LIC’s Bima Shree
LIC of India’s LIC Bima Shree is a non-linked, with profit, limited premium payment money back plan. The plan is specially curated for high-net-worth individuals, offering financial stability to the insured’s family, in case of his untimely demise. The plan makes period payments at specified durations and provides lump sum amount to the policyholder at the time of maturity. In addition to this, the plan also offers you with an option to avail a loan against the policy.
Benefits of LIC Bima Shree Life Insurance
Death benefit: If the policyholder dies during the first five years of the policy, the sum assured on death, along with accrued Guaranteed Addition are paid. If Death occurs after five years, the sum assured on death along with loyalty additions and accrued Guaranteed Addition is paid.
Survival benefit: Provided all the premiums have been paid, the survival benefit is paid in the following ways:
For policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th policy anniversary.
For policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th policy anniversary.
For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary.
For policy term of 20 years: 45% of Basic Sum Assured on each of 16th and 18th policy anniversary.
Maturity benefits: On survival till the end of the policy term, sum assured, along with bonuses, if any is payable to the policyholder.
Under this plan, the sum assured that is given as maturity benefit is
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
These additions are provided during the premium paying term at the end of each policy year. The rate of Guaranteed Additions shall be as follows:
If the policy has completed 5 years and premiums are regularly paid, then depending on the Corporation’s experience, the policies under this plan are eligible for loyalty additions at the time of death or its maturity.
Riders: Various riders that can be opted with this plan are LIC’s Accidental Death and Disability Benefit Rider, LIC’s Premium Waiver Benefit Rider, LIC’s New Critical Illness Benefit Rider, LIC’s New Term Assurance Rider and LIC’s Accident Benefit Rider.
Eligibility criteria for LIC Bima Shree Life Insurance
Minimum and maximum sum assured: Rs. 10, 00,000-no limit
Policy term: 14, 16, 18 and 20 years
Minimum and maximum entry age: 8years
55 years (nearer birthday) for policy term 14 years
51 years (nearer birthday) for policy term 16 years
48 years (nearer birthday) for policy term 18 years
45 years (nearer birthday) for policy term 20 years
Maturity age: 69 years (nearer birthday) for policy term 14 years
67 years (nearer birthday) for policy term 16 years
66 years (nearer birthday) for policy term 18 years
65 years (nearer birthday) for policy term 20 years
Premium paying term: Policy term - 4 years
LIC’s Jeevan Shiromani
LIC of India’s LIC Jeevan Shiromani offers financial protection to the family of the policyholder, in case of his demise. Period payments are made to the policyholder during the term of the policy and sum assured along with accrued Guaranteed Addition and Loyalty Addition, if any are paid at the time of maturity of the policy. In addition to this, the plan also provides lump sum amount equal to 10% of the chosen Basic Sum Assured on the diagnosis of any of the specified Critical Illnesses.
Benefits of LIC Jeevan Shiromani
Death benefit: If the policyholder dies before the term of 5 years, the sum assured on death along with accrued guaranteed addition are paid to the nominee. However, if the death occurs after 5 years, the sum assured along with accrued guaranteed additions and loyalty additions, if any is paid to the policyholder.
Survival benefit: Fixed percentage of sum assured is paid in the following ways:
For policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th policy anniversary.
For policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th policy anniversary.
For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary.
For policy term 20 years: 45% of Basic Sum Assured on both 16th and 18th anniversary of the policy.
Maturity benefit: On survival of the policyholder till the end of the policy term, maturity benefit in the form of sum assured along with bonuses, if any. Sum assured in this policy is as under:
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
Inbuilt critical illness benefit:
On first diagnosis of any one of the 15 critical illnesses mentioned in the policy documents, the policyholder is given Critical Illness Benefit equal to 10% of Basic Sum Assured. The policyholder is also provided with the benefit to take a second medical opinion and also defer the payment of premium(s).
Features of LIC Jeevan Shiromani
Minimum and maximum sum assured: Rs. 100,00,000-no limit
Policy term: 14, 16, 18 and 20 years
Minimum and maximum entry age: 18 years (completed)
55 years (nearer birthday) for policy term 14 years
51 years (nearer birthday) for policy term 16 years
48 years (nearer birthday) for policy term 18 years
45 years (nearest birthday) for policy term 20 years
Maturity age:
69 years (nearer birthday) for policy term 14 years
67 years (nearer birthday) for policy term 16 years
66 years (nearer birthday) for policy term 18 years
65 years (nearer birthday) for policy term 20 years
LIC's New Money Back Plan- 20 years
LIC of India’s Money Back Plan-20 years is a money-back traditional, participating non-linked plan that makes out pay-outs at certain intervals. This plan is a simple money back plan that comes along with Simple Reversionary bonus. The plan stays in force for 20 years and makes pay-out at certain intervals.
Benefits of LIC New Money Back Plan-20 years
Bonus: The plan participates in the corporation’s profits and accordingly simple revisionary and final addition bonuses, if any is paid out.
Survival benefits: If the policyholder survives the policy term, then 20% of sum assured is paid on the 5th, 10th and 15th year respectively.
Maturity benefit: On survival till the end of the policy term, maturity benefit is paid in the form of 40% of the basic sum assured along with accrued bonuses. The policy terminates on maturity.
