Benefits

Policy Document

Sales Brochure

• Date of Launch : 01.02.2020


• LIC’s BIMA SHREE Plan is a non-linked, participating, individual, life assurance savings plan.
  LIC’s Bima Shree plan is a limited premium payment money back life insurance plan with minimum Basic Sum Assured of Rs. 10 lakhs especially designed for targeted segment of High Net-worth Individuals
  
  Premium Payment Mode
  The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (through NACH only) or through salary deductions (SSS).
   

  Minimum Age at entry:	8 Years (completed)
  Maximum Entry Age:	55 years (nbd) for policy term 14 years 51 years (nbd) for policy term 16 years 48 years (nbd) for policy term 18 years 45 years (nbd) for policy term 20 years
  Age at Maturity:	69 years (nbd) for policy term 14 years 67 years (nbd) for policy term 16 years 66 years (nbd) for policy term 18 years 65 years (nbd) for policy term 20 years
  Policy Term:	14, 16, 18, 20 years
  Premium Paying Term:	(Policy term less - 4) years
  Minimum Basic Sum Assured:	Rs. 10,00,000/-
  Maximum Basic Sum Assured:	No Limit

  
  
  Policy Benefits:
  The benefits payable under an inforce policy are as under:
  Death Benefit

  	On death during first five years: “Sum Assured on Death” along with accrued Guaranteed 
  	Additions shall be payable.
  
  	
  	On death after completion of five policy years but before the date of maturity: “Sum 
  	Assured on Death” along with 
  	accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.
  
  	
  	Where “Sum Assured on Death” is defined as the higher of :
  
  		7 times of annualised premium or
  		125% Basic Sum Assured
  
  	
  	This death benefit (as defined above) shall not be less than 105% of total premiums 
  	(exclude taxes, extra premium and Rider premiums, if any ) paid as on date of death. 
  
  
  Survival Benefit
  On the life assured surviving to each of the specified durations during the policy term, a fixed 
  percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is
  as below: 
  	1. For policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th policy anniversary 
  	2. For policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th policy anniversary
  	3. For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary
  	4. For policy term 20 years: 45% of Basic Sum Assured on each of 16th and 18th policy anniversary 
  
  Maturity Benefit 
  On the life assured surviving to the end of the policy term, “Sum Assured on Maturity” along 
  withaccrued Guaranteed Additions and Loyalty Addition, if any, shall be payable. Where “Sum Assured
  on Maturity” is as under: 
  
  	1. For policy term 14 years: 40% of Basic Sum Assured
  	2. For policy term 16 years: 30% of Basic Sum Assured
  	3. For policy term 18 years: 20% of Basic Sum Assured 
  	4. For policy term 20 years: 10% of Basic Sum Assured 
  
  
  Guaranteed Additions
  Provided the policy is inforce, a Guaranteed Addition at the rate of Rs.50 per thousand Basic Sum 
  Assured for the first five years and Rs.55/- per thousand Basic Sum Assured from 6th policy year
  till the end of premium paying term will accrue at the end of each policy year for which full year’s
  premiums have been paid. In case the premiums are not duly paid, the Guaranteed Additions shall cease 
  to accrue under a policy. 
  
  Optional rider benefits 
  The following four optional Riders are available under this plan. However, the policyholder can opt 
  between either of LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident 
  Benefit Rider. 
  Therefore, a policyholder can opt for a maximum of three Riders under this plan.
  
  	1. LIC’s Accidental Death and Disability Benefit Rider UIN (512B209V02)
  	2. LIC’s Accident Benefit Rider UIN (512B203V03)
  	3. LIC’s New Term Assurance Rider (UIN 512B210V01)
  	4. LIC’s New Critical Illness Benefit Rider (UIN 512A212V01) 
  	5. LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03) 
  
  Policy Loan
  Loan facility is available under this plan, after payment of premiums for at least two full years, 
  subject to certain conditions mentioned in the Policy. 
  
  Taxes
  Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other 
  constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable
  from time to time.