Bima Shree Plan 948

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.

When it comes to high-net-worth individuals (HNI), traditional LIC policies often don’t match their financial appetite. To solve this, the Life Insurance Corporation of India (LIC) introduced an exclusive premium endowment plan – LIC Bima Shree Plan 948.

This plan is not just a regular insurance policy. It’s a combination of insurance, guaranteed returns, bonuses, and financial security, tailor-made for those who want large coverage with guaranteed wealth creation.

If you are an investor looking for:

High sum assured (minimum ₹10 Lakhs)
Guaranteed additions during policy years
Long-term wealth creation with insurance protection
Tax benefits under Section 80C & 10(10D)

Key Features of LIC Bima Shree Plan 948

Type of Plan: Traditional, Non-Linked, Participating, Limited Premium Payment Money Back Plan.
Minimum Sum Assured: ₹10,00,000 (no upper limit).
Policy Term Options: 14, 16, 18, and 20 years.
Premium Paying Term (PPT): Policy Term – 4 years.
- Example: If you choose a 16-year policy, you pay premiums for only 12 years.
Guaranteed Additions: ₹50 per ₹1,000 SA during the first 5 years, and ₹55 per ₹1,000 SA thereafter (till policy term).
Bonus Facility: Along with guaranteed additions, bonuses may be added.
Survival Benefits: Paid as Money Back at different stages.
Maturity Benefit: Balance Sum Assured + Guaranteed Additions + Bonus.
Death Benefit:
- Before risk cover: Refund of premiums (without taxes).
- After risk cover: Sum Assured on Death + Guaranteed Additions + Bonuses.
Rider Options Available:
- Accidental Death & Disability Benefit Rider
- Accident Benefit Rider
- New Term Assurance Rider
- Critical Illness Rider

Eligibility Criteria – Who Can Buy?

Criteria	Minimum	Maximum
Entry Age	8 years	55 years (for 14 yr policy)
Maturity Age	–	69 years
Basic Sum Assured	₹10,00,000	No Limit
Policy Term	14, 16, 18, 20 yrs	–
Premium Paying Term (PPT)	Policy Term – 4 yrs	–
Premium Payment Mode	Yearly, Half-Yearly, Quarterly, Monthly

Benefits of LIC Bima Shree Plan 948

1. Death Benefit

In case of unfortunate death during the policy term (after commencement of risk), the nominee gets:

Sum Assured on Death = 7 times of annual premium OR 125% of Basic Sum Assured (whichever is higher).
Plus Guaranteed Additions + Bonuses.

2. Survival Benefits (Money Back)

A part of Sum Assured is paid back during the policy term:

14-year term → 30% SA at end of 10th & 12th year.
16-year term → 35% SA at end of 12th & 14th year.
18-year term → 40% SA at end of 14th & 16th year.
20-year term → 45% SA at end of 16th & 18th year.

3. Maturity Benefit

Remaining Basic Sum Assured + Accumulated Guaranteed Additions + Bonuses.

4. Loan Facility

Loan can be availed after 2 years, making it liquidity-friendly.

5. Tax Benefits

Premiums paid eligible for deduction u/s 80C.
Maturity & death benefits exempt u/s 10(10D) (subject to rules).

Example with Tabular Illustration

Let’s assume:

Policy Term: 20 years
PPT: 16 years
Basic Sum Assured: ₹20,00,000
Entry Age: 30 years

Survival & Maturity Example

Policy Year	Event	Payout
16th Year	45% of SA	₹9,00,000
18th Year	45% of SA	₹9,00,000
20th Year	Remaining 10% SA + GA + Bonus	₹2,00,000 + Additions

Guaranteed Additions (GA):

First 5 years → ₹50 × 20000 = ₹10,00,000
Next 15 years → ₹55 × 20000 = ₹16,50,000
Total GA = ₹26,50,000

Total Maturity Benefit = ₹2,00,000 + ₹26,50,000 + Bonuses (say ₹15,00,000)
= ₹43,50,000 (approx.) + Survival Benefits (₹18,00,000)

👉 This means the investor could receive over ₹61 Lakhs from a ₹20 Lakh SA policy.

Analyst Opinion – Is It Worth It?

Financial experts highlight the following points about LIC Bima Shree 948:

✅ Pros:

Guaranteed Additions give predictable returns.
Premium paying term is shorter than policy term.
Ideal for HNIs who want large insurance + savings.
Money Back ensures periodic liquidity.

Investor Scenarios & Examples

Scenario 1 – Business Owner (Age 35)

Buys a 16-year, ₹50 Lakh policy.
Uses survival benefits as working capital during 12th & 14th year.
Ensures family security + business liquidity.

Scenario 2 – Salaried Professional (Age 30)

Takes ₹20 Lakh plan for 20 years.
Uses survival benefit payouts for children’s education.
Maturity benefit used for retirement corpus.

Scenario 3 – NRI Investor

Uses LIC Bima Shree 948 for safe INR-based investment.
Enjoys life cover, guaranteed additions, and tax-free maturity under Indian laws.

Investor Insights – What Real Investors Say

Mr. Sharma, 40 (Delhi Businessman):
“I chose Bima Shree for its guaranteed payouts. The survival benefits helped me reinvest in my business.”
Mrs. Iyer, 32 (Doctor from Chennai):
“I wanted a safe plan with tax savings and regular payouts. This policy gives both.”
Mr. Patel, 28 (NRI from USA):
“I wanted to keep money in India in a risk-free way. Bima Shree gave me that comfort with large coverage.”

FAQs – LIC Bima Shree Plan 948

Q1. What is the minimum sum assured in Bima Shree 948?
👉 Minimum sum assured is ₹10,00,000.

Q2. Can I take loan under this policy?
👉 Yes, after 2 years of premium payment.

Q3. Who should invest in LIC Bima Shree Plan?
👉 High-income individuals, NRIs, business owners who need both insurance and long-term wealth creation.

Q4. Is maturity benefit tax-free?
👉 Yes, under Section 10(10D) (as per prevailing rules).

Q5. Is this plan better than LIC Jeevan Shree?
👉 Bima Shree is a modern HNI-focused product with guaranteed additions, making it more predictable.

Final Thoughts – Should You Buy LIC Bima Shree Plan 948?

If you are looking for:

Large life cover (₹10 Lakh+)
Safe investment with guaranteed returns
Periodic liquidity via survival benefits
Tax savings
Wealth creation with insurance

…then LIC Bima Shree Plan 948 is a strong option.

However, if you want high-risk high-return investment, you may explore ULIPs, mutual funds, or stock market instead.