LIC’s Bima Shree

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