LIC of India is going to launch its new Life Insurance Plan Bima Shree (Plan No. 848). Bima Shree is a Non-Linked, with profit, limited premium payment money back policy which has the provision of guaranteed addition. Bima Shree is specially designed for High Networth Individuals having minimum basic sum assured of Rs. 1000000.
Bima Shree provides guaranteed addition at the rate of Rs 50 per thousand sum-assured in first five policy year and from the 6th year up to premium payment term Rs. 55 per thousand sum-assured. Unique Identification Number (UIN) of Bima Shree is 512N316V01
हिन्दी में पढिये: एलआईसी की नयी योजना बीमा श्री (प्लान न. 848)
1. Bima Shree-Eligibility conditions and Restrictions
Benefits payable under Bima Shree Policy:
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
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.
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 term 14 years:
30% of Basic Sum Assured on each of 10th and 12th policy anniversary.
For policy term 16 years:
35% of Basic Sum Assured on each of 12th and 14th policy anniversary.
For policy term 18 years:
40% of Basic Sum Assured on each of 14th and 16th policy anniversary.
For policy term 20 years:
45% of Basic Sum Assured on each of 16th and 18th policy anniversary.
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
Optional Benefit in LIC Bima Shree:
The following five optional riders are available under this plan by payment of additional premium. However, the policyholder 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 a policy.
- LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
- LIC’s Accident Benefit Rider (UIN:512B203V03)
- LIC’s New Term Assurance Rider (UIN: 512B210V01)
- LIC’s New Critical Illness Benefit Rider (UIN: 512A212V01)
- LIC’s Premium Waiver Benefit Rider (UIN: 512B204V02)