LIC’s Bima Shree (Table No. 948)
INTRODUCTION :- LIC’s Bima Shree (Table No. 948) is a non-linked, with-profits, limited premium payment money back life insurance plan with minimum Sum Assured of Rs. 10 Lakh Specially designed for targeted segment of High Net-worth Individuals. LIC’s Bima Shree plan offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholders during the policy term. Periodic payments shall also be made on survival of the policyholder at specified durations during the policy term and a lump sum payment to the surviving policyholder at the time of maturity. The benefits and other details of the plan are given below. LIC’s Bima Shree policy is the best insurance policy for those people who have a good income and who like money back policy. And those who also want guaranteed maturity.
Basic Eligibility Conditions and Features of LIC’s Bima Shree Plan (Table No. 948):–
a) Minimum Basic Sum Assured:- Rs. 10,00,000
b) Maximum Basic Sum Assured:- No limit (The Basic Sum Assured shall be in multiples of Rs. 1,00,000/-)
c) Policy Term:- 14, 16 , 18 and 20 years
d) Premium Paying Term:- (Policy term– 4) years
e) Minimum Age at entry:- 8 years (completed)
f) Maximum Age at entry:- 55 years (nearer birthday) for policy term 14years
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
g) Maximum Age at Maturity:- 69 years (nearer birthday) for policy term14years
67 years (nearer birthday) for policy term16 years
66 years (nearer birthday) for policy term 18 years
65 years (nearer birthday) for policy term 20 years
Payment of Premiums:- Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions during the Premium Paying Term of the policy.
A) Death Benefit:- On death during first five years: Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition shall be payable.
On death after completion of five policy years but before the date of maturity : Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition and Loyalty Addition, if any, shall be payable.
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 all the premiums paid up to the date of death. Premiums referred above excludes taxes, extra premium and rider premium(s), if any.
B) Survival Benefit:- On the life assured surviving to each of the specified durations during the policy term, provided all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below :
For policy term14 years:- 30% of Basic Sum Assured on each of 10th and 12th policy anniversary.
For policy term16 years:- 35% of Basic Sum Assured on each of 12th and 14th policy anniversary.
For policy term18 years:- 40% of Basic Sum Assured on each of 14th and 16th policy anniversary.
For policy term20 years:- 45% of Basic Sum Assured on each of 16th and 18th policy anniversary.
C) Maturity Benefit:- On the life assured surviving to the end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.
Where “Sum Assured on Maturity” is as under:- 40% of Basic Sum Assured for policy term 14 years
30% of Basic Sum Assured for policy term 16 years
20% of Basic Sum assured for policy term 18 years
10% of Basic Sum assured for policy term 20 years
D) Guaranteed Additions:- Guaranteed Additions shall accrue at the end of each policy year during the Premium Paying Term (PPT), provided all due premiums have been paid till date.
The rate of Guaranteed Additions shall be as follows:- Rs. 50 per thousand Basic Sum Assured for first five years
Rs. 55 per thousand Basic Sum Assured from 6th policy year till end of PPT.