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LIC Bima Shree Plan is a money back insurance policy. You have policy terms of 14, 16, 18 & 20 years and the premium payment term is 4 years less than the policy term. You get Guaranteed Additions and Loyalty Additions in this policy. This is a traditional life insurance policy and is designed for high networth individuals. You start getting payouts 4 years before the end of the policy term. We will understand this plan better with the help of some examples at the end of this review.
| Eligibility Conditions & Restrictions | ||
|---|---|---|
| Minimum age | : | 8 years (completed age) |
| Maximum age | : | 55 years - for 14 year term 51 years - for 16 year term 48 years - for 18 year term 45 years - for 20 year term (nearest age) |
| Minimum Sum Assured | : | Rs. 10,00,000 |
| Maximum Sum Assured | : | No limit |
| Policy Term | : | 14, 16, 18 & 20 years |
| Premium payment mode | : | Policy Term - 4 years |
| Age at Maturity | : | 69 years - for 14 year term 67 years - for 16 year term 66 years - for 18 year term 65 years - for 20 year term (nearest age) |
| Payment Modes | : | Yearly, Half-Yearly, Quarterly, Monthly |
| Loan | : | After 2 year |
| Surrender | : | After 2 year |
| On Death | : | Sum Assured on Death” + “Guaranteed Additions |
| On Maturity | : | 40% of the Basic Sum Assured for 14 year policy term 30% of the Basic Sum Assured for 16 year policy term 20% of the Basic Sum Assured for 18 year policy term 10% of the Basic Sum Assured for 20 year policy term |
| Income Tax Benefits | : | Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C under current Income Tax Rules. The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions. These tax rebates may be revised from time to time. |
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