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LIC BIMA SHREE TABLE NO 848

BIMA SHREE  TABLE NO 848

lic bima shree

lic bima shree ,licbimashree plan 848,

 

Life insurance of India Bima Shree Lic lanched bima shree plans 16/03/2018

With profit, limited premium payment money back and non-linked life insurance plan lanched in march 2018

This plan is specially designed for High Net-worth Individuals

LIC’s Bima Shree plan offers a combination of protection and savings.

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 loan facility.

Bima Shree Benefits:

1)Death Benefit:

On death during first 5 years: Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition shall be payable.

On death after completion of 5 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.

2) Survival Benefit

On the life assured surviving to each of the specified durations during the policy term, provided all due

premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable. The fixed

%  for various policy terms is as below:

Terms 10 Years 12 Years 14 Years 16 Years 18 Years
14 30% 30%
16 35% 35%
18 40% 40%
20 45% 45%

Policy term 14 years

30% of Basic Sum Assured on each of 10th and 12th year

Policy term 16 years:

35% of Basic Sum Assured on each of 12th and 14th year

Policy term 18 years:

40% of Basic Sum Assured on each of 14th and 16th years

For policy term 20 years:

45% of Basic Sum Assured on each of 16th and 18th year

 

3) 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—

 

Policy Term 14 16 18 20
% Basic Sum Assured payable 40%

 

30% 20% 10%
  1. 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 5 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.

  1. Participation in profits

Provided the policy has completed five policy years and atleast 5 full years’ premium have been paid,

then depending upon the Corporation’s experience the policies under this plan shall be eligible for

Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate

and on such terms as may be declared by the Corporation. Under a paid-up policy, Loyalty Addition

shall be payable for the completed policy years for which the policy was inforce.

In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on

surrender of policy during the policy term, provided the policy has completed five policy years and

atleast 5 full years’ premium have been paid In case of surrender of policy, Loyalty Addition shall be

payable for the completed policy year for which the policy was inforce.

  1. Optional Benefit:
  2. Rider Benefits:

The following five optional riders are available under this plan

  1. LIC’s Accidental Death and Disability Benefit Rider
  2. b) LIC’s Accident Benefit Rider
  3. c) LIC’s New Term Assurance Rider
  4. d) LIC’s New Critical Illness Benefit Rider
  5. e) LIC’s Premium Waiver Benefit Rider

Option to defer the Survival Benefit

Settlement Option (for Maturity Benefit):

Mode of Installment payment Minimum installment amount

Monthly Rs.           5000/-

Quarterly Rs.       15000/-

Half-Yearly Rs.   25000/-

Yearly Rs.           50000/-

  1. Eligibility Conditions

Minimum Basic Sum Assured Rs. 10,00,000
Maximum Basic Sum Assured No limit
The Basic Sum Assured shall be in multiples of Rs. 100,000
Policy Term 14 years

16 years

18 years

20 years

Premium Paying Term Policy term – 4
Minimum Age at entry 8 years (completed)
Maximum Age at entry 55 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 Maturity 69 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

Payment of Premiums mode Yearly

Half-yearly

Quarterly

Monthly – through NACH only or salary deductions during the premium paying Term of the policy

Mode rebate
Yearly 2%
Half yearly 1%
Quarterly monthly NIL
High Basic Sum Assured Rebate
10, 00,000 to

19, 00,000

Nil
20, 00,000 to

49, 00,000

0.30 ‰ BSA

 

50, 00,000 and above 0.50 ‰ BSA

 

 

Date of commencement of risk: Under this plan the risk will commence immediately from the date of

acceptance of the risk including minor lives.

Date of vesting under this plan: The policy shall automatically vest on the Life Assured on the policy

anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting

Policy Term (Premium Paying Term)

  1. Paid-up:

If less than two years’ premiums have been paid and any subsequent premium be not duly paid, all the

benefits under the policy shall cease after the expiry of grace period and nothing shall be payable.

  1. Revival:

If premiums are not paid by the end of the grace period then the policy will lapse. A lapsed policy can

be revived within a period of 2 consecutive years from the date of first unpaid premium by paying all

  1. Surrender Value

The policy can be surrendered at any time provided

  1. Policy Loan:

Loan can be availed during the policy term provided the policy has acquired a surrender value and

subject to the terms and conditions as the Corporation may specify from time to time.

The interest rate to be applied for policy loan and as applicable for full term of the loan shall be

rate is 9.5% p.a. payable half-yearly for entire loan term.

Example of the plans

Age :35
Term :20
P.P.T. :16
D.A.B. : 1000000
Death Sum Assured :1250000
Basic Sum Assured :1000000

1st year Premium With TAX 4.5%

Premium TAX 4.5% Total
Yearly 71942 3237 75179
Half Yearly 36336 1635 37971
Quarterly 18350 826 19176
Monthly(ECS) 6117 275 6392

1st year Premium With TAX 4.5%

After 1st year Premium With TAX 2.25% :

Premium TAX 4.5% Total
Yearly 71942 1619 73561
Half Yearly 36336 818 37154
Quarterly 18350 413 18763
Monthly(ECS) 6117 138 6255

Total Approximate Paid Premium : 1178594

16th Year 450000
18th Year 450000
Guaranteed Return at Maturity Time 955000 + 390000(Loyalty Addition)

Total Return at Maturity Time : 1345000

Total Approximate Return : 22,45,000

Disclaimer : premium shown above is indicative and not exact,

Actual Premium may vary according to underwriting Rules

Applicable Maturity Calculateion display is

Approximate (Current rate of bonus)



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