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 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.