LIC Bhagya Lakshmi 829 is a micro-insurance plan launched on 29 December 2014 for low-income families. You choose a sum assured of ₹20,000 to ₹50,000, pay for 5 to 13 years, and the policy runs two years longer. The nominee gets the sum assured on death; on survival you get back 110% of premiums. A 30-year-old with ₹50,000 cover and a 10-year PPT pays about ₹2,530 a year.
Bhagya Lakshmi 829 Premium & Maturity Calculator
Your estimate
110% of premiums paid
- Premium per instalmenttaxes, if any, extra
- ₹2,530
- Total premium paid
- ₹25,300
- Sum assured on deathpaid to the nominee if death occurs before maturity
- ₹50,000
- Policy term
- 12 years
- Premium paying term
- 10 years
- Age at maturity
- 42 years
- Total premium paid₹25,30091%
- Net gain₹2,5309%
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Bhagya Lakshmi Plan 829?
LIC Bhagya Lakshmi 829 (UIN 512N292V01) is a micro-insurance plan: a small, affordable policy meant for people with modest incomes who still want protection for their family. It is non-linked and non-participating, so there are no bonuses and no market risk. Instead, it offers two simple promises:
- if the policyholder dies during the term, the nominee receives the sum assured;
- if the policyholder survives the term, LIC returns 110% of the premiums paid.
LIC launched Plan 829 on 29 December 2014 as the first Bhagya Lakshmi version in its 8xx series. It was later revised as Bhagya Lakshmi 839, and the most recent version was Bhagya Lakshmi 939. This page is for people who already hold an 829 policy or want to understand its numbers.
Bhagya Lakshmi 829 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 829 / 512N292V01 |
| Plan type | Micro insurance, non-linked, non-participating |
| Launched | 29 December 2014 |
| Status | Withdrawn (replaced by later versions) |
| Sum assured | ₹20,000 to ₹50,000 |
| Premium paying term (PPT) | 5 to 13 years |
| Policy term | PPT + 2 years (7 to 15 years) |
| Entry age | 18 to 55 years (42 for a 5-year PPT) |
| Maximum maturity age | 65 years |
| Maturity benefit | 110% of premiums paid |
| Death benefit | Sum assured |
| Grace period | 60 days |
| Rebate | 2% yearly, 1% half-yearly |
How the premium is calculated
The premium is a rate per ₹1,000 of sum assured that depends on age and PPT. At age 30, for example, the source chart lists about ₹129 per ₹1,000 for a 5-year PPT and ₹65.80 for an 8-year PPT. Our calculator fills in the other PPTs by interpolating the total premium, then applies the 2% yearly or 1% half-yearly rebate. No GST is added.
Example 1: age 30, ₹50,000 cover, 10-year PPT, yearly: about ₹2,530 a year, ₹25,300 in total. The policy runs 12 years and matures at 42 with about ₹27,830.
Example 2: age 35, ₹50,000, 8-year PPT, monthly: about ₹289 a month, ₹27,744 in total, for a maturity of about ₹30,518.
Tip: a longer PPT lowers the yearly premium a lot, but the total paid (and so the 110% maturity amount) stays in a similar range. Pick the PPT that fits your monthly budget.
Maturity and death benefits
Maturity: 110% of all premiums paid, excluding taxes and any extra premium. In example 1, that is ₹27,830 for ₹25,300 paid. The return is modest, about 1–2% a year, so treat this as a protection plan that gives your money back with a small addition, not as an investment.
Death: the sum assured is paid to the nominee. In the examples that is ₹50,000, even if only a year or two of premiums were paid. This life cover is the real benefit of the plan.
Other features
- No medical examination in most cases, keeping the plan simple for its target buyers.
- Grace period of 60 days for late premiums.
- Revival: a lapsed policy could be revived within two consecutive years from the first unpaid premium.
- Surrender: possible as per the policy conditions; check the likely amount with our LIC surrender value calculator.
Tax benefits
Premiums qualify for Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old regime), and the maturity or death benefit is generally tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)).
829 vs 839 vs 939
| Feature | 829 | 839 | 939 |
|---|---|---|---|
| UIN | 512N292V01 | 512N292V02 | 512N292V04 |
| Sum assured | ₹20,000–₹50,000 | ₹20,000–₹50,000 | ₹20,000–₹50,000 |
| Maturity | 110% of premiums | 110% of premiums | 110% of premiums |
| Premium discount | 2% yearly / 1% half-yearly rebate | Modal factors, no rebate | 2% yearly / 1% half-yearly rebate |
The core design stayed the same across all three versions. For the same age 30, ₹50,000, 10-year PPT case, our calculators give ₹2,530 a year for 829 and 939 and ₹2,582 for 839.
How to use this calculator
Enter age, PPT, sum assured and mode from your policy document. The calculator shows your premium, total premiums, maturity amount and death cover. All figures are estimates; we are an independent site, not affiliated with LIC.
Frequently asked questions
What is LIC Bhagya Lakshmi Plan 829?
It is a non-linked, non-participating micro-insurance plan for low-income earners. It gives life cover equal to the sum assured for the policy term and returns 110% of the premiums paid if the policyholder survives to maturity. It was the first version of the Bhagya Lakshmi plan in LIC's 8xx series.
Is Bhagya Lakshmi 829 still available?
No. Plan 829 was later replaced by a revised version, Bhagya Lakshmi 839, and then by Plan 939, which itself was withdrawn on 1 January 2025. Existing 829 policies continue on their original terms.
What is the maturity benefit of Bhagya Lakshmi 829?
On surviving the policy term with all premiums paid, you receive 110% of the total premiums paid, excluding any taxes or extra premiums. For a 30-year-old with ₹50,000 cover and a 10-year PPT, that is about ₹27,830 against ₹25,300 paid.
What does the nominee get if the policyholder dies?
If death happens during the policy term, the nominee receives the sum assured, for example ₹50,000. That is far more than the premiums paid in the early years, which is the main value of this plan.
What is the age limit for Bhagya Lakshmi 829?
Minimum entry age is 18. Maximum entry age is 42 for a 5-year premium term and up to 55 for longer terms, as long as the policyholder is no older than 65 at maturity.
Is there a rebate for yearly payment in Plan 829?
Yes. The plan gave a 2% rebate on the premium for yearly mode and 1% for half-yearly mode. Quarterly and monthly instalments were simply the yearly premium divided by 4 or 12.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.