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Bima Shree (Table No 848)



 

 

 

 

 

 

 

 

 

LIC's Bima Shree Plan (Table No - 848) is a Non-Linkedwith profit, limited premium payment money back policy which has the provision of guaranteed addition.This plan is specially designed for High Net worth Investors (HNI) or High-End Customers.The tagline for this policy is “Live every moment tension free, buy LIC’s Bima Shree”.Under this plan Gauranteed additions shall accured at the rate of Rs.50 per thousand on basic sum assured for first five year and their after Rs.55 per thousand on basic sum assured from 6th policy year to end of the premium paying term. in addition the policy shall participate in the profits in form of loyalty additions also.

  Key features of Bima Shree Plan:

  • Non-Linked, Money Back, Limited Payment, Guaranteed Addition Plan
  • Premium Waiver Benefit (PWB) Rider in case of Minor Policy Holder.
  • Availability of Accidental Death & Disability Benefit (AD & DB), Term Assurance riders.
  • Critical Illness Benefit coverage for fifteen specified critical illnesses available as an optional rider.
  • The flexibility of policy term. Policy term can be opted from 14, 16, 18 and 20 years.
  • Paid premiums are exempted from income tax under 80C.
  • Tax free Money Backs and Maturity u/s 10(10)D.
Bima Shree Plan  Eligibility Criteria:  
Minimum Age at Entry 8 Years (Completed)

 

Maximum Age at Entry

55 Years for 14 Year Term

51 Years for 16 Year Term

48 Years for 18 Year Term

45 Years for 20 Year Term

Maximum Maturity Age 70 Years(Nearest Birthday)
Policy Term(Premium Paying Term) 14 years(10 years), 16(12), 18(14), 20(16)
Minimum Sum Assured 10,00,000/-
Maximum Sum Assured No Limit (shall be in multiples of 1,00,000/-)
Policy Mode Yearly,Half-Yearly,Quaterly,Monthly (NACH only)

 

Rebate Of Mode Of Premium

Yearly-- 2%

Half-Yearly-- 1%

Quaterly & Monthly-- Nil

 

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 highest of

  • 10 times of annualised premium; or
  • Sum Assured on Maturity as defined in 1. c) below; or
  • Absolute amount assured to be paid on death, i.e. 125% of Basic Sum Assured.

This death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

 

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:

 

                              1st Money Back 2nd Money Back

For 14 Years Policy 

30% of SA at end of 10th policy year

30% of SA at end of 12th policy year

For 16 Years Policy 

35% of SA at end of 12th policy year

35% of SA at end of 12th policy year

For 18Years Policy 

40% of SA at end of 14th policy year

40% of SA at end of 14th policy year

For 20 Years Policy 

 

45% of SA at end of 16th policy year

 

45% of SA at end of 16th policy year

Maturity Benefits:

On the survival till the maturity term. Following maturity benefit is payable.

  • For 14 Years Policy – 40% of Basic Sum Assured + Accrued guaranteed additions  + Loyalty additions
  • For 16 Years Policy – 30% of Basic Sum Assured + Accrued guaranteed additions + Loyalty additions
  • For 18 Years Policy – 20% of Basic Sum Assured + Accrued guaranteed additions  + Loyalty additions
  • For 20 Years Policy – 10% of Basic Sum Assured + Accrued guaranteed additions  + Loyalty additions

 

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