LIC’s Bima Shree Plan (Table No – 848) is a Non-Linked, with benefit, restricted premium instalment cashback policy which has the arrangement of ensured addition. This plan is uncommonly intended for High Net Worth Investors (HNI) or High-End Customers. The slogan for this policy is “Live every minute pressure-free, purchase LIC’s Bima Shree”. Under this arrangement, guaranteed increases will accrue at the rate of Rs.50 per thousand on fundamental entirety guaranteed for initial multi-year and their after Rs.55 per thousand on essential aggregate guaranteed from sixth policy year to end of the premium paying term. what’s more, the policy will take part in the benefits in type of loyalty additions also.
Key highlights of Bima Shree Plan:
- Non-Linked, Money Back, Limited Payment, Guaranteed Addition Plan
- Premium Waiver Benefit (PWB) Rider if there should arise an occurrence of Minor Policy Holder.
- Accessibility of Accidental Death and Disability Benefit (AD and DB), Term Assurance riders.
- Critical Illness Benefit inclusion for fifteen indicated Critical ailments accessible as a discretionary rider.
- The adaptability of the policy term. Policy term can be picked from 14, 16, 18 and 20 years.
- Paid premiums are exempted from income tax under 80C.
- Tax-exempt Money Backs and Maturity u/s 10(10) D.
Bima Shree Plan Eligibility Criteria
| Least Age At Entry | 8 Years (Completed) |
| Greatest Age At Entry | 55 Years for 14 Year Term 51 Years for 16 Year Term 48 Years for 18 Year Term 48 Years for 18 Year Term |
| Greatest Maturity Age | 70 Years(Nearest Birthday) |
| Policy Term(Premium Paying Term) | 14 Years(10 Years), 16(12), 18(14), 20(16) |
| Least Sum Assured | 10,00,000/- |
| Greatest Sum Assured | No Limit (Shall Be In Multiples Of 1,00,000/-) |
| Policy Mode | Yearly, Half-Yearly, Quarterly, Monthly (NACH Only) Discount of Mode of Premium Yearly – 2% Half-Yearly – 1% |
| Discount of Mode of Premium | Yearly – 2% ,Half-Yearly – 1% Quarterly and Monthly – Nil |
Death Benefit
On death during the initial five years: Death Benefit characterized as an aggregate of “Entirety Assured on Death” and gathered. Ensured Addition will be payable.
On death after the finish of five strategy years yet before the date of development: Death Benefit characterized as the sum of “Entirety Assured on Death” and gathered Guaranteed Addition and Loyalty Addition, assuming any, will be payable.
Where “Amount Assured on Death” is characterized as the most noteworthy of
- Multiple times of annualized premium; or
- Amount Assured on Maturity as characterized in 1. c) beneath; or
- Total sum guaranteed to be paid on death, for example, 125% of Basic Sum Assured.
This death advantage will not be under 105% of all the premiums paid as on date of death. Premiums alluded above will exclude any duties, additional sum chargeable under the arrangement due to endorsing choice and rider premium(s), assuming any.
Survival Benefit
On the existence guaranteed to make due to every one of the predetermined spans during the policy term, gave all due premiums have been paid, a fixed level of Basic Sum Assured will be payable. The fixed rate for different strategy terms is as underneath:
| POLICY YEARS | 1st MONEY BACK | 2st 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 18 Years Policy | 40% Of SA At End Of 14th Policy Year | 40% Of SA At End Of 14th Policy Year |
| For 20 Years Policy | 40% Of SA At End Of 14th Policy Year | 45% Of SA At End Of 16th Policy Year |
Maturity Benefits
On the survival till the development term. Following Maturity Benefits is payable.
- For 14 Years Policy – 40% of Basic Sum Assured + Accrued ensured increases + Loyalty augmentations
- For 16 Years Policy – 30% of Basic Sum Assured + Accrued ensured increases + Loyalty augmentations
- For 18 Years Policy – 20% of Basic Sum Assured + Accrued ensured increases + Loyalty augmentations
- For 20 Years Policy – 10% of Basic Sum Assured + Accrued ensured increases + Loyalty augmentations
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