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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 ï¿½Sum Assured on Deathï¿½ 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 ï¿½Sum Assured on Deathï¿½ and accrued Guaranteed Addition (GA) and Loyalty Addition (LA), if any, shall be payable.
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:
(The Basic Sum Assured shall be in multiples of Rs. 100,000/-)
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.