LIC’s Bima Shree

The Bima Shree plan from LIC combines savings with safety. This plan was created specifically with high net worth individuals in mind. In the tragic event that the policyholders pass away during the policy’s term, this plan offers financial help to their family. Additionally, during the policy term, periodic payments will be provided to the policyholder who survives at certain intervals. At maturity, the policyholder who survives will receive a lump sum payout. Through the lending facility, this approach also addresses the demand for liquidity.

Category:

Description

 

LIC Bima Shree Plan offers several significant features and benefits for policyholders:

  1. Death Benefit: It Should the policyholder pass away during the first five years of the policy’s term, guaranteed additions and the “Sum Assured on Death” will be paid to the nominee or family members. The benefit is not less than 105% of all premiums paid up until the date of death, and the sum promised on death is 125% of the minimum sum assured or seven times the yearly premium.
  2. Survival Benefit: At certain intervals throughout the policy term, policyholders who live to the end of the policy term and have paid all premiums are eligible to receive the minimum sum promised. The policy term affects the precise proportion of the money guaranted.
  3. Maturity Benefit: In addition to loyalty and assured additions, the policyholder receives the “Sum Assured on Maturity” if they live out the whole insurance term and have paid all premiums.
  4. Grace Period: If a policyholder misses the deadline for paying their annual, half-yearly, or quarterly premium, they have 30 days to make up for it. A lapse in insurance may occur if payment is not made during the grace period.
  5. Paid-Up Policy: If premiums have been paid for less than two years, the policy will cease in the event of non-payment. However, if premiums for two full years have been paid, the policy will continue as a paid-up policy.
  6. Loan Against Policy: Policyholders can avail a loan if they have paid premiums for at least two full years, subject to the terms and conditions set by the corporation. The loan amount can be up to 90% of the surrender value for in-force policies and 80% for paid-up policies.
  7. Free Look Period: Policyholders have 15 days from receiving the policy bond to return the policy if they are dissatisfied with its terms and conditions. The corporation will refund the premium amount after deducting applicable charges.
  8. Flexible Premium Payment: Policyholders have the flexibility to pay premiums yearly, half-yearly, quarterly, or monthly, depending on their convenience.

 

Eligibility Conditions:

Minimum Age at entry 8 years (completed)
Maximum Age at entry 55 years (nearer birthday) for the policy term 14years

51 years (nearer birthday) for the policy term 16 years

48 years (nearer birthday) for the policy term 18 years

45 years (nearer birthday) for the policy term 20 years

Policy Term 14, 16, 18 and 20 years
Minimum Basic Sum Assured Rs. 10,00,000
Maximum Basic Sum Assured No limit (The Basic Sum Assured shall be in

multiples of Rs. 1,00,000/-

Premium Paying Term (Policy term – 4) 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

65years (nearer birthday) for policy term 20 years

Reviews

There are no reviews yet.

Be the first to review “LIC’s Bima Shree”

Your email address will not be published. Required fields are marked *