Source: Mint
Context:
Life Insurance Corporation of India (LIC) introduced two new insurance plans on 15 October 2025: LIC Jan Suraksha and LIC Bima Lakshmi. These are the first products launched under the next-gen GST regime.
Objective: Provide financial protection and savings for different target groups.
LIC Jan Suraksha
- Target Group: Lower-income individuals and economically weaker sections.
- Type: Non-participating, non-linked insurance plan.
Eligibility:
- Age: 18–55 years
- Must be in good health
Sum Assured: ₹1,00,000 to ₹2,00,000 (multiples of ₹5,000)
Policy Term & Premium Paying Term:
- Term: 12–20 years
- Premium Paying Term = Policy Term − 5 years
Key Features:
- Life micro-insurance plan
- Limited premium payment
- Auto cover after three full years of premiums
- Policy loan available after one full year
- Guaranteed additions throughout policy term
LIC Bima Lakshmi
- Target Group: Females seeking life insurance with savings benefits
- Type: Non-participating, non-linked insurance plan
Eligibility:
- Female, age 18–50 years
- Sum Assured: Minimum ₹2,00,000; no maximum limit (multiples of ₹10,000)
Policy Term & Premium Paying Term:
- Term: 25 years
- Premium Paying Term: 7–15 years
Key Features:
- Guaranteed additions as a % of annual premiums
- Choice of survival benefits from three options
- Option to defer survival benefits
- Payment of maturity/death benefits in instalments
- Auto cover after three full years of premiums
- Incentives for higher sum assured
- Option to enhance coverage with rider benefits
Significance:
- Jan Suraksha promotes financial inclusion for low-income groups.
- Bima Lakshmi empowers women with life cover + periodic money-back options.
- Strengthens LIC’s portfolio under the new GST regime, offering both protection and flexible savings solutions.
