LIC Bima Sakhi: A Unique Life Insurance Initiative for Women by LIC

 

The Life Insurance Corporation of India (LIC) has consistently introduced innovative insurance products tailored to meet the needs of different demographics. One such notable initiative is LIC Bima Sakhi, a women-centric insurance product aimed at empowering women with financial protection and savings. In this article, we explore what LIC Bima Sakhi offers, its key features, benefits, and why it stands out among other insurance plans in India.

What is LIC Bima Sakhi?

LIC Bima Sakhi is a specially designed non-linked, non-participating individual savings life insurance plan exclusively for women. Launched by LIC to celebrate and promote women’s financial independence, this plan combines life protection with savings benefits, allowing policyholders to ensure security for their families while also building a corpus for the future.

This plan is available only for female lives and offers benefits such as death cover, maturity benefits, and a unique loyalty addition.

Key Features of LIC Bima Sakhi

  1. Exclusively for Women: This policy is available only to female customers, making it a unique product in LIC’s portfolio.

  2. Savings + Protection: The plan provides life cover during the policy term and a lump-sum payment at maturity, promoting disciplined savings.

  3. Limited Premium Payment: Premiums are paid for a limited time, while the life cover continues for the full term.

  4. Loyalty Additions: On maturity or in case of death, loyalty additions (if any) are payable along with the sum assured.

  5. Tax Benefits: Premiums paid and maturity proceeds are eligible for tax deductions/exemptions under Section 80C and Section 10(10D) of the Income Tax Act.

  6. Optional Riders: LIC offers riders like Accidental Death and Disability Benefit for enhanced protection.

Eligibility Criteria

  • Entry Age: Minimum 18 years and Maximum 55 years

  • Policy Term: 10 to 20 years

  • Premium Payment Term: Policy Term minus 5 years

  • Minimum Sum Assured: ₹2 lakhs

  • Maximum Sum Assured: No upper limit (subject to underwriting)

Benefits of LIC Bima Sakhi

1. Death Benefit

In case of the unfortunate death of the policyholder during the policy term, the nominee receives the "Sum Assured on Death" along with any loyalty additions. This ensures the financial safety of the family.

2. Maturity Benefit

At the end of the policy term, if the policyholder survives, she receives the "Sum Assured on Maturity" plus any loyalty additions—creating a solid savings corpus.

3. Loan Facility

After payment of premiums for at least 2 years, policyholders can avail of a loan against the policy, adding liquidity in times of need.

4. Surrender Value

LIC Bima Sakhi offers a guaranteed surrender value after the payment of premiums for a minimum number of years.

Why Choose LIC Bima Sakhi?

  • Empowers Women: Encourages financial planning and independence for women.

  • Backed by LIC: Trust and security of India’s largest life insurer.

  • Customizable: Choice of term, sum assured, and optional riders for tailored coverage.

  • Financial Planning Tool: Supports long-term goals like children’s education, retirement planning, or wealth creation.

Conclusion

LIC Bima Sakhi is more than just an insurance policy—it’s a thoughtful initiative to support the financial well-being of women in India. Whether you’re a working professional, entrepreneur, homemaker, or planning your future, this plan can serve as a stepping stone toward financial freedom and security. With the backing of LIC and a host of benefits, Bima Sakhi is a smart choice for women who wish to secure their future with confidence.

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