LIC’s Bima Shree plan is designed for High Net-worth Individuals, offering a combination of protection and savings. It provides financial support to the policyholder’s family in case of their unfortunate death during the policy term. Additionally, the plan includes periodic payments to the policyholder on surviving specific durations during the policy term and a lump sum payment at maturity. This plan also caters to liquidity needs with a loan facility.

Benefits

Death Benefit:

In the event of death within the first five years, the policy pays a Death Benefit comprising the “Sum Assured on Death” and accrued Guaranteed Addition. After five years but before maturity, the Death Benefit includes the “Sum Assured on Death,” Guaranteed Addition, and any Loyalty Addition if applicable. The “Sum Assured on Death” is at least 125% of the Basic Sum Assured or 7 times the annual premium, ensuring a minimum death benefit of 105% of total premiums paid, excluding taxes and extra or rider premiums.

Survival Benets

If the life assured survives to specific durations within the policy term, a fixed percentage of the Basic Sum Assured is paid:

  • For 14-year policy: 30% on the 10th and 12th policy anniversary.
  • For 16-year policy: 35% on the 12th and 14th policy anniversary.
  • For 18-year policy: 40% on the 14th and 16th policy anniversary.
  • For 20-year policy: 45% on the 16th and 18th policy anniversary.

Maturity Benefits

If all premiums are paid and the policy is in force, on surviving to the end of the policy term, the Sum Assured on Maturity is:

  • 40% of Basic Sum Assured for a 14-year policy
  • 30% of Basic Sum Assured for a 16-year policy
  • 20% of Basic Sum Assured for an 18-year policy
  • 10% of Basic Sum Assured for a 20-year policy.

Eligibility Conditions

Minimum Basic Sum Assured Rs. 100,000
Maximum Basic Sum Assured No Limit
Policy Term 14, 16 , 18 and 20 years
Premium Paying Term (Policy term – 4) years
Minimum Age at entry 8 years (completed)
Maximum Age at entry
  • 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
  • Maximum Age at Maturity
  • 69 years(nearerbirthday)for policyterm 14years
  • 67 years(nearerbirthday)for policyterm 16years
  • 66 years (nearer birthday) for policy term 18 years
  • 65 years (nearer birthday) for policy term 20 years
  • 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: The policy will be void in the following cases: i. If the Life Assured commits suicide within 12 months from the date of risk commencement, the Corporation will not entertain any claim except for 80% of the total premiums paid if the policy is in force.

    ii. If the Life Assured commits suicide within 12 months from date of revival, an amount equal to the higher of 80% of the total premiums paid until the date of death or the surrender value available on the date of death shall be payable. The Corporation will not entertain any other claim under the policy.

    This clause does not apply to a policy lapsed without acquiring paid-up value, and nothing shall be payable under such policies. Premiums mentioned above do not include taxes, extra premiums, or any rider premiums other than the Term Assurance Rider, if any.

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