LIC Bima Shree 948

By | April 23, 2020

LIC Bima Shree Plan 948 – Features, Benefits, Full Details and Review

LIC of India has been launched LIC New Bima Shree Plan 948 from 2nd February 2020, ‘LIC Bima Shree Plan 948‘ is a non-linked, with-profits, limited premium payment money back life insurance plan.

LIC Bima Shree Plan 948
LIC Bima Shree Plan 948

LIC started the same scheme also on 2nd February 2020, in the name of LIC’s Jeevan Shiromani plan 947, but the minimum amount of insurance in the scheme is One Crore (1,00,00,000), similarly LIC New Bima Shree Plan 948. There is also a higher form of similar plan, this plan is specially designed for targeted segment of High Net-worth Individuals (HNI). It provides financial support for the family on the death of the insured person during the policy term, together with additional protection for the insured in the case of having 15 major diseases.

This scheme can be taken for, 14, 16, 18 and 20 years. The period of payment of premium will be less than 4 years, compared to the period of plan. The minimum insurance amount has been kept in Ten Lacs (10,00,000) in this plan. The Unique Identification Number (UIN) for ‘LIC New Bima Shree Plan 948‘ is 512N316V02.

In LIC New Bima Shree Plan 948 Guaranteed Additions shall accrue at the rate of Rs. 50 per thousand Basic Sum Assured for the first five years and Rs. 55 per thousand Basic Sum Assured from 6th policy year till the end of premium paying term. In addition, the policy shall participate in the profits in form of Loyalty Additions also.

Key Features

  • Guaranteed Additions during premium payment term.
  • Premium Waiver Benefit (PWB) Rider in case of Minor Policy Holder.
  • Paid premiums are exempted from income tax under 80C.
  • Tax free Money Backs and Maturity u/s 10(10D).
  • Choice of 5 riders by paying additional premiums.
    1. Accidental Death and Disability Benefit Rider
    2. Accident Benefit Rider
    3. New Term Assurance Rider
    4. New Critical Illness Benefit Rider
    5. Premium Waiver Benefit Rider
  • Settlement option for 5, 10 or 15 years shall be available for maturity as well as death benefits under the plan.

Read Also ThisLIC Money Back Plan get Bonus amount for every five years

Parameters/Eligibility of LIC Bima Shree Plan 948

Age at Entry8 years (Completed)
Policy Term (Premium Paying Term) 14(10), 16(12), 18(14), 20(16)
Maximum Age at Entry in Years)
(As per Nearest Birthday)
55 Years for 14 Year Term
51 Years for 16 Year Term
48 Years for 18 Year Term
45 Years for 20 Year Term
Basic Sum Assured10,00,000 and above in multiples of (1,00,000)
Premium Paying ModeYearly, Half Yearly, Quarterly, Monthly (SSS and NACH Only)
Premium Payment Mode rebate2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Benefits

The benefits payable under an inforce policy are as under:

Death Benefit

On death during first five years: “Sum Assured on Death” along with accrued Guaranteed Additions shall be payable. On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.

Where “Sum Assured on Death is defined as the higher of

  • 10 times of annualised premium or
  • Absolute amount assured to be paid on death , i.e. 125 % Basic Sum Assured.

This death benefit shall not be less than 105 % of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.

Survival Benefit:

Policy Term (Years)1st Money Back2nd Money BackMaturity Details 
(on completion of policy term)
1430% of SA at end of 10th policy year30% of SA at end of 12th policy year40% of SA + GAs + LA
1635% of SA at end of 12th policy year35% of SA at end of 14th policy year30% of SA + GAs + LA
1840% of SA at end of 14th policy year40% of SA at end of 16th policy year20% of SA + GAs + LA
2045% of SA at end of 16th policy year45% of SA at end of 18th policy year10% of SA + GAs + LA

On the life assured surviving to each of the specified duration, during the policy term, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:

  1. For policy term 14 years : 30 % of Basic Sum Assured on each of 10th and 12th policy anniversary
  2. For policy term 16 years : 35 % of Basic Sum Assured on each of 12th and 14th policy anniversary
  3. For policy term 18 years : 40 % of Basic Sum Assured on each of 14th and 16th policy anniversary
  4. For policy term 20 years : 45 % of Basic Sum Assured on each of 16th and 18th policy anniversary

Read Also This – LIC’s New Money Back Plan – 25 Year

Maturity Benefit

On the life assured surviving to the end of the policy term, “Sum Assured on Maturity” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable

Where “Sum Assured on Maturity” is as under

For policy term 14 years : 40 % of Basic Sum Assured
For policy term 16 years : 30 % of Basic Sum Assured
For policy term 18 years : 20 % of Basic Sum Assured
For policy term 20 years : 10 % of Basic Sum Assured

GUARANTEED ADDITIONS:

Provided the policy is inforce, a Guaranteed Addition at the rate of Rs.50 per thousand Basic Sum Assured for the first five years and Rs.55 per thousand Basic Sum Assured from 6th

Policy year till the end of premium paying term will accrue at the end of each policy year for which full years premiums have been paid. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy

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 (i.e. wherein full year’s premiums have not been received) will be added on proportionate basis in proportion to the premium received for that year

Read Also This LIC Best Family Protection Life Insurance Plans

LIC Bima Shree Plan 948 Example

Purchase Year2020
Age30 Years
Basic Sum Assured10,00,000
Policy Term20 Years
Premium Paying Term16 Years (20-4)
Premium of Basic Plan (without GST)74,630. 1st yr.
73023. 2nd yr.
onward

As per above policy details, following table provides Year-wise and age premium paid, moneyback, risk covers and maturity details.

Let’s understanding the mention below Table:

The year-wise progress of policy has been illustrated below, Policy holder will get TWO Money Backs of Rs. 4,50,000 each on completion of 16th and 18th policy years and on maturity (completion of 20 years) Rs. 10,55,000 + Loyalty Addition (LA). In case of death before 20 years, for example, if death happens after 14 years from commencement, then Death claim shall be 21,50,000 + Loyalty Additions (LA) and paid to the nominee.

AGERISK NORMALRISK ACCDPREMIUMLIC RETURN
3013000002300000746300
3113500002350000730230
3214000002400000730230
3314500002450000730230
3415000002500000730230
3516550002655000730230
3617100002710000730230
3717650002765000730230
3818200002820000730230
3918750002875000730230
4019300002930000730230
4119850002985000730230
4220400003040000730230
4320950003095000730230
4421500003150000730230
4522050003205000730230
46220500032050000450000
472205000320500000
48220500032050000450000
492205000320500000
50Maturity =1055000

I hope “LIC Bima Shree Plan 948” के बारे में ये जानकारी अच्छी लगी होगी, अगर हाँ तो इसे अपने सभी Friends के साथ Social media पर Share जरुर करें ताकी आपकी मदद से दुसरे लोग भी इस योजना की जानकारी को पढ़ सकें, और वो इसका लाभ ले सके, कोई ऐसी जानकारी रह गयी हो और आप जानना चाहते हो तो आपके सुझाव व प्रस्ताव स्वीकार्य हैं और नीचे दिए गए comment box में टिप्पणी भी अवश्य दें! धन्यवाद…

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