LIC Insurance Bima Shree 948 Plan

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 maturity. This plan also takes. Care of liquidity needs through loan facility.

Eligibility Conditions and Other Restriction:

a) Minimum Basic Sum Assured : Rs. 10,00,000

b) Maximum Basic Sum Assured : No limit (The Basic Sum Assured shall be in multiple of Rs. 1,00,000/-)

c) Policy Term : 14, 16 , 18 and 20 years

d) Premium Paying Term : (Policy term – 4) years

e) Minimum Age at entry : 8 years (completed)

f) Maximum Age at entry : 55 years (nearer birthday) for policy term 14years

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

I. Rider Benefits:

The following five optional riders are available under this plan by payment of additional premium.

However, the policyholder can opt between either of the LIC's Accidental Death and Disability Benefit Rider or LIC's Accident Benefit Rider.

a) LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V02)

This rider can be opted for at any time under an in force policy within the premium paying term of the Base plan provided the outstanding premium paying term of the Base plan is atleast 5 years. The benefit cover under this rider shall be available during the policy term. If this rider is opted for, in case of accidental death, the Accident Benefit Sum Assured will be payable in lump sum. In case of accidental disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured under the Base Policy which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

b) LIC's Accident Benefit Rider

This rider can be opted for at any time under an in force policy within the premium paying term of the Base plan provided the outstanding premium paying term of the Base plan is at least 5 years. The benefit cover under this rider shall be available during the premium paying term. If this rider is opted for, in case of accidental death, the Accident Benefit Sum Assured will be payable in lump sum.

c) LIC's New Term Assurance Rider

This rider is available at inception of the policy only. The benefit cover under this rider shall be available during the policy term. If this rider is opted for, an amount equal to Term Assurance Rider Sum Assured shall be payable on death of the Life Assured during the policy term.

d) LIC's New Critical Illness Benefit Rider

This rider is available at the inception of the policy only. The cover under this rider shall be available during the policy term.

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