Death benefit: Irrespective of the amount paid to the policyholder, sum assured on death along with additional bonuses, if any is paid to the policyholder.
Rider benefit: The policyholder can enhance the coverage of this money back plan by LIC by opting for a rider such as LIC’s Accidental Death and Disability Benefit Rider.
Features of LIC New Money Back Plan- 20 years
Minimum and maximum entry age: 13-50 years
Maturity age: 70 years
Premium paying term: 15 years
Policy term: 20 years
Sum assured: Rs. 1,00,000-no limit
Premium payment frequency: Annual, half-yearly, quarterly and monthly
LIC’s New Money Back Plan-25 years
LIC of India’s New Money Back Plan- 25 years is a participating non-linked plan, offering the benefit of periodic payments as well as protection. This provides financial protection to the family of the policyholder and also offers money to the policyholder on regular intervals. This is a simple money back plan that comes along with bonuses and stays in force for 25 years.
Benefits of New Money Back Plan- 25 years
Bonus: Final addition bonus and a simple reversionary bonus is given to the policyholder by the company.
Survival benefit: On survival, 15% of the sum assured is paid to the policyholder as survival benefit. The sum assured is payable in the 5th, 10th, 15th and 20th year.
Maturity benefit: If the insured survives till the end of the term, then the remaining 40% along with bonuses, if any is paid to the policyholder.
Death benefit: In case of the unfortunate demise of the policyholder during the term of the policy, the sum assured on death along with accrued bonuses, if any is paid to the beneficiary, irrespective of the survival benefits paid earlier.
Features of New Money Back Plan- 25 years
Minimum and maximum entry age: 13-45 years
Maturity age: 70 years
Policy term: 25 years
Premium paying term: 20 years
Premium paying frequency: Annual, half-yearly, quarterly and monthly
Sum assured: 1, 00,000- no limit
Tax benefits: Tax benefits can be availed as per section 80C and 10(10D) of the Income Tax Act, 1961.
LIC New Bima Bachat
LIC of India’s Bima Bachat is a single premium saving cum protection plan that requires the policyholder to pay the premium in lump sum at the outset of policy. This is a money back plan offering financial protection against death caused during the term of the policy, while also giving the survival benefits. The plan can be purchased for a span of 9, 12 and 15 years.
Benefits of LIC New Bima Bachat
Loyalty addition: On completion of the 5-year tenure, LIC of India declares loyalty addition that is given to the policyholder at the end of the policy term.
Death benefit: Sum assured is given during the first five years of the policy. On completion of the five years of the policy, if the policyholder dies, then the nominee receives the sum assured along with loyalty addition, if any.
Survival benefit: During the policy term, the survival benefit is given as below:
For policy term of 9 years: 15% of the Sum Assured at the end of each of 3rd & 6th policy year
For policy term 12 years: 15% of the Sum Assured at the end of each of 3rd, 6th & 9th policy year
For policy term 15 years: 15% of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year
Maturity benefit: Single premium paid along with loyalty addition is paid to the policyholder on the survival of the term of the policy.
Features of LIC New Bima Bachat
Minimum entry age: 15 years
Maximum entry age:
- 66 years for 9 years policy term
- 63 years for 12 years policy term
- 60 years for 15 years policy term
Maturity age: 75 years
Policy term: 9, 12 and 15 years
Premium paying term: Single
Minimum Sum assured: Rs. 35,000 for policy term of 9 years
Rs. 50,000 for policy term of 12 years
Rs. 70,000 for policy term of 15 years
LIC’s Jeevan Tarun
LIC of India’s Jeevan Tarun plan offers an attractive combination of savings and protection for securing your child’s future. The plan is specifically designed to cater to the needs of the growing children and thus, provides annual Survival Benefit from the age 20 until 24 years and maturity benefit is given at the age of 25 years. It lets the policyholder decide the proportion of the survival benefits to be availed during the term of the policy.
Option 1 No survival benefit 100% of Sum Assured
Option 2 5% of Sum Assured every year for 5 years 75% of Sum Assured
Option 3 10% of Sum Assured every year for 5 years 50% of Sum Assured
Option 4 15% of Sum Assured every year for 5 years 25% of Sum Assured
Benefits of LIC Jeevan Tarun
Survival benefit: If the policyholder survives, a certain % of the sum assured is given to the policyholder every year or immediately following the completion of 20 years of age and thereafter on each of next four policy anniversaries.
Death benefit: In case of demise of the policyholder during the term of the policy, the sum assured along with bonuses, if any is paid to the policyholder. The death benefit is irrespective of the survival benefit give in the past.
Maturity benefit: On surviving the tenure of the policy, the amount left over the basic sum assured along with acquired bonuses, if any is paid to the policyholder.
Rider: LIC’s premium waiver benefit rider can be availed with this type of plan.
Features of LIC Jeevan Tarun
Minimum and maximum entry age: 90 days-12 years
Maturity age: 25 years
Policy term: 25-age at entry of the child
Premium paying term: 20 years – age at entry
Premium paying frequency: Annual, half-yearly, quarterly and monthly
Sum assured: Rs. 75000-No limit
