LIC Bima Shree Plan (848) Details

LIC Bima Shree, Table No. 848, is a money back plan which provides guaranteed addition (GAs) at the rate of Rs. 50 per thousand of basic sum assured for first 5 policy years and Rs 55 per thousand of sum assured from sixth policy year till the year of last premium payment. Complete details like Premium, Money Backs, Risk Cover and Maturity of this plan has been explained with an Illustration.

Key Features

  • Guaranteed Additions during premium payment term.
  • Availability of Accidental Death & Disability Benefit (AD & DB), Term Assurance riders.
  • Premium Waiver Benefit (PWB) Rider in case of Minor Policy Holder.
  • Paid premiums are exempted from income tax under 80C.
  • Tax free Money Backs and Maturity.
Calculators For LIC Bima Shree Plan (848)
Premium Calculator Maturity Calculator

Plan Parameters

Age at Entry8 years (Completed)
Calculate your Age
Policy Term (Premium Paying Term)14(10), 16(12), 18(14), 20(16)
Maximum Age at Entry in Years)
(As per Nearest Birthday)
55 Years for 14 Year Term
51 Years for 16 Year Term
48 Years for 18 Year Term
45 Years for 20 Year Term
Basic Sum Assured 10,00,000 and above in multiples of 1,00,000
Premium Paying Mode Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Mode Rebate 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Money Back and Maturity

The plan provides Guaranteed additions (GAs) at the rate Rs 50 per thousand of Sum Assured for first 5 policy years and Rs. 55 per thousand of sum assured from 6th year till the year of last premium payment and one time loyalty addition on maturity. During the policy term, this plan provides two fixed money backs (as certain percentage of Sum Assured) and on completion of policy term, maturity will be Sum Assured + Guaranteed additions (GAs) + Loyalty Addition (LA). Following table provides money backs and maturity details of all term available in this plan.

Policy Term (Years)1st Money Back2nd Money BackMaturity Details
(on completion of policy term)
1430% of SA at end of 10th policy year 30% of SA at end of 12th policy year40% of SA + GAs + LA
1635% of SA at end of 12th policy year 35% of SA at end of 14th policy year30% of SA + GAs + LA
1840% of SA at end of 14th policy year 40% of SA at end of 16th policy year20% of SA + GAs + LA
2045% of SA at end of 16th policy year 45% of SA at end of 18th policy year10% of SA + GAs + LA

In above table, SA is Basic Sum Assured or simply Sum Assured

Risk Cover and Death Benefit

In case of death during first 5 year of policy, the death claim will be 125 % of Basic Sum Assured + Guaranteed Addition (GAs) at the rate of Rs 50 per thousand of Sum Assured per year.

In case of death after completion of 5 policy years and before maturity, the death claim will be 125 % of Basic Sum Assured + Guaranteed Addition (GAs) at the rate of Rs 55 per thousand of Sum Assured per year (up to the policy year of last premium payment) + Loyalty Addition (LA).

LIC Bima Shree Policy (848) with an Example

For explanation, let's take example of a policy with following details.

Purchase Year2018
Age25 Years
Basic Sum Assured15,00,000
Policy Term20
Premium Paying Term16
Premium of Basic Plan (without GST)1,04,517

As per above policy details, following table provides Year-wise and age premium paid, moneyback, risk covers and maturity details.

Understanding Following Table: The year-wise progress of policy has been illustrated below, Policy holder will get TWO Money Backs of Rs. 6,75,000 each on completion of 16th and 18th policy years and on maturity (completion of 20 years) Rs. 1432500 + Loyalty Addtion (LA). In case of death before 20 years, for example, if death happens after 14 years from commencement (Age: 38, Year: 2031), then Death claim shall be 2992500 + Loyalty Additions (LA).

Year No Year Age Sum Assured Premium Paid Guaranteed Additions(GAs) Life Cover Return
1 2018 25 1500000 104517 75000 1950000 0
2 2019 26 1500000 209034 150000 2025000 0
3 2020 27 1500000 313551 225000 2100000 0
4 2021 28 1500000 418068 300000 2175000 0
5 2022 29 1500000 522585 375000 2250000 0
6 2023 30 1500000 627102 457500 2332500 + LA 0
7 2024 31 1500000 731619 540000 2415000 + LA 0
8 2025 32 1500000 836136 622500 2497500 + LA 0
9 2026 33 1500000 940653 705000 2580000 + LA 0
10 2027 34 1500000 1045170 787500 2662500 + LA 0
11 2028 35 1500000 1149687 870000 2745000 + LA 0
12 2029 36 1500000 1254204 952500 2827500 + LA 0
13 2030 37 1500000 1358721 1035000 2910000 + LA 0
14 2031 38 1500000 1463238 1117500 2992500 + LA 0
15 2032 39 1500000 1567755 1200000 3075000 + LA 0
16 2033 40 1500000 1672272 1282500 3157500 + LA 675000
17 2034 41 1500000 -- -- 3157500 + LA 0
18 2035 42 1500000 -- -- 3157500 + LA 675000
19 2036 43 1500000 -- -- 3157500 + LA 0
20 2037 44 Maturity 1432500 + LA

Please Note: Above illustration has been generated just for the purpose of explanation.

Comments & Reviews (6)

Wrote :

12-11-2018 23:11:19

Sir please tell me what about the second money back if death happens after reciving the first mony back

Wrote :

14-11-2018 09:52:33

Second money back will not be paid, rather death claim will be paid.

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Wrote :

04-11-2018 20:38:12

L/A Age 10 Years. Whether Risk strats immediately or after completion of Age 18 Years. Table- 848-20(16)

Wrote :

06-11-2018 12:42:18

If Life Assured age is 10 years, then he/she is covered since commencement of the policy.

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Wrote :

19-10-2018 10:31:44

HOW LOYALTY ADDITION IS CALCULATED?

Wrote :

20-10-2018 11:37:22

Please read this article to understand it.

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Wrote :

23-03-2018 12:05:37

As example is set for sum assured 10 lakes,premium is given there for 15 lakh S.A.without GST

Wrote :

25-03-2018 10:48:35

The typing mistake has been corrected. Thanks your for your feedback.

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Wrote :

19-03-2018 21:24:42

Hello Sir, In the above illustration, the Life Cover is shown as 1950000. However, when we add the SA and the GA it comes to 1575000. Could you please explain. Thanks

Wrote :

19-03-2018 23:34:21

Life cover is 125% of basic sum Assured, that is it is 1950000.

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Wrote :

19-03-2018 12:12:40

i need tamil language this policy details

Wrote :

19-03-2018 23:44:32

You can contact nearest branch at your place.

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