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.
Premium Payment Mode
Yly, Hly, Qly, Mly(NACH or SSS only)
Mode and High S.A. Rebates:
- Yearly mode – 2% of Tabular Premium
- Half-yearly mode – 1% of Tabular premium
- Quarterly, Monthly(monthly premiums through NACH only) & Salary deduction – NIL
High Sum Assured Rebate:
- Basic Sum Assured (B.S.A) Rebate (Rs.)
- 10, 00,000 to 19, 00,000 – Nil
- 20, 00,000 to 49, 00,000 – 0.30 ‰ B.S.A.
- 50, 00,000 and above – 0.50 ‰ B.S.A.
Policy Term 14, 16 , 18 and 20 years
Premium Paying Term (Policy term – 4) years
Minimum Entry Age 8 years (completed)
Maximum Entry Age 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 (nearer birthday) for policy term 20 years
Maximum Maturity Age 69 years (nearer birthday) for policy term 14 years, 67 years (nearer birthday) for policy term 16 years, 66 years (nearer birthday) for policy term 18 years, 65 years (nearer birthday) for policy term 20 years
Minimum Basic Sum Assured 10,00,000
Maximum Basic Sum Assured No limit (The Basic Sum Assured shall be in multiples of Rs. 100,000/-)
Optional Rider LIC’s Accident Benefit Rider available
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
- 10 times of annualised premium; or
- Sum Assured on Maturity as defined below; or
- Absolute amount assured to be paid on death, i.e. 125 % of Basic Sum Assured.
The 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 premiums, if any.
On 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
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.
The policy can be surrendered at any time provided two full years’ premiums have been paid. On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value.The Special Surrender Value is reviewable and shall be determined by the Corporation from time to time subject to prior approval of IRDAI.
Loan can be availed during the policy term provided the policy has acquired a surrender value and subject to the terms and conditions as the Corporation may specify from time to time. The interest rate to be applied for policy loan and as applicable for full term of the loan shall be determined at periodic intervals. For loan sanctioned in Financial Year 2017-18, the applicable interest rate is 9.5% p.a. payable half-yearly for entire loan term.
Statutory Taxes, if any, imposed on such insurance plans by the Govt. 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.