LICs Bima Shree is an innovative Money back plan specially designed for High End Customers. This plan can also be called as Mini Shiromani plan as it is designed on the basic frame work of LICs Jeevan Shiromani Plan. Unlike Shiromani, which is having a minimum Sum Assured of one Crore, Bima Shree is having a minimum Sum Assured of 10 lakh. At the Buyonlinelic Insurance Agency, we believe in helping you make the right decision based on your lifestyle and needs.
By law, all Life`s in operation in the state of India are required to be insured or bonded.
Bima Shree Plan Details:
LIC Bima Shree (Plan 848), which can be defined as a non-linked, with-profits, limited premium payment, money back plan can boast of Guaranteed Additions also, which is a great feature in the current scenario of dwindling interest rates. Even though the plan is of money back type, option to defer the survival benefits offers it the flexibility of an endowment plan. Let us have a detailed look at the plan.
- Key features.: Minimum Basic Sum Assured of the plan shall be Rs. 10,00,000 (Ten Lakh). Guaranteed Additions at the rate of Rs. 50 per thousand Sum Assured for the first five years and Rs. 55 per thousand Sum Assured for the remaining years of premium paying term, shall be accrued to the policy. The policy shall participate in the profit of the corporation in the form of loyalty additions. Loyalty Additions shall be available at the time of exit from the policy, either due to death claim or maturity and is available after premium payment and completion of 5 full years. Critical Illness Benefit coverage for fifteen specified critical illnesses available as optional rider. Policy term can be opted from 14, 16, 18 and 20 years. Premium paying term will be four years lesser than the term of the plan opted. Survival benefits available under the plan can also be deferred, as per the wish of the policy holder, which adds to the flexibility of the plan. Settlement option for 5, 10 or 15 years shall be available for maturity as well as death benefits under the plan.
- Survival Benefits: The policy holder shall have an option to defer the Survival Benefits and take Increased Survival Benefits (Survival Benefits along with interest) at any time on or after the due date, during the term of the plan. Interest paid on the survival benefit shall be at annual compounded rate, applicable at the due date of the survival benefit.
- Maturity Benefit: Settlement option is an option to receive the Maturity benefit in instalments over a chosen period of 5, 10 or 15 years instead of the lump sum amount. The interest rates applicable for settlement option shall be fixed by the corporation from time to time.