Bima Shree - 948

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 duration's 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.

a) Survival Benefit: On the life assured surviving to each of the specified duration's 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 10^th and 12^th policy anniversary.

For policy term 16 years: 35%of Basic Sum Assured on each of 12^th and 14^th policy anniversary.

For policy term 18 years: 40%of Basic Sum Assured on each of 14^th and 16^th policy anniversary.

For policy term 20 years: 45%of Basic Sum Assured on each of 16^th and 18^th policy anniversary.

b) 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.

1.     Benefits payable under an in force policy (where all due premiums have been paid):

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

Guaranteed Additions: Guaranteed Additions shall accrue at the end of each policy year during the Premium Paying Term (PPT), provided all due premiums have been paid till date. The rate of Guaranteed Additions shall be as follows:

• Rs. 50 per thousand Basic Sum Assured for first five years

• Rs. 55 per thousand Basic Sum Assured from 6th policy year till end of PPT

In case of a paid-up policy or on surrender of a policy the Guaranteed Addition for the policy year in which the last premium is received will be added on proportionate basis in proportion to the premium received for that year.

4. 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 multiples 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 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 Age at Maturity : 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

 C) Death Benefit: 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 higher of 125% of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of all the premiums paid upto the date of death. Premiums referred above exclude taxes, extra premium and rider premium(s), if any.

Date of commencement of risk under the plan: Risk will commence immediately from the date of acceptance of the risk.

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