LIC of India has been launched LIC New Bima Shree Plan 748 from 18th Novembery 2024, ‘LIC Bima Shree Plan 748‘ is a non-linked, with-profits, limited premium payment money back life insurance plan.

This scheme can be taken for, 14, 16, 18, 20, 24 and 28 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 748‘ is 512N316V03.

In LIC New Bima Shree Plan 748 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 4 riders by paying additional premiums.
  1. Accidental Death and Disability Benefit Rider
  2. Accident Benefit Rider
  3. New Term Assurance Rider
  4. 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 This - LIC Money Back Plan get Bonus amount for every five years 

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:

Maturity Benefit:

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:

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
For policy term 24 years: 10% of Basic Sum Assured
For policy term 28 years: 10% of Basic Sum Assured

GUARANTEED ADDITIONS:

Provided the policy is in-force, 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 year’s 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.

LIC Bima Shree Plan 948 Example

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.