LIC Bima Shree (Plan 848) LIC’s Bima Shree is the requirement of the time. LIC Bima Shree is designed especially for HNIs and Professionals. This plan is a combination of Shiromani and Jeevan Shree. LIC Jeevan Shirmoani is Rs. 1 Crore plan and this plan is Rs. 10 lakhs. Under this plan, Critical illness option can be added as a rider.
LIC’s Bima Shree (Plan 848), which can be defined as a non-linked, with-profits, limited premium payment, money back plan can boast of Guaranteed Additions also, which is a great feature in the current scenario of dwindling interest rates. Even though the plan is of money back type, option to defer the survival benefits offers it the flexibility of an endowment plan. Let us have a detailed look at the plan.
LIC Bima Shree – Key features
- Minimum Basic Sum Assured of the plan shall be Rs. 10,00,000 (Ten Lakh).
- The policy shall participate in the profit of the corporation in the form of loyalty additions. Loyalty Additions shall be available at the time of exit from the policy, either due to death claim or maturity and is available after premium payment and completion of 5 full years.
- Critical Illness Benefit coverage for fifteen specified critical illnesses available as the optional rider.
- Policy term can be opted from 14, 16, 18 and 20 years.
- Premium paying term will be four years lesser than the term of the plan opted.
- Survival benefits available under the plan can also be deferred, as per the wish of the policyholder, which adds to the flexibility of the plan.
- Settlement option for 5, 10 or 15 years shall be available for maturity as well as death benefits under the plan.