LIC's Bima Shree plan (948)

LIC's Bima Shree plan is a saving and protection instrument, specifically designed for High Net-worth individuals. The plan has money back option for time-frame liquidity needs and a lump-sum maturity benefit. Plan provide financial security to the family of policyholder in case of untimely death before maturity, equivalent to sum assured. Therefore this plan is champion with all in one type of feature (Except in-built Health Cover) that include limited premium, high sum assured, money back, loan facility and life risk cover.

To know more about the plan and its feature, let's start with it's features:

 This policy is available in Four variant:

 Premium paying term: 10, 12, 14, 16 years (Policy term - 4 Years)

 Policy term (time until your policy matures): 14, 16, 18, 20 years

 Minimum Sum Assured: 1000000

 Maximum Sum Assured: unlimited (with special medical reports and income proof)

 Minimum Entry Level Age: 8 years completed

 Maximum Entry Level Age: 55 years in nearest birthday

 Maximum Maturity Age: 69 years

                 Due to the above clause maximum entry level age for all four variant of this policy

  Maximum Accidental Death and Disability benefit rider applicable up to age of 69 years

 Maturity Benefit: Sum assured + Loyalty Additions (for illustration keep on reading)

 Minimum years to pay premium: 2years (after paying premium for 2 years one can stop paying premium; your money will be safe to withdraw or for loan

 Loan and Surrender: after 2 years of policy period considering there is no unpaid premium in first 2 years of policy period.

 Revival: Policy can be revived within 5 years of lapsation.

 Benefit illustration:

Guaranteed Additions:

Guaranteed Additions shall accrue at the end of each policy year during the Premium Paying Term (PPT), provided all due premiums have been paid till date.

The rate of Guaranteed Additions shall be as follows:

• Rs.50 per thousand Basic Sum Assured for first five years
• Rs.55 per thousand Basic Sum Assured from 6^th policy year till end of PPT

In case of a paid-up policy or on surrender of a policy the Guaranteed Addition for the policy year in which the last premium is received will be added on proportionate basis in proportion to the premium received for that year.

Sandeep Barua an architect has purchased LIC's Bima Shree plan of Sum assured 1000000 INR at the age of 30 years for 20 years term after considering following benefit illustration:-

All of these maturity is tax free under income tax act 10 (D)

*all maturity projection is based on current rate of bonus paid by LIC.