LIC’s Bima Shree plan offers a combination of protection and savings. This plan is specially designed for High Net-worth Individuals. 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 care of liquidity needs through loan facility.
On death during first five years: Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition shall be payable.
On death after completion of five policy years but before the date of maturity: Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition (GA) and Loyalty Addition (LA), if any, shall be payable.
Survival and Maturity Benefit:
In case of Life Assured surviving the stipulated date of maturity, a fixed percentage of Sum Assured shall be payable on maturity for inforce maturing policies. The fixed percentage under different Options is as below:
||40% + GA + LA
||30% + GA + LA
||20% + GA + LA
||10% + GA + LA
Eligibility Conditions and Other Restriction :
- 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, 16 , 18 and 20 years
- Premium Paying Term : (Policy term - 4) years
- 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 (nearest 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;
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 be deemed to be a contract between the Corporation and Life Assured.
- Modes Available : Yearly, Half Yearly, Quarterly and Monthly(NACH and Salary deduction)
- Income Tax Rebates : 80 C for premium paid and section 10(10D) for maturity, SB and Death Benefits.
- Loan : Loan available after payment of just one year of premium and completion of one year term.