LIC Bima Shree Plan

LIC Bima Shree Plan (848) Details

LIC Bima Shree, Table No. 848, is a money back plan which provides guaranteed addition (GAs) at the rate of Rs. 50 per thousand of basic sum assured for first 5 policy years and Rs 55 per thousand of sum assured from sixth policy year till the year of last premium payment. Complete details like Premium, Money Backs, Risk Cover and Maturity of this plan has been explained with an Illustration.

Key Features

  • Guaranteed Additions during premium payment term.
  • Availability of Accidental Death & Disability Benefit (AD & DB), Term Assurance riders.
  • Premium Waiver Benefit (PWB) Rider in case of Minor Policy Holder.
  • Paid premiums are exempted from income tax under 80C.
  • Tax free Money Backs and Maturity.

Plan Parameters

Age at Entry8 years (Completed)
Calculate your Age
Policy Term (Premium Paying Term)14(10), 16(12), 18(14), 20(16)
Maximum Age at Entry in Years)
(As per Nearest Birthday)
55 Years for 14 Year Term
51 Years for 16 Year Term
48 Years for 18 Year Term
45 Years for 20 Year Term
Basic Sum Assured10,00,000 and above in multiples of 1,00,000
Premium Paying ModeYearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Payment Mode rebate2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Money Back and Maturity

The plan provides Guaranteed additions (GAs) at the rate Rs 50 per thousand of Sum Assured for first 5 policy years and Rs. 55 per thousand of sum assured from 6th year till the year of last premium payment and one time loyalty addition on maturity. During the policy term, this plan provides two fixed money backs (as certain percentage of Sum Assured) and on completion of policy term, maturity will be Sum Assured + Guaranteed additions (GAs) + Loyalty Addition (LA). Following table provides money backs and maturity details of all term available in this plan.

Policy Term (Years)1st Money Back2nd Money BackMaturity Details
(on completion of policy term)
1430% of SA at end of 10th policy year30% of SA at end of 12th policy year40% of SA + GAs + LA
1635% of SA at end of 12th policy year35% of SA at end of 14th policy year30% of SA + GAs + LA
1840% of SA at end of 14th policy year40% of SA at end of 16th policy year20% of SA + GAs + LA
2045% of SA at end of 16th policy year45% of SA at end of 18th policy year10% of SA + GAs + LA

In above table, SA is Basic Sum Assured or simply Sum Assured

Risk Cover and Death Benefit

In case of deathduring first 5 year of policy, the death claim will be 125 % of Basic Sum Assured + Guaranteed Addition (GAs) at the rate of Rs 50 per thousand of Sum Assured per year.

In case of deathafter completion of 5 policy years and before maturity, the death claim will be 125 % of Basic Sum Assured + Guaranteed Addition (GAs) at the rate of Rs 55 per thousand of Sum Assured per year (up to the policy year of last premium payment) + Loyalty Addition (LA).

LIC Bima Shree Policy (848) with an Example

For explanation, let’s take example of a policy with following details.

Purchase Year2018
Age25 Years
Basic Sum Assured15,00,000
Policy Term20
Premium Paying Term16
Premium of Basic Plan (without GST)1,04,517

As per above policy details, following table provides Year-wise and age premium paid, money back, risk covers and maturity details.

Understanding Following Table: The year-wise progress of policy has been illustrated below, Policy holder will getTWOMoney Backs of Rs.6,75,000each on completion of16thand18thpolicy years and on maturity (completion of 20 years) Rs.1432500 + Loyalty Addition (LA). In case of death before 20 years, for example, if death happens after 14 years from commencement (Age: 38, Year: 2031), then Death claim shall be2992500 + Loyalty Additions (LA).
Year NoYearAgeSum AssuredPremium PaidGuaranteed Additions(GAs)Life CoverReturn
620233015000006271024575002332500 + LA0
720243115000007316195400002415000 + LA0
820253215000008361366225002497500 + LA0
920263315000009406537050002580000 + LA0
10202734150000010451707875002662500 + LA0
11202835150000011496878700002745000 + LA0
12202936150000012542049525002827500 + LA0
132030371500000135872110350002910000 + LA0
142031381500000146323811175002992500 + LA0
152032391500000156775512000003075000 + LA0
162033401500000167227212825003157500 + LA675000
1720344115000003157500 + LA0
1820354215000003157500 + LA675000
1920364315000003157500 + LA0
20203744Maturity1432500 + LA

Please Note: Above illustration has been generated just for the purpose of explanation.