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About Bima Shree Plan

LIC’s Bima Shree plan offers a combination of protection and savings. This plan is specially designed for High Net-worth Individuals. This plan provides financial support for the family in case of unfortunate death of the policyholders during the policy term. Periodic payments shall also be made on survival of the policyholder at specified durations during the policy term and a lump sum payment to the surviving policyholder at the time of maturity.
This plan also takes care of liquidity needs through loan facility.

Eligibility Conditions

Minimum Basic Sum AssuredRs. 10,00,000
Maximum Basic Sum AssuredNo limit (The Basic Sum Assured shall be in multiples of Rs. 100,000/-)
Policy Term14, 16 , 18 and 20 years
Premium Paying Term(Policy term – 4) years
Minimum Age at entry8 years (completed)
Maximum Age at entry55 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
Maximum Age at Maturity69 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

Benefits of Bima Shree Plan

Benefits payable under an inforce policy (where all due premiums have been paid):

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 duepremiums 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 14 th and 16th policy anniversary.
  •  For policy term 20 years:
    45% of Basic Sum Assured on each of 16th  and 18th  policy anniversary.

 MATURITY BENEFIT: 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

GUARANTEED ADDITIONS:  Guaranteed Additions shall accrue at the end of each policy year during the Premium Paying Term (PPT), provided all due premiums have been paid till date. The rate of Guaranteed Additions shall be as follows:

  • Rs. 50 per thousand Basic Sum Assured for first five years
  •  Rs. 55 per thousand Basic Sum Assured from 6th  policy year till end of PPT

In case of a paid-up policy or on surrender of a policy the Guaranteed Addition for the policy year in which the last premium is received will be added on proportionate basis in proportion to the premium received for that year.

 

 
 
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