LIC Jan Suraksha and Bima Lakshmi are next-gen products under the new GST regime. These plans deliver comprehensive, affordable protection and guaranteed savings, responding to the evolving needs of Indian families, especially women and the financially excluded.

LIC Jan Suraksha: Key Features & Benefits

Jan Suraksha is a non-participating, non-linked Micro Insurance plan combining protection and savings. Targeted at lower income segments, it offers affordable cover and guaranteed returns.

• Life Cover & Savings: Family gets financial support in case of the policyholder’s death; maturity benefit for survivors.
• Guaranteed Additions: Fixed rate guaranteed additions accrue each policy year, boosting maturity sum.
• Policy Term: 12 to 20 years; limited premium payment—pay for only “policy term minus 5 years.”
• Sum Assured: Minimum ₹1 lakh, maximum ₹2 lakh (multiples of ₹5,000).​
• Auto Cover Facility: Active after 3 years’ premium paid, ensuring continued cover even if premiums lapse.
• Loan Facility: Available after 1 year, supporting liquidity needs.
• Easy Purchase: Available through LIC agents, online, and authorized centres.
• No Bonus, Only Guaranteed Benefits: Does not share in LIC surplus; all benefits are fixed.
• Riders: Optional female critical illness rider available.

Note: Jan Suraksha stands out as an accessible endowment plan with simple eligibility, fixed benefits, and liquidity options for financially vulnerable sections.

LIC Bima Lakshmi: Key Features & Benefits

Targeted exclusively for female customers, Bima Lakshmi combines savings, protection, and health benefits to promote financial independence and security.

• Women-Exclusive Coverage: Only available to female policyholders.​
• Policy Term & Premium: 25-year term, premium payment flexibility (7–15 years).
• Survival Benefits: Periodic survival benefits with three payout options; option to defer payouts as needed.
• Guaranteed Additions: Accrue at a fixed percentage (typically 7%) of annual premium each year.
• Sum Assured: Minimum ₹2 lakh, no maximum limit; paid out in multiples of ₹10,000.
• Critical Illness Rider: Option for added protection from female-specific health issues via a rider.
• Auto Cover Facility: Becomes active after 3 years’ full premium payment, maintaining the policy even if further premiums are missed.
• Instalment Option: Maturity and death benefits payable in instalments as desired.
• Tax Benefits: Premiums paid are eligible under Section 80C; maturity payout is tax-free under Section 10(10D), subject to conditions.​
• Incentive for Higher Coverage: Attractive bonuses for a higher sum assured.

Note: Bima Lakshmi is tailored for women who want a blend of security, savings, periodic cashbacks, and health-focused coverage, making it a flexible and reliable LIC offering.

Tax Benefits for LIC Policyholders

The following tax advantages mean policyholders not only get financial protection and guaranteed returns but also maximize tax savings with both these LIC plans.

For LIC Jan Suraksha Policyholders

Section 80C Deduction: Premiums paid for Jan Suraksha are eligible for income tax deduction up to ₹1.5 lakh under Section 80C of the Income Tax Act, 1961, provided total premium payable in any year does not exceed 10% of the sum assured.​

Tax-Free Maturity/Death Benefit (Section 10(10D)): The amount received on maturity or as a death claim is exempt from tax under Section 10(10D), subject to the condition that the annual premium does not exceed prescribed limits. This ensures that policyholders or their nominees get full payout without tax deductions.​

No TDS on Claim Amounts: For policies qualifying under Section 10(10D), there will be no TDS deducted on claim settlement.

For LIC Bima Lakshmi Policyholders

Section 80C Deduction: Policyholders get tax deduction on premiums paid under Section 80C, up to the allowed ₹1.5 lakh per financial year, if annual premiums do not exceed 10% of sum assured.​

Tax-Free Benefits (Section 10(10D)): Both maturity amount and survival benefits (periodic money-back payouts) are tax-exempt u/s 10(10D), given the plan meets the conditions regarding premium-to-sum assured ratio.​

Additional Rider Premiums: Premiums paid for critical illness or health riders are also eligible for deduction under Section 80D if applicable.