LIC Bima Shree Policy | Features & Benefits
Life Insurance Corporation
of India launched its new money back policy called LIC Bima Shree on 16th March
2018. LIC Bima Shree policy offers a combination of protection and savings. LIC
Bima Shree policy is specially designed for High Net-worth Individuals. In this
post, let us take a look at the features and benefits of LIC Bima Shree policy.
LIC Bima Shree Policy
LIC Bima Shree policy is a
non-linked, with profit, guaranteed additions, limited premium payment money
back life
insurance policy. LIC Bima Shree policy is almost similar to
LIC Jeevan Shiromani policy except for few changes. Minimum sum assured in
LIC Bima Shree policy has reduced 10 lakh, as compared to 1 Crore in Jeevan Shiromani policy. This policy provides financial help to the family in the
event of unfortunate death of the policyholders during the policy term. The
policyholder shall also get periodic payments at specified durations during the
policy term and a lump sum payment at the time of maturity.
Eligibility Conditions for LIC Bima Shree Policy
Following are the
eligibility conditions for LIC Bima Shree policy
1. Minimum Sum Assured - Rs.
10 lakh
2. Maximum Sum Assured – There
is no maximum limit. However, the Sum Assured shall be in multiples of Rs. 1
lakh.
3. Policy Term - 14, 16, 18
and 20 years
4. Premium Paying Term - (Policy
term – 4) years
5. Minimum Age at entry - 8
years (completed)
6. Maximum Age at entry - 55
years for policy term 14 years.
- 51 years for policy term 16 years.
- 48 years for policy term 18 years.
- 45 years for policy term 20 years.
7. Maximum Age at Maturity -
69 years for policy term 14 years.
-
67 years for policy term 16 years.
- 66
years for policy term 18 years.
- 65
years for policy term 20 years.
Date of commencement of risk under LIC Bima Shree Policy
Under LIC Bima Shree policy
the risk will commence immediately from the date of acceptance of the risk
including minor lives.
Also read: LIC's E-Term Plan | Features & Benefits
Also read: LIC's E-Term Plan | Features & Benefits
Key Features of LIC Bima Shree Policy
Key features of LIC Bima
Shree policy are:
1. LIC Bima Shree policy is
a limited premium payment money back life insurance plan.
2. Guaranteed Additions under
LIC Bima Shree policy.
a) Guaranteed Addition @ Rs
50/- per 1000 Sum Assured for first 5 policy years.
b) Guaranteed Addition @ Rs
55/- per 1000 Sum Assured from 6th year onwards.
3. Five optional riders are
available under this plan by payment of additional premium.
a) Accidental Death and
Disability Benefit Rider
b) Accident Benefit Rider
c) New Term Assurance Rider
d) New Critical Illness
Benefit Rider
e) Premium Waiver Benefit
Rider
However, you can opt for
either of the LIC’s Accidental Death and Disability Benefit Rider or LIC’s
Accident Benefit Rider. Therefore, a maximum of four riders can be availed under
LIC Bima Shree policy.
4. The policy can be
surrendered at any time provided two full years premiums have been paid.
5. You can avail the loan
during the policy term provided the policy has acquired a surrender value.
6. You can pay premiums
yearly, half-yearly, quarterly or monthly intervals (monthly premiums through
NACH only).
7. Policyholder shall have
an option to defer the Survival benefits available for the policy.
8. Option to receive
Maturity benefit in installments over the chosen period of 5 or 10 or 15 years.
9. Option to receive the
Death benefit in installments over the chosen period of 5 or 10 or 15 years
10. Loyalty additions
provided the policy has completed five policy years.
Benefits under LIC Bima Shree Policy
Following benefits are payable
under LIC Bima Shree policy
1. Death Benefit
a) On death during first
five years: “Sum Assured on Death” and accrued Guaranteed Addition shall
be payable.
b) On death after completion
of five policy years but before the date of maturity: “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 highest of the below
i) 10 times of annualized
premium.
ii) 105% of all the premiums
paid as on date of death.
iii) 125% of Basic Sum
Assured.
2. Survival Benefit
On the life assured
surviving, a fixed percentage of the Basic Sum Assured (BSA) shall be payable
to each of the specified durations during the policy term. The fixed percentage
for various policy terms is given below.
a) For policy term 14
years: 30% of BSA on each of 10th and 12th year of the policy.
b) For policy term 16
years: 35% of BSA on each of 12th and 14th year of the policy.
c) For policy term 18
years: 40% of BSA on each of 14th and 16th year of the policy.
d) For policy term 20
years: 45% of BSA on each of 16th and 18th year of the policy.
3. Maturity Benefit
If the policyholder survives
up to the end of the policy term, “Sum Assured on Maturity” along with Guaranteed
Additions and Loyalty Addition (if any), shall be payable to the policyholder.
Where “Sum Assured on
Maturity” is given below.
i) 40% of BSA for policy
term 14 years.
ii) 30% of BSA for policy
term 16 years.
iii) 20% of BSA for policy
term 18 years.
iv) 10% of BSA for policy
term 20 years.
4. Guaranteed Additions
LIC Bima Shree policy offers
guaranteed additions at the end of each policy year during the Premium Paying
Term. The rate of Guaranteed Additions shall be as given below.
a) Guaranteed Addition @ Rs
50/- per thousand BSA for first 5 policy years.
b) Guaranteed Addition @ Rs
55/- per thousand BSA from 6th policy
year till
end of Premium Paying Term.
5. Optional Benefits
1. Rider Benefits
2. Option to defer the
Survival Benefits
3. Settlement Option (for
Maturity Benefit)
4. Option to take Death
benefit in installments
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LIC Bima Shree Policy |
Features & Benefits
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