LIC of India launched a new plan on 15th, October 2025, which name is LIC Bima Lakshmi Plan 881 (LIC Table No 881) is a non-linked, non-participating with gauranteed addition, limited premium with money back individual life insurance plan, which is only for women, this includes life cover and savings.

The policy term is 25 years, while the premium payment term can be chosen from 7 to 15 years and  women have to pay premium for the entire policy term, Maturity Benefit of LIC Bima Lakshmi Plan 881 is Equal to The Sum Assured along with gauranteed addition.

Please note: You can buy now online Bima Lakshmi Plan 881 through credit card/debit card, net banking, upi and wallets on LIC's New Business Platform.

Key Features

• Auto cover facility
  • (1) On payment of full premium for 3 years : 6 months auto cover
  • (2) On payment of full premium for 5 years : 2 years auto cover
• Three survival benefit options are available, which are selected at the time of policy inception
  • (1) Option A: 50% of Basic Sum Assured as lump sum at the end of the premium paying term.
  • (2) Option B: 12 ​​times 7.5% of the Basic Sum Assured paid every 2 years.
  • (3) Option C: 6 times 15% of the Basic Sum Assured every 4 years.
• Premium Payment Options: Yearly, Half-yearly, Quarterly and Monthly (through electronic mode only).
• Guaranteed Additional Benefits: Add in policy at the rate of 7% every year on premiums paid.
• Optional Riders: Accidental Death and Disability, Women Critical Illness, and Term Assurance riders are available.

Parameters/Eligibility

Rebates or Modal adjustment factor

This plan provides 2 types of rebates or Modal adjustment factor to the Policyholder. Detailes are given below.

Mode Rebate or Modal adjustment factor

• Yearly – 1.0000 of tabular premium
• Half yearly – 1.0180 of tabular premium
• Quarterly – 1.0272 of tabular premium
• Monthly – 1.0332 of tabular premium

Sum Assured Rebate

LIC Bima Lakshmi Plan 881 Maturity and Death Benefits

Maturity Benefit

Sum Assured + gauranteed addition.

Death Benefit

If the Insured person dies within the Policy Term then Nominee of the Policy will be given “Death Benefit (Sum Assured on Death) + gauranteed addition.

If policy holder survives the policy term (i.e. 25 years), Maturity will be as under.

Example Comming soon ...............

Bima Lakshmi Plan 881 Additional Information

Risk Coverage: End of the Policy Term.

Date of Commencement of Risk: Immediately 

Locking period: 1 years.

Loan: Loan is available after 1 years

Income Tax Deduction: Under Section 80-C for premiums paid and Section 10 (10D) for Maturity returns.

Riders available: You can opt for Accident and disability Benefit Rider, term rider, woman Critical Illness Rider by paying small Amount with the Premium.

Policy Revival: Policy can be revived before 5 years from date of First Unpaid Premium.

Suicide Clause: If insured commit suicide before 12 months, returned back 80% of premium what he paid to the nominee.

Proposal Forms: Proposal Form no. 300 or 360 will be used for this plan.

Cooling-off Period: If a policyholder is not satisfied with the Terms and Condition of the policy, he/she may return the policy within 30 days from the date of receipt of the policy.

Backdating interest: The policies can be dated back within the same financial year.

Assignments/Nominations: assignment and nominations is possible under this plan.