The Life Insurance Corporation of India (LIC), the country’s largest and most trusted insurer, has introduced two brand-new insurance products for the domestic market — LIC Jan Suraksha and LIC Bima Lakshmi. Both schemes became available from 15 October 2025, marking LIC’s first product launch under the new next-generation GST regime.
The newly launched products cater to distinct segments of society — LIC Jan Suraksha focuses on providing affordable protection for low-income individuals, while LIC Bima Lakshmi is a savings-cum-protection plan exclusively designed for women.
LIC Jan Suraksha: Affordable Insurance for All
The LIC Jan Suraksha plan is a low-cost life micro-insurance scheme, ideal for individuals from lower-income and economically weaker sections. It is a non-participating, non-linked plan, meaning it is not connected to market returns or bonuses, ensuring stable and predictable benefits.
Key Features of LIC Jan Suraksha:
- Eligibility: Applicants must be between 18 and 55 years of age and in good health.
- Sum Assured: Minimum of ₹1,00,000 and maximum of ₹2,00,000 per life (in multiples of ₹5,000).
- Policy Term: Ranges from 12 to 20 years, with the premium-paying term equal to the policy term minus 5 years. For example, for a 12-year policy, premiums are paid for only 7 years.
- Auto Cover: After payment of three full years’ premiums, automatic life cover continues even if subsequent premiums are delayed.
- Policy Loan Facility: Available after payment of one full year’s premium and completion of the first policy year.
- Guaranteed Additions: Provided from policy inception till maturity, ensuring steady financial growth.
The plan has been introduced to strengthen financial inclusion and provide a safety net to millions of Indians who may not have access to traditional insurance products.
LIC Bima Lakshmi: Tailored Financial Security for Women
The LIC Bima Lakshmi plan is a non-linked, non-participating life insurance and savings plan exclusively crafted for women. It combines life protection with regular money-back benefits, offering both financial security and liquidity.
Key Features of LIC Bima Lakshmi:
- Eligibility: Available only for female applicants aged 18 to 50 years.
- Sum Assured: Minimum of ₹2,00,000; no maximum limit (subject to LIC’s underwriting policy). The sum assured must be in multiples of ₹10,000.
- Policy Term: Fixed at 25 years, with a premium-paying term between 7 and 15 years.
- Guaranteed Additions: Accrued annually as a percentage of the total tabular annual premium for the duration of the policy term.
- Survival Benefits: Flexibility to choose from three survival benefit options and defer receipt of survival payouts as per financial convenience.
- Installment Options: Both maturity and death benefits can be received in installments instead of a lump sum.
- Auto Cover: Comes with an auto cover facility after payment of three full years’ premiums, ensuring continued protection.
- Additional Benefits: Policyholders can enhance coverage by adding rider benefits with an additional premium and earn incentives for higher sum assured amounts.
LIC’s New Vision for Inclusive Growth
Speaking about the launch, LIC stated that these new products are aligned with its goal of serving diverse customer needs — from affordable protection to comprehensive savings and life cover solutions.
While LIC Jan Suraksha focuses on social welfare by safeguarding financially weaker families, LIC Bima Lakshmi empowers women through a structured savings plan that promotes long-term financial independence.
Both plans reflect LIC’s renewed emphasis on customer-centricity, inclusiveness, and transparency under the new GST framework.
