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Bima Shree

Keeping in mind the numerous benefits of life insurance along with a pre-specified return at regular intervals, insurance pioneer LIC rolled out its master plan, the Bima Shree.

Bima Shree is an endowment plan offering the dual advantage of savings and life cover. Acting as an icing on the cake, its money back feature allows the policy holder to enjoy regular redemption of Sum Assured at regular intervals. Bima Shree is a non-market link, profit participating plan that assures much more than the Basic Sum Assured.

LIC’s Bima Shree – Key Features

  • Survival Benefit: If the policy holder survives the each specified period and all premiums are paid, a fixed percentage of the Basic Sum Assured is returned.
  • 14 year Policy Term: 30% of Basic Sum Assured each at the end of 10th and 12th policy year.
  • 16 year Policy Term: 35% of Basic Sum Assured each at the end of 12th and 14th policy year.
  • 18 year Policy Term: 40% of Basic Sum Assured each at the end of 14th and 16th policy year.
  • 20 year Policy Term: 45% of Basic Sum Assured each at the end of 16th and 18th policy year.
  • Maturity Benefit: If the policy holder survives the entire term, the policy holder receives the following
    • 14 year Policy Term: 40% of Basic Sum Assured +Guaranteed Addition + Loyalty Addition
    • 16 year Policy Term: 30% of Basic Sum Assured Guaranteed Addition + Loyalty Addition
    • 18 year Policy Term: 20% of Basic Sum Assured  Guaranteed Addition + Loyalty Addition
    • 20 year Policy Term: 10% of Basic Sum Assured Guaranteed Addition + Loyalty Addition
  • Guaranteed Addition is as under:
    • For first 5 Years – Rs 50 per 1000 of Sum Assured
    • 6thyear onwards – Rs 55 per 1000 of Sum Assured
  • Loyalty Addition is as under:
    • As declared by the LIC
  • Death Benefit: If the policy holder dies within the first 5 policy years = Sum Assured on Death + Guaranteed Addition. If the policy holder dies after 6thyear onwards the policy term = Sum Assured on Death + Guaranteed Addition + Loyalty Addition.
    • Sum Assured On Death is the higher of the following:
      • 10 times of your annualized premium (after deducted taxes and rider premium)
      • 125% of Basic Sum Assured
      • 105% of all premiums paid till date
    • Income Tax Benefits: All premiums paid under the policy are eligible fordeduction under Section 80C of the Income Tax Act 1961. Death benefits too are exempted from tax under Section 10(10D) of the same.
    • Types of Deaths Covered: Both types of deaths, natural and accidental, are covered under the plan.
    • Rider benefits: The following rider benefits can be enjoyed at an additional premium:
      • Accidental Death and Disability Benefit Rider
      • Accident Benefit Rider
      • New Term Assurance Rider
      • New Critical Illness Benefit Rider

 Policy Details at a Glance:

  • Sum Assured –10 lakhs to no limit
  • Policy Term (PT) – 14, 16, 18, 20 years
  • Premium Paying Term – PT – 4 years
  • Minimum Entry Age:8 Years
  • Maximum Entry Age: 45 years for 20 year PT and 55 years for 14 year PT
  • Maturity Age:65 years for 20 year PT and 69 years for 14 year PT
  • Premium Payment:Monthly, Quarterly, Half-Yearly, Yearly
  • Surrender Value:The policy acquires a surrender value after one year’s premium is paid.
  • Paid-Up Value: The policy acquires a paid-up value.
  • Loan:Loan can be availed against the policy.

Premium Chart: The chart below shows the annual premium for a Sum Assured of Rs. 10,00,000. The premium paid varies according to the age of the insurer and the plan term chosen.

 

Age (Years)

Policy Term (Years)

14

PPT(10)

16

PPT(12)

18

PPT(14)

20

PPT(16)

20 1,10,250 92,600 79,700 70,800
30 1,10,800 93,200 80,450 71,700
40 1,13,150 95,850 83,350 74,900
  • Annual Premium for Sum Assured Rs. 10,00,000
  • Premium Rates may vary after application of GST
  • PPT is Premium Paying Term

Enjoying the benefits of life cover along with long term savings and regular money backs is what we generally long for. Taking all the important features and aspects into account, LIC’s Bima Shree is a one-of-its-kind plan that offers all benefits in one. If you too want to enjoy its unmatched benefits, get in touch with us at InsuranceBima.com. Call +91-9230091000 to know more. We are authorized agency for LIC of India and provide Bima Shree life insurance plan to individuals, HNIs/NRIs and corporates in New Delhi, Jalandhar, Chandigarh, Mohali, Zirakpur, Kharar. Shortly, we will be opening offices in Ludhiana, Patiala and other cities of Punjab as well.