LIC Bima Shree Plan 848

This LIC’s plan is mainly launched to focus on high net worth individuals. Financial aid is provided in case of the unfortunate death of the policyholder. You will receive installment payouts at specific intervals and a lump sum assured at the maturity of the policy term.

LIC Bima Shree Plan 848 is basically a money-back, non-linked and limited premium payment plan. Let’s see all of its features and benefits along with the eligibility criterion.

Key features

• Designed for high net worth individuals
• Loan availability after one year of the policy term
• Yearly, half-yearly, quarterly and monthly premium payment option
• Money-back and maturity excluded from taxes
• Can surrender the policy after 2 years of successful completion

Eligibility

Minimum Entry Age	8 years (completed)
Maximum Entry Age	55 years on policy term 14 years               51 years on policy term 16 years        48 years on policy term 18 years            45 years on policy term 20 years (nearest birthday)
Basic Sum Assured	Minimum- Rs.10,00,000 Maximum- No limit
Policy Term	14 years 16 years 18 years 20 years
Maximum Age at Maturity	69 years on 14 years policy term               67 years on 16 years policy term             66 years on 18 years policy term               65 years on 20 years policy term (nearer birthday)
Premium paying term	4 years of the policy term

Benefits

Now let’s take a look at the benefits provided in LIC Bima Shree Plan 848.

1. In case the policyholder dies within the first five years of the policy term, then sum assured on death including guaranteed addition shall be payable to the nominee.
2. If the policyholder dies after the completion of five policy years and before the date of maturity, the sum assured on death as a death benefit including guaranteed addition and loyalty, if any, shall be paid to the nominee.

A fixed percentage of basic sum assured provided all due premiums will be paid on surviving specific intervals during the policy term. They are as follows:

1. For policy term 14 years:  30% of Basic Sum Assured on each of 10th and 12th policy anniversary.
2. For policy term 16 years:  35% of Basic Sum Assured on each of 12th and 14th policy anniversary.
3. For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary.
4. For policy term 20 years: 45% of Basic Sum Assured on each of 16th and 18th policy anniversary.

Sum assured on maturity along with the Guaranteed Addition and Loyalty Addition will be paid if the policyholder successfully survives till the policy term-end.

-The sum assured on maturity can be calculated as under:

        40% of Basic Sum Assured+GA+LA for policy term 14 years  

        30% of Basic Sum Assured+GA+LA for policy term 16 years 

        20% of Basic Sum Assured+GA+LA for policy term 18 years   

        10% of Basic Sum Assured+GA+LA for policy term 20 years.

-Here Guaranteed Addition rate will be as below-

1. Basic Sum Assured for the first five years Rs. 50 per thousand.

2. On 6th policy year till the end of PPT, 55 per thousand Basic Sum Assured

– The loan amount will be based on the percentage of surrender value given below:

1. Inforce policies- up to 90% of the surrender value
2. Paid-up policies- up to 80% of the surrender value

Exclusion

If the policy is in force, the company will provide 80% of the premiums paid excluding taxes and other bonuses in case, a policyholder commits suicide within 12 months from the date of policy term initiation.

Final words

With dual benefits of protection and savings with a minimum sum assured of a very high amount Rs.10 lakh, it is primarily focused on high net worth individuals. Death and maturity benefits are the major features of the LIC Bima Shree Plan 848. Along with the loan facility and availability of riders and tax benefits, it’s overall a typical LIC plan.

LIC is a government-owned company so there are almost no risks whatsoever. Also, it is a trusted insurance company that you can rely on for such a long term policy. For more information, you can visit your nearest Life Corporation of India branch.

For more information on Jeevan Shiromani plan 847 visit your nearest Life Corporation of India office branch or you can contact the LIC Customer Care Number by dialing the number..