BIMA SHREE TABLE NO 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:–
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|
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—
|% Basic Sum Assured payable||40%
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
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.
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.
- Optional Benefit:
- Rider Benefits:
The following five optional riders are available under this plan
- LIC’s Accidental Death and Disability Benefit Rider
- b) LIC’s Accident Benefit Rider
- c) LIC’s New Term Assurance Rider
- d) LIC’s New Critical Illness Benefit Rider
- 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/-
|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
|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
Monthly – through NACH only or salary deductions during the premium paying Term of the policy
|High Basic Sum Assured Rebate||
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)
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.
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
- Surrender Value
The policy can be surrendered at any time provided
- 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
D.A.B. : 1000000
Death Sum Assured :1250000
Basic Sum Assured :1000000
1st year Premium With TAX 4.5%
1st year Premium With TAX 4.5%
After 1st year Premium With TAX 2.25% :
Total Approximate Paid Premium : 1178594
|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)