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Launch Date Table No. UIN Status
2/1/2018 848 512N316V01 Active

About LIC Bima Shree

  • LIC Bima Shree Plan is a simple money back plan that offers periodic payouts along with guaranteed returns
  • Primary objective of this plan is to provide guaranteed additions (payable at Rs 50 for first five years and payable at Rs 55 from 6th year onwards till) over one’s investment
  • Premium paying term depends on the policy term chosen and is less than the policy term
  • Has an additional in-built critical illness benefit wherein 15 critical illnesses are covered
  • This plan provides additional benefits in the form of four riders
  • This policy is especially for high net worth individuals(HNIs)
  • One can avail loan immediately after two years from the date of purchase of the policy

How Does The Plan Work?

Under LIC Bima Shree plan an individual has to choose a policy term (14, 16, 18 and 20) and pay premium for the limited term calculated by the equation (policy term – 4 years). Depending on the term chosen, the survival and maturity benefit rates are given below:

Policy term Survival benefit returns (% of sum assured) Frequency of Periodic payment year Maturity benefit (% of sum assured)
14 years 30% Paid at the end of 10th and 12th year 40%
16 years 35% Paid at the end of 12th and 14th year 30%
18 years 40% Paid at the end of 14th and 16th year 20%
20 years 45% Paid at the end of 16th and 18th year 10%

An individual has an option to collect the survival benefit as lump sum on maturity or collect it in instalments during the chosen settlement period of 5, 10 and 15 years after the policy term ends. At the time of maturity, the individual receives a lump sum, that is, the pending amount of Basic sum assured (Sum Assured on Maturity) along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.

During the policy term an additional built-in benefit of critical illness is provided.  On first diagnosis of any of 15 major critical illnesses, the Critical Illness Sum Assured shall be payable.

If in-case of an unfortunate event of death of the individual:

  • During first five years of the policy term, his nominee receives Sum Assured on Death + accrued Guaranteed Additions
  • Between 6th year and end of the policy term then his nominee receives Sum Assured on Death+ accrued Guaranteed Additions and Loyalty Additions (if any payable)


The Sum Assured on Death is a higher value chosen from:

  • 10 times of annualised premium
  •  Sum Assured on Maturity
  • 125% of Basic Sum Assured


Now let us understand this with the help of an example.


Person’s age: 30 years
Sum assured: Rs 10,00,000
Policy term: 14 years
Premium paying term: 14 – 4 (Policy term – 4) = 10 years

A 30 year old person chooses a 14 year policy term of LIC Bima Shree plan and pays regular annual premium of Rs 108584 for 10 years for a Sum Assured of Rs 10,00,000.  At the end of the 10th year and 12th year he receives Rs 3,00,000 ( 60% of sum assured) each as survival benefit. Finally at maturity, that is at the end of 14th  year he receives the remaining 40% of Sum assured (Rs 9,25,000) + Guaranteed Additions ((50 x 1000 x 5) + (55 x 1000 x 11)= Rs5,80,000) + Loyalty Additions. Total amount of approximately Rs 11,40,000 is paid on maturity.

If in-case of death of the person during 6th year, his nominee will receive Rs 15,85,000 as death benefit. Death benefit paid includes Sum Assured on death, accrued Guaranteed Additions and Loyalty additions (if payable)

Why should you buy LIC Bima Shree plan?

  • LIC Bima Shree offers accrued guaranteed high returns on maturity
  • High Life cover ratio means higher accrued amounts
  • Provides benefit on diagnosis of 15 major critical illnesses
  • Premiums paid are tax exempt under Section 80C
  • Offers tax rebates on premium paid if higher sum assured is chosen


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Who should buy LIC Bima Shree plan?

  • Minimum and maximum entry ages are 18 years and 55 years( for 14 year policy term), 51 years (for 16 years policy term), 48 years(for 18 years policy term), and 45 years (for 20 years policy term)
  • Minimum sum assured is Rs 100,00,000
  • Maximum age at maturity is 69 years(for 14 years policy term), 67 years(for 16 years policy term), 66 years( for 18 years policy term) and 65 years (for 20 years policy term)
  • Sole earning individuals who want to safeguard their family’s future in-case of their absence
  • Individuals who are looking for secure returns
  • High net individuals who are looking for liquidity through loan facility

Understand Bonus Declared

The Guaranteed Additions paid are accrued. For first five years it is accrued at Rs 50 per 1000 Sum Assured and from 6th year till the premium paying term it is accrued at Rs 55 per 1000 Sum Assured.

Loyalty Additions are also payable from the 6th year onwards, if any applicable declared by the insurance company.

Riders & Add Ons

The following riders are available under this plan:

  • LIC’s Accidental Death and Disability Rider: In this rider the nominee/ family receives the sum assured after the insured’s accidental death or dismemberment or permanent disability.
  • LIC’s Accident Benefit Rider: In this rider the nominee/ family receives Accident Benefit Rider Sum Assured will be payable as lump sum along with the death benefit under the base plan, if the insured dies due to an accident.
  • LIC’s New Term Assurance Rider: The benefit cover under this rider shall be available during the policy term. If this rider is opted for, an additional amount equal to Term Assurance Rider Sum Assured shall be payable on death of the Life Assured during the policy term.

Claim Process

Know Claim Process of LIC Bima Shree

Claim Process

Company Overview

Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.


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burger₹ 700
Your yearly cost on fast food = roughly ₹ 8,400
Cost of Health Insurance for whole family with ₹ 5 lakhs cover!

Tab 3

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₹. 3,900/ Month.