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.
- 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.
|Age at Entry||8 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 Back||2nd Money Back||Maturity Details
(on completion of policy term)
|14||30% of SA at end of 10th policy year||30% of SA at end of 12th policy year||40% of SA + GAs + LA|
|16||35% of SA at end of 12th policy year||35% of SA at end of 14th policy year||30% of SA + GAs + LA|
|18||40% of SA at end of 14th policy year||40% of SA at end of 16th policy year||20% of SA + GAs + LA|
|20||45% of SA at end of 16th policy year||45% of SA at end of 18th policy year||10% 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.
|Basic Sum Assured||15,00,000|
|Premium Paying Term||16|
|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|
|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.