LIC Bima Shree Plan No 948
LIC BIMA SHREE plan is specially designed for High Net-worth Individuals. This Plan is a Non-Linked, with profit, Limited Premium Payment Money Back Life Insurance.
Guaranteed Additions, at the rate of Rs. 50 per thousand Basic Sum Assured for the first five years and Rs. 55/- per thousand Basic Sum Assured from 6th policy year till the end of the premium paying term, will be added to the LIC New Bima Shree policy at the end of each policy year for which full year’s premiums have been paid.
Unique Identification Number: 512N284V02
Launch Date: 1st February 2020
Death Benefit:
On death during first five policy years:-
Sum Assured on Death + Accrued Guaranteed Additions.
On death after completion of five policy years but before the stipulated Date of Maturity:-
Sum Assured on Death + Guaranteed Additions + Loyalty Addition, if any.
- Where “Sum Assured on Death” is defined as the higher of 125% of Basic Sum Assured or 7 times of annualized premium.
- This death benefit shall not be less than 105% of the total premiums paid (excluding any extra premium, any rider(s) premium and taxes) up to the date of death.
- The Death Benefit shall be paid in lump sum or as per the Settlement option exercised by the Policyholder/Life Assured.
Survival Benefit:
- For policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th policy anniversary
- For policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th policy anniversary
- For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary
- For policy term 20 years: 45% of Basic Sum Assured on each of 16th and 18th policy anniversary
LIC Bima Shree Maturity Benefit:
Sum Assured on Maturity + Accrued Guaranteed Additions + Loyalty Addition if any.
Where “Sum Assured on Maturity” as a fixed percentage of Basic Sum Assured is as below:
- For policy term 14 years: 40% of Basic Sum Assured
- For policy term 16 years: 30% of Basic Sum Assured
- For policy term 18 years: 20% of Basic Sum Assured
- For policy term 20 years: 10% of Basic Sum Assured
- On Life Assured surviving the stipulated Date of Maturity provided the policy is in force
- The Policyholder/Life Assured shall have an option to receive the Maturity Benefit in a lump sum as specified above and/or in installments as per Settlement Option exercised.
- Provided the policy is in-force, Guaranteed Additions, at the rate of Rs. 50 per thousand Basic Sum Assured for the first five years and Rs. 55/- per thousand Basic Sum Assured from 6th policy year till the end of premium paying term, will be added to the policy at the end of each policy year for which full year’s premiums have been paid. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy.
- In case of a paid-up policy or on surrender of a policy the Guaranteed Addition for the policy year in which the last premium is received will be added on a proportionate basis in proportion to the premium received for that year.
Income Tax Benefit:
- under section 80C of the Income Tax Act, premiums paid under the L.I.C’s Bima Shree Plan are eligible for a rebate up to the limit of Rs: 1,50,000/-
- under Section 10(10D) of Income Tax Act, The Maturity benefit received by the policyholder or the Death claim received by the Nominee is entirely tax-free and no TDS is deductible
Synopsis of LIC Bima Shree Plan:
| Sr. No. | Particulars | Eligibility Condition |
| 1 | Age at entry for Life assured | Minimum – 15 years completed Maximum – 55 years (nearer birthday) for policy term 14 years 51 years (nearer birthday) for policy term 16 years 48 years (nearer birthday) for policy term 18 years 45 years (nearer birthday) for policy term 20 years |
| 2 | Policy Term & Premium paying term | 14 years, 16 years, 18 years & 20 year (Policy term less 4) years |
| 3 | Maximum Maturity Age | 69 years (nearer birthday) for policy term 14 years 67 years (nearer birthday) for policy term 16 years 66 years (nearer birthday) for policy term 18 years 65 years (nearer birthday) for policy term 20 years |
| 4 | Basic Sum assured (in multiples of 1,00,000/-) | Minimum – 10,00,000 Maximum – No Limit |
| 5 | Mode rebate | Yearly – 2% of tabular premium Half Yearly – 1% of tabular premium Quarterly, SSS – Nil |
| 6 | Large Sum Assured rebate (per 1000 S.A) | Rs.10,00,000 to Rs.19,00,000 : NIL Rs.20,00,000 to Rs.49,00,000 : 0.30%o BSA Rs.50,00,000 and above : 0.50%o BSA |
| 7 | Mode of payment of premiums | Yearly Half-yearly Quarterly Monthly NACH Salary Saving Scheme |
| 8 | Grace Period | 30 days for Yearly/H-Yrly/Qtrly modes 15 days for NACH/SSS modes |
| 9 | Surrender & Policy Loan | After payment of premiums of 2 full years and 2 years completion. *conditions apply |
| 10 | Revival | Within 5 years from First Unpaid Premium & before Maturity |
| 11 | Optional Riders Available: | L.I.C’s Accidental Death & Disability Benefit Rider L.I.C’s Accident Benefit Rider L.I.C’s Term Assurance Rider L.I.C’s Critical Illness Benefit Rider L.I.C’s Premium Waiver Benefit Rider |
- For more details about Suicide Clause under LIC Policy visit http://www.punitshet.com/lic-policy-suicide-clause/
Settlement Option for Maturity Benefits:
- The settlement option can be exercised for Maturity benefits under this plan. If opted, the maturity claim amount will be paid in an installment to the policyholder. To read more about Settlement Option for Maturity Benefits read: http://www.punitshet.com/lic-policy-maturity-claim-in-instalment
Option to take Death Claim Benefits in installment:
- Death Claim Benefits under this plan can be paid to the Nominee in installments provided the option has been exercised by the policyholder. To know more about How to take Death Claim in Installments read: http://www.punitshet.com/take-lic-policyholders-death-claim-amount-in-instalments
Note: The above details are for information purposes only. For more authentic details about the LIC Policy please visit the official LIC website or contact your nearest LIC branch.
