In October 2025, Life Insurance Corporation of India (LIC) has launched two new insurance plans: ‘LIC Jan Suraksha Plan (880)’, a life micro insurance plan is designed to cater the lower income group people and ‘LIC Bima Lakshmi Plan (881)’, designed exclusively for females.
Exam Hints:
- What? Launch of two new insurance plans
- Introduced by: LIC
- Name of Plans: LIC Jan Suraksha Plan (880), ‘LIC Bima Lakshmi Plan (881)
- LIC Jan Suraksha Plan: Non-par, non-linked individual savings insurance plan
- Basic Sum Assured: Rs 1 lakh (minimum) and Rs 2 lakh (maximum)
- Age: 18 years (minimum); and 55 years (maximum)
- Policy Term: 12 to 20 years
- LIC Bima Laxmi Plan: Basic Sum Assured: Rs 2 lakh (minimum) and no maximum
- Age: 18 (minimum) and 50 years (maximum)
- Policy Term: 25 year
- Basic Sum Assured: Rs 2 lakh(Minimum); No maximum limit
- Premium Paying Term: 7 to 15 years
About LIC Jan Suraksha Plan (880):
Type : It is a non-par, non-linked individual savings micro insurance plan that will benefit the family in case of the death of the policy holder during the policy term and will provide a lump sum amount at the time of maturity for the surviving policy holder.
Target Audience: Low-income individuals
Age Criteria: The minimum and maximum age for an individual to enroll in this plan, is 18 years (completed) and 55 years respectively.
Basic Sum Assured: Under this plan, the minimum and maximum basic sum assured per life is Rs 1 lakh and Rs 2 lakh, respectively. Also, basic sum assured multiples of Rs 5000.
Policy Term: The policy term for this plan ranges from 12 to 20 years and the premium paying term will be calculated as the policy term excluding 5 years.
Guaranteed Additions: The plan offers guaranteed additions which will accrue interest rate of 4% per annum on premium at the end of the policy year throughout the policy.
Key Features: Premium can be paid as limited premium; offers a policy loan after the payment of one full year’s premiums and after the completion of the 3rd policy year and provides a lump sum to the family in case of the policyholder’s death.
About LIC Bima Lakshmi Plan (881):
Type of Plan: It is a non-linked insurance plan that offers life cover and periodic fixed money back after 2-4 years or after the payment of premium ceases.
Target Audience: Women
Age Criteria: The minimum and maximum age for an individual to enroll in this plan, is 18 years (as of the last birthday) and 50 years respectively.
Basic Sum Assured: The minimum basic sum assured is Rs 2 lakh while there is no maximum limit, subject to board approved underwriting policy.
- Also, basic sum assured multiples are allowed for Rs 10,000.
Policy Term: The policy term for this plan is 25 years. While, the premium paying term ranges from 7 to 15 years.
Guaranteed Additions: The plan offers guaranteed additions which will accrue interest rate of 7% of the total tabular annual premium every year for in-force policies and for paid-up policies.
Key Benefits: Auto cover facility which will be available only after 3 full years’ premiums are paid; offers female critical illness rider after the payment of additional premium.
About Life Insurance Corporation of India (LIC):
Chief Executive Officer (CEO) & Managing Director (MD)– R. Doraiswamy
Headquarters- Mumbai, Maharashtra
Established- 1956
