LIC Bima Ratna: The LIC Bima Ratna (Plan No. 864, UIN No. 512N345V01) is a type of savings life insurance plan designed for individuals. It’s non-linked and non-participating, which means it focuses on providing both protection and savings benefits to policyholders. LIC has launched a new life insurance savings plan, LIC Bima Ratna.
This plan is aimed to provide periodic payments during the survival period beyond life insurance coverage. Generally LIC keeps launching new policies during year end to, attract investors who are looking for tax savings. They rarely launch a plan during the beginning of the financial year. LIC has openly indicated that this product is designed to sell through banking partners.
Eligibility Criterias Of LIC Bima Ratna Plan No. 864
| Criterias | Details |
|---|---|
| Minimum Age | 5 years completed for Policy Term 15 years |
| 90 days completed for Policy Term 20 & 25 years. | |
| Maximum Age | 55 years (Policy Term 15 years) |
| 50 years (Policy Term 20 years) | |
| 45 years (Policy Term 25 years) | |
| 65 years minus Policy Term (for policies through POSP-LI/CPSC-SPV) | |
| Minimum Basic Sum Assured | Rs. 5,00,000 |
| Maximum Basic Sum Assured | No Limit (But Multiple Of 25,000) |
| Policy Term | 15 years, 20 years, and 25 years. |
| 15 & 20 years (for policies through POSP-LI/CPSC-SPV) | |
| Premium Paying Term | 11 years (Policy Term 15 years) |
| 16 years (Policy Term 20 years) | |
| 21 years (Policy Term 25 years) | |
| Minimum Age at Maturity | 20 years (Policy Term 15 & 20 years) |
| 25 years (Policy Term 25 years) | |
| Maximum Age at Maturity | 70 years (for policies) |
| 65 years (for policies through POSP-LI/CPSC-SPV) |
Features & Benefits of LIC Bima Ratna Plan No. 864
A. Death Benefit:
- If the life assured passes away during the policy term after the risk commencement date but before maturity, the Death Benefit is paid.
- The Death Benefit includes the “Sum Assured on Death” along with accrued Guaranteed Additions.
- “Sum Assured on Death” is the higher of 125% of the Basic Sum Assured or 7 times the annualized premium.
- The Death Benefit will not be less than 105% of the total premiums paid (excluding extra premiums, rider premiums, and taxes).
- For a minor life assured (below 8 years at entry), if death occurs before the risk commencement date, the benefit is a refund of premiums paid (excluding taxes, extra premiums, and rider premiums), without interest.
- The Death Benefit can be paid as a lump sum or in installments, based on the policyholder’s or life assured’s choice.
B. Survival Benefit:
- If the policy is active and the life assured survives to specific durations during the policy term, Survival Benefits are payable.
- For a policy term of 15 years, 20 years, or 25 years, 25% of the Basic Sum Assured is paid at the end of specific policy years (13th and 14th for 15 years, 18th and 19th for 20 years, and 23rd and 24th for 25 years).
- Survival Benefit is not payable on the Date of Maturity.
C. Maturity Benefit:
- If the life assured survives until the stipulated Date of Maturity with the policy in-force, the Maturity Benefit is paid.
- The Maturity Benefit includes the “Sum Assured on Maturity” along with Guaranteed Additions.
- “Sum Assured on Maturity” equals 50% of the Basic Sum Assured.
- The policyholder or life assured can choose to receive the Maturity Benefit as a lump sum or in installments (Settlement Option).
Documents Required for Buying the LIC Bima Ratna Plan No. 864
- You can pay the first premium by cheque or in cash.
- Provide a recent passport-sized photograph of yourself.
- Submit a valid identity proof document (e.g., Aadhar card, PAN card, Passport, Voter ID).
- Complete and sign the Plan Proposal Form.
- Submit a valid address proof (e.g., Aadhar card, Passport, Utility bill).
- Provide proof of your date of birth (e.g., Birth certificate, Passport, School certificate).
- This is not typically required for insurance policies. Double-check if there’s any specific requirement related to vaccination for your policy.
How To You Can Buy LIC Bima Ratna Policy No.864 ?
You can buy the plan through various channels such as corporate agents, IMF (Individual Marketing Firm), brokers, and CSC (Common Service Centre). These agents are authorized to assist you in understanding the policy details and completing the purchase process.
If you reside in another state, you can locate the nearest LIC branch office through their website or customer service helpline. Visiting the branch allows you to speak with LIC representatives directly, discuss your requirements, and complete the necessary paperwork to purchase the LIC Bima Ratna Plan.
What is the LIC Bima Ratna scheme?
- Financial Support on Death: In the event of the policyholder’s unfortunate death during the policy term, the plan provides financial assistance to the family. This includes a lump sum payment, ensuring that loved ones are supported during a difficult time.
- Periodical Payments on Survival: If the policyholder survives through specific durations of the policy term, the plan provides periodic payments. These payments are designed to meet various financial needs at critical junctures, offering financial stability and support over time.
- Loan Facility: Additionally, the plan offers a loan facility to address liquidity needs. This means policyholders can access funds against the policy’s cash value, providing flexibility in managing financial obligations or emergencies.
- Overall, LIC Bima Ratna ensures comprehensive financial protection and flexibility, catering to both immediate and long-term financial requirements of the policyholder and their family.
