Javascript is not currently enabled in your browser.
You must enable Javascript to run this web page correctly.

Home » Products » Insurance Plan » LIC's Bima Shree - (Plan No: 948, UIN: 512N316V02)
LIC's Bima Shree - (Plan No: 948, UIN: 512N316V02)

Benefits

Policy Document
Sales Brochure
  • Date of Withdrawal : 01.02.2020

  • LIC’s BIMA SHREE Plan is a non-linked, participating, individual, life assurance savings plan.
    LIC’s Bima Shree plan is a limited premium payment money back life insurance plan with minimum Basic Sum Assured of Rs. 10 lakhs especially designed for targeted segment of High Net-worth Individuals

    Premium Payment Mode
    The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (through NACH only) or through salary deductions (SSS).
     
    Minimum Age at entry: 8 Years (completed)
    Maximum Entry Age: 55 years (nbd) for policy term 14 years
    51 years (nbd) for policy term 16 years
    48 years (nbd) for policy term 18 years
    45 years (nbd) for policy term 20 years
    Age at Maturity: 69 years (nbd) for policy term 14 years
    67 years (nbd) for policy term 16 years
    66 years (nbd) for policy term 18 years
    65 years (nbd) for policy term 20 years
    Policy Term: 14, 16, 18, 20 years
    Premium Paying Term: (Policy term less - 4) years
    Minimum Basic Sum Assured: Rs. 10,00,000/-
    Maximum Basic Sum Assured: No Limit


    Policy Benefits:
    The benefits payable under an inforce policy are as under:
    Death Benefit
    	On death during first five years: “Sum Assured on Death” along with accrued Guaranteed 
    	Additions shall be payable.
    
    	
    	On death after completion of five policy years but before the date of maturity: “Sum 
    	Assured on Death” along with 
    	accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.
    
    	
    	Where “Sum Assured on Death” is defined as the higher of :
    
    		7 times of annualised premium or
    		125% Basic Sum Assured
    
    	
    	This death benefit (as defined above) shall not be less than 105% of total premiums 
    	(exclude taxes, extra premium and Rider premiums, if any ) paid as on date of death. 
    
    
    Survival Benefit
    On the life assured surviving to each of the specified durations during the policy term, a fixed 
    percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is
    as below: 
    	1. For policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th policy anniversary 
    	2. For policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th policy anniversary
    	3. For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary
    	4. 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, “Sum Assured on Maturity” along 
    withaccrued Guaranteed Additions and Loyalty Addition, if any, shall be payable. Where “Sum Assured
    on Maturity” is as under: 
    
    	1. For policy term 14 years: 40% of Basic Sum Assured
    	2. For policy term 16 years: 30% of Basic Sum Assured
    	3. For policy term 18 years: 20% of Basic Sum Assured 
    	4. For policy term 20 years: 10% of Basic Sum Assured 
    
    
    Guaranteed Additions
    Provided the policy is inforce, a Guaranteed Addition at the rate of Rs.50 per thousand Basic Sum 
    Assured for the first five years and Rs.55/- per thousand Basic Sum Assured from 6th policy year
    till the end of premium paying term will accrue at the end of each policy year for which full year’s
    premiums have been paid. In case the premiums are not duly paid, the Guaranteed Additions shall cease 
    to accrue under a policy. 
    
    Optional rider benefits 
    The following four optional Riders are available under this plan. However, the policyholder can opt 
    between either of LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident 
    Benefit Rider. 
    Therefore, a policyholder can opt for a maximum of three Riders under this plan.
    
    	1. LIC’s Accidental Death and Disability Benefit Rider UIN (512B209V02)
    	2. LIC’s Accident Benefit Rider UIN (512B203V03)
    	3. LIC’s New Term Assurance Rider (UIN 512B210V01)
    	4. LIC’s New Critical Illness Benefit Rider (UIN 512A212V01) 
    	5. LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03) 
    
    Policy Loan
    Loan facility is available under this plan, after payment of premiums for at least two full years, 
    subject to certain conditions mentioned in the Policy. 
    
    Taxes
    Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other 
    constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable
    from time to time. 
    
    
    
Life Insurance Corporation of India – Corporate Office : Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021 IRDAI Reg No- 512
Top