BIMAASK

LIC Bima Shree Plan is a Limited Premium Payment Money Back Plan which is specially designed for customers who are looking for high risk cover plan as the minimum sum assured in this plan is ₹ 10Lakhs. This plan is 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 upper middle class.

Money back at regular intervels.

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.

Double tax benefit of section 80C & section 10(10D) available.

Paid up value after 2 years.

Loan allowed after 2 years.

 

POLICY BENEFITS:

• 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 annualised 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 & 12^th Policy Anniversary

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

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

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