Bima Shree Plan (T-848)

Bima Shree Plan (T-848)

LIC Bima Shree Plan is a Limited Premium Payment Money Back Plan which is specially designed for customers who are looking for the high-risk cover plan as the minimum sum assured in this plan is ₹ 10Lakhs. This plan is launching on 16th March 2018 and having benefits like-Life Cover, Money Back, Guaranteed Additions & Loyalty Additions.

 

LIC Bima Shree Plan – USP’s

Let’s check some unique selling points of Bima Shree Plan

  • Immediate risk cover of 125% of sum assured from day 1.
  • Exclusive plan for the upper middle class.
  • Money back at regular intervals.
  • Guaranteed Additional Bonuses for full PPT.
  • Loyalty Additions after 5 years.
  • Premium Waiver Rider for minors.
  • 4 year premium holiday.
  • Settlement options for money back and maturity/claim amount is also available.
  • LIC Bima Shree Plan is available with helpful add-on riders like Accidental Death and Disability Rider, Accident Benefit Rider, Term Assurance Rider & Critical Illness Rider.
  • Double Tax Benefit of section 80C & section 10(10D) available.
  • Paid up value after 2 years.
  • Loan allowed after 2 years. 

 

Policy Benefits of LIC Bima Shree Plan:

  • Death Benefits:

On Death During First 5 Years:  “Sum Assured on Death” along with Accrued Guaranteed Additions shall be payable.

On Death After Completion of 5 Policy Years But Before Maturity:  “Sum Assured on death” along with Accrued Guaranteed Additions and Loyalty Additions shall be payable.

Where “Sum Assured on Death” is defined as the higher of :

  • 10 times of annualized premium or
  • Absolute amount assured to be paid on death, i.e. 125% Basic Sum Assured

 

  • Survival Benefits (Money Back):

On the Life Assured surviving the specified duration during the Policy Term, a Guaranteed Money Back shall be payable as below:

For Policy Term 14 Years: 30% of Basic Sum Assured on 10th & 12th Policy Anniversary

For Policy Term 16 Years: 35 % of Basic Sum Assured on 12th & 14th Policy Anniversary

For Policy Term 18 Years: 40 % of Basic Sum Assured on 14th & 16th Policy Anniversary

For Policy Term 20 Years: 45% of Basic Sum Assured on 16th & 18th Policy Anniversary

 

  • Maturity Benefits:

On the Life Assured surviving to the end of the Policy Term Sum Assured shall be payable as below:

For Policy Term 14 Years: 40% of Basic Sum Assured along with Accrued Guaranteed Additions & Loyalty Additions.

For Policy Term 16 Years: 30% of Basic Sum Assured along with Accrued Guaranteed Additions & Loyalty Additions.

For Policy Term 18 Years: 20% of Basic Sum Assured along with Accrued Guaranteed Additions & Loyalty Additions.

For Policy Term 20 Years: 10% of Basic Sum Assured along with Accrued Guaranteed Additions & Loyalty Additions.

 

Eligibility Criteria:

         Minimum Age to                           Apply              8 Years (Completed)
        Maximum Age to                            Apply 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
              Policy Term               14, 16, 18 & 20 Years
     Premium Paying Term                      (PPT)              Policy Term – 4 Years
     Maximum Age at                          Maturity 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
           Premium Paying                              Mode Yearly, Half Yearly, Quarterly & Monthly (NACH)
    Minimum Basic Sum                      Assured                   ₹ 10Lakhs
    Maximum Basic Sum                     Assured   No Limits (In Multiple of ₹ 1 Lakhs)

LIC Bima Shree Plan

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