LIC's Bima Shree is specially designed for High Net-worth Individuals. 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.
Key Features of LIC Bima Shree
- LIC Bima Shree is a Moneyback plan for High Networth Individuals.
- Premium paying term is 4 years lesser than policy term.
- Policy is available for a term of 14, 16, 18 or 20 years and premium paying term of 10, 12, 14 and 16 years respectively.
- Survival Benefit:
30% of Basic Sum Assured on 10th and 12th years for 14 years term.
35% of Basic Sum Assured on 12th and 14th years for 16 years term.
40% of Basic Sum Assured on 14th and 16th years for 18 years term.
45% of Basic Sum Assured on 16th and 18th years for 20 years term.
- Maturity Benefit: Maturity Amount along with accrued Guaranteed Additions and Loyalty Addition, if any,
shall be payable
40% of Basic Sum Assured for policy term 14 years
30% of Basic Sum Assured for policy term 16 years
20% of Basic Sum assured for policy term 18 years
10% of Basic Sum assured for policy term 20 years
- Policy holder can take a loan against the policy after paying a premium for three years.
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
Rs. 50 per thousand Basic Sum Assured for first five years.
Rs. 55 per thousand Basic Sum Assured from 6th policy year till end of PPT
Premiums paid towards New Jeevan Labh is eligible for Tax rebate under Section 80C each year upto Rs.1,50,000. The Maturity/ Death claim paid under Jeevan Labh is 100% Tax-free under Section 10(10d)
Eligibility Conditions And Restrictions
- Minimum Age : 8 Years Completed
- Maximum Age : 55 years for 14 years policy term
51 years for 16 years policy term
48 years for 18 years policy term
45 years for 20 years policy term
- Policy Term : 14 years / 16 years / 18 years / 20 years
- Premium Paying Term : 10 years / 12 years / 14 years / 16 years
- Minimum Sum Assured : Rs.10,00,000
- Maximum Sum Assured : No limit
- Premium Payment : Yearly/Half yearly/Quarterly/Monthly/(Through Bank)