Get Bonus with LIC; LIC Bima Ratna Plan

 

Life Bima Ratna Plan

The largest insurance provider in the nation, LIC has millions of customers nationwide. The Life Insurance Corporation of India continues to offer coverage for every social class in the nation. You can invest in these policies based on your needs, finances, and long-term objectives. A new policy was recently instituted by LIC. This insurance plan is known as the LIC Bima Ratna Plan. You receive a guaranteed bonus on investing in this individual, it is  non-linked, non-participating life insurance plan. Let us explain the specifics of this policy to you:-

Policy specifics

(i)                  This is a limited premium, guaranteed edition money-back plan.

(ii)                In this plan, you must make a one-time premium payment in exchange for a set incentive.

(iii)               There is no market risk with this investment.

(iv)               Investors in this receive a guaranteed payout of at least Rs 5 lakh.

(v)                The maximum sum assured is unrestricted.

Learn more about the policy's term and cost here:-

The Bima Ratna policy from LIC can be purchased for 15, 20, or 25 years.

(i)                  Investors will also be required to pay various premiums depending on the policy's tenure. The premium for a policy with a 15-year term must be paid for 11 years.

(ii)                For terms of 20 years and 25 years, the premium must be paid for 16 years and 21 years, respectively.

(iii)               To purchase this coverage, you must be between the ages of 90 days and 55 years.

Policy Year	Guaranteed Additions
From 1st to 5th Year	5%
From 6th to 10th Year	5.5%
From 11th to 25th	6%

These are the Guaranteed additions on Maturity/Death claim

You will get benefits of Money back:-

Let us say that investors in LIC's Bima Ratna plan gives benefit from money returns ranging from 20 to 25 percent. This reimbursement is given twice. The 50% of the total sum insured is available at maturity in this case. The 13th and 14th years of this 15-year plan are when the money-back benefit is offered. Money return is offered in 18 and 19 years in 20-year plan.

On the other hand, with the plan of 25 years, the benefit of money back is available in 23 and 24 years. In this plan, a bonus of Rs. 50 per thousand rupees is provided on the premium of 5 years. At the same time, for investment of 6 to 10 years, a bonus of Rs 55 is available and from the period after that, a bonus of Rs 60 is available.

LIC Bima Ratna Plan Benefits

Death Benefit

In the event that the life insured passes away during the chosen policy term, the nominee of the policy is eligible to make a claim for the greater of the following amounts:

 

 

 

(i)                  125% of the Guaranteed Minimum Sum

(ii)                7 times the amount of the annual premium

The total amount of the guaranteed additions that have accrued up until the time of death are paid out in conjunction with the final death benefit amount.

Survival Benefit

Survival benefits are payments made to the life assured by LIC equal to a predetermined percentage of the sum assured if that life assured survives a predetermined number of years during the policy term. When you purchase LIC Bima Ratna, you will receive a payment equal to 25 percent of the BSA in each of the following years:

Policy Term Policy Year

(i)                  13th and 14th policy years of the 15-year period

(ii)                18th and 19th policy years of the 20-year period

(iii)               23rd and 24th policy years of the 25-year period

 

Advantages of Maturity

If the life assured lives through the entirety of the policy term, they will receive payment equal to fifty percent of the basic sum assured.

Tax Benefit

Both the premiums that are paid toward the LIC Bima Ratna and the final proceeds that are received from the policy are eligible for tax benefits under sections 80C and 10(10D), respectively.

Tax benefit is subject to change depending on the current tax laws. Terms and conditions are standard.