Launch Date | Table No. | UIN | Status |
2/1/2018 | 848 | 512N316V01 | Active |
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:
The Sum Assured on Death is a higher value chosen from:
Now let us understand this with the help of an example.
Consider,
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)
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.
The following riders are available under this plan:
Know Claim Process of LIC Bima Shree
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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