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:
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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
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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
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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) |