LIC’s Bima Ratna is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder during the policy term and also provides for periodical payments on survival of the policyholder at specified durations to meet the various financial needs. This plan takes care of liquidity needs through loan facility. This product can be currently purchased through Corporate Agents, Insurance Marketing Firms (IMF), Brokers, CPSC-SPV and POSP-LI engaged by these intermediaries viz. Corporate Agents, Insurance Marketing Firms (IMF) and Brokers.
LIC’s Bima Ratna Plan Benefits
Death Benefit:
Death Benefit payable on death of Life Assured during the policy term after the date of commencement of risk shall be “Sum Assured on Death” along with Accrued Guaranteed Additions. Where “Sum Assured on Death” is defined as the higher of 125% of Basic Sum Assured or 7 times of annualized premium. This Death Benefit payment shall not be less than 105% of total premiums paid (excluding any extra premium, any rider premium (s) and taxes) upto date of death. However, in case of minor Life Assured, whose age at entry is below 8 years, on death before the commencement of Risk (as specified in Para 2 below), the Death Benefit payable shall be refund of premium(s) paid (excluding taxes, any extra premium and rider premium(s), if any), without interest.
Survival Benefits
On the life assured surviving to each of the specified duration during the policy term, provided policy is in-force, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms.
Maturity Benefits
On Life Assured surviving the stipulated Date of Maturity provided the policy is in-force, “Sum Assured on Maturity” along with accrued Guaranteed Additions, shall be payable. Where “Sum Assured on Maturity” is equal to 50% of Basic Sum Assured.
Guaranteed Additions:
In case of death under an in-force policy, the Guaranteed Addition in the year of death shall be for full policy year. If the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy.
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 a proportionate basis in proportion to the premium received for that year.
Eligibility Conditions
| Minimum Basic Sum Assured | Rs. 5,00,000 | |
| Maximum Basic Sum Assured (Basic Sum Assured shall be in multiples of : No limit Rs 25,000/- ) | No Limit | |
| Policy Term |
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| Premium Paying Term |
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| Minimum Age at entry | ||
| Maximum Age at Entry | ||
| Minimum Age at Maturity | ||
| Maximum Age at Maturity | ||
Payment Options Available
| Mode of Instalment payment | Minimum instalment amount | |
| Monthly | Rs. 5,000/- | |
| Quarterly | Rs. 15,000/- | |
| Half-Yearly | Rs. 25,000/- | |
| Yearly | Rs. 50,000/- | |
Exclusion:
Suicide Exclusion:
This clause shall not be applicable:
