LIC Bima Ratna Plan no. 864 Review, Benefits, Eligibility in details
India’s largest life insurance company LIC (LIC) has launched a new insurance policy named Bima Ratna. This is a Limited Premium, Guaranteed Addition, Money Back Insurance Policy. Which means that in this you will have to pay the premium for a lesser period and you will get the bonus with guarantee. Let us know in more detail about this policy.
LIC Bima Ratna Plan
LIC Bima Ratna is a non-linked, non-participating, individual, savings life insurance . This plan offers a combination of protection and savings. This insurance provides financial support to the family in case of unfortunate death of the policyholder during the policy term. This insurance also provides for periodic payouts on the survival of the policyholder. This policy also provides loan facility.
LIC Bima Ratna Plan Eligibility
| Name of Insurance: | LIC Bima Ratna (Table No. 864) |
| Minimum Entry Age: | 5 years 20 for a term of 15 years and 90 days for a term of 25 years |
| Maximum Entry Age: | 55 years for a policy term of 15 years 50 years for a policy term of 20 years 45 years for a policy term of 28 years |
| Coverage (Basic Sum Assured): | Minimum:- Rs.5,00,000 Maximum:- No limit (Subject to Board approval) |
| Premium Paying Term: | 11 years for a term of 15 years 16 years for a term of 20 years 21 years for a term of 25 years |
| Policy Term: | 15, 20 and 25 years |
| Minimum Maturity Age: | 20 years for 15 and 20 year term 25 year for 25 year term |
| Maximum Maturity Age: | 70 years |
| Official website: | licindia.in |
LIC Bima Ratna plan Features
- It is a non-linked, non-participating, individual, saving life insurance plan.
- This insurance offers a combination of savings and protection.
- This policy offers a minimum basic sum assured of Rs 5 lakh. There is no limit on the maximum Basic Sum Assured, however, it will be in multiples of Rs.25,000.
- This policy is available in terms of 15 years, 20 years and 25 years.
- Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals.
Benefits of LIC Bima Ratna plan
Death Benefit
If on death of the life assured during the policy term after the date of commencement of risk along with “Sum Assured on Death” Guaranteed Addition is provided as Death Benefit.
Where “Sum Assured on Death” is defined as the excess of 125% of the Basic Sum Assured. That is, the sum assured or the annual premium will be higher of 7 times. This death benefit shall not be less than 105% of the total premiums paid (excluding any extra premium, any rider premium and taxes).
Maturity Benefit
In Bima Ratna scheme , if the insured survives till the maturity of the policy, LIC will pay the Sum Assured on Maturity as well as accrued guaranteed additional benefits. This is equal to 50% of the Basic Sum Assured of the Sum Assured on Maturity.
Guaranteed Additions Benefits
Guaranteed Additions are paid at the end of each policy year, provided the policy is in force. The Guaranteed Additions amount to be paid at the end of each policy year will be as follows.
| Policy Year/Years | Guaranteed Addition (1000 on Basic Sum Assured) |
|---|---|
| 1 to 5 years | 50 rupees |
| 6 to 10 years | 55 rupees |
| 11 to 25 years | 60 rupees |
In case of death under this policy, the Guaranteed Additions in the year of death will be for the completed policy year. If the premium is not paid in time, the Guaranteed Additions accrued under the policy shall cease.
Survival Benefit
If the policy term is 15 years, LIC will pay 25% of the Basic Sum Assured at the end of the 13th and 14th policy year. If the plan is for a term of 20 years, LIC will pay 25% of the Basic Sum Assured at the end of each of the 18th and 19th policy years. If the policy plan is for 25 years, LIC will pay the same 25% at the end of every 23rd and 24th policy year.
Riders of LIC Bima Ratna Plan
- LIC Accidental Death and Disability Benefit Rider
- LIC Accident Benefit Rider
- LIC New Term Assurance Rider
- LIC New Critical Illness Benefit Rider
- LIC Premium Waiver Benefit Rider
Grace Period
A grace period of 30 days is available for quarterly, half-yearly, and annual premium payments. Same if you pay monthly premium then you get 15 days discount. If the premium is not paid before the end date of the grace period, the policy will lapse.
Surrender Benefit
In this insurance plan, an option to surrender the policy is provided at any time after the policy has been continued for two consecutive years. In such situations, the insurer pays the higher of the Special Surrender Value or a surrender value equal to the Guaranteed Surrender Value.
Revival
If the premium is not paid within the grace period, the policy lapses. LIC Bima Ratna provides an option to revive the policy but within 5 consecutive years. It means from the date of your first unpaid premium and it can be revived only before the maturity date.
Free look period
If the insured is not satisfied with the terms and conditions of the policy, it may be returned to the insurance company within 15 days from the date of receipt of the policy documents stating the reasons for objection. In case of digital policies through distance marketing, a free look period of 30 days is allowed.
The Bottom Line:
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