LIC New Plan – Bima Shree Plan No 848

New LIC Plan Bima Shree is non Market-linked ,limited premium payment  ,money back plan along with  inbuilt critical illness for high net worth individuals.

Featutres of Bima Shri 

 
  •Minimum Sum assured Rs 10 lakhs.
•Maximum Sum assured No Limit (Depends of Income)
•Policy term 14, 16, 18, 20 years
•Premium paying term = Policy term less 4 years. (i.e., 10, 12, 14 and 16 years.)
•Mini Age at entry 8 completed

   A ge Group    –  Policy Term
18  –  55 yrs    –    14   yrs  
18  –  51  yrs    –    16   yrs  
18  –  48 yrs    –    18   yrs   
18  –  45 yrs    –    20   yrs    

 PPT (Premium Payable Term)

 =Policy Term – 4years  

Maturity Benefit of Bima Shree =

Maturity Sum Assured +Guaranteed Additions +Loyalty Additions

  What is Guaranteed Addition of Bima shree plan?

First 5 Years  of policy term ,Rs.50 per 1000 BSA will be added.
Subsequent Years of policy paying term ,Rs.55 per 1000 BSA will be added.

Loyalty addition will be paid after paying 5 years of premium.it is based on LIC experience.

 Take a Example

Mr ABC ,age 35 yrs has selected term for 20 yrs then his PPT(premium paying term) would be 16 yrs.

As he has chosen ,10 lac as Sum assured.

Death Benefit= Death SA + GA+ LA

• Death SA= Sum Assured on Death :

 

Highest of: 

125% of BSA   or  10 times AP  or  105% of Total Premiums Paid
                               (excluding GST)

•  Rider PWB, DAB& EPDB, DAB, Term and critical illness riders allowed.
•Mode Yearly, Half yearly, Qly, SSS AND monthly under NACH.
•Grace period 30 days.
•Paid value after payment of 2 yearly premium, PAID VALUE acquired and proportionate benefit like SB due, Maturity value or death payable based on such “Maturity Paid Value Sum assured” or “death paid up sum assured”.
•Loan/Surrender Allowed after 2 yrs.
• Medical Non-Medical and Medical as per age and sum proposed
•Female category Categories A 1, A-2, A-3 & B 1 and B 2 allowed.
•Back date Allowed with lean month benefit.
•Age proof Only standard proof acceptable.
•Cooling off as per IRDAI rules allowed.
•NRI & FNIO: NRI from Gr 5 allowed. FNIO & Mail order NOT allowed.
•Employee & employer: Allowed. (Not allowed for key man/Partner insurance.)
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