LIC's Bima Shree

LIC's Bima Shree
(A non-linked, with-profit, limited premium payment money back life insurance plan)

LIC's Bima Shree plan offers a combination of protection and savings. This plan is specially designed for High Net-worth Individuals. This plan provides financial support for the family in case of unfortunate death of the policyholders during the policy term. 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.

This plan also takes care of liquidity needs through loan facility.

1. Benefits payable under an inforce policy (where all due premiums have been paid):
a) Death Benefit:
On death during first five years: Death Benefit defined as sum of "Sum Assured on Death" and accrued Guaranteed Addition shall be payable.

On death after completion of five policy years but before the date of maturity: Death Benefit defined as sum of "Sum Assured on Death" and accrued Guaranteed Addition and Loyalty Addition, if any, shall be payable.

Where "Sum Assured on Death" is defined as the highest of
1. 10 times of annualised premium; or
2. Sum Assured on Maturity as defined in 1. c) below; or
3. Absolute amount assured to be paid on death, i.e. 125% of Basic Sum Assured.

This death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

b) Survival Benefit:
On the life assured surviving to each of the specified durations during the policy term, provided all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:
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 each of 16th and 18th policy anniversary.

c) Maturity Benefit:
On the life assured surviving to the end of the policy term, provided all due premiums have been paid, "Sum Assured on Maturity" along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.

Where "Sum Assured on Maturity" 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

2. 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:
a. Rs. 50 per thousand Basic Sum Assured for first five years.
b. Rs. 55 per thousand Basic Sum Assured from 6th 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.