LIC’s Bima Shree is a non-linked, with-profit, limited premium payment, money-back life insurance plan. It is specifically designed for high net-worth individuals, offering a combination of protection and savings.

Key features:

• Eligibility:

  • Minimum Basic Sum Assured: ₹10,00,000

  • Maximum Basic Sum Assured: No limit (in multiples of ₹1,00,000)

  • Policy Term: 14, 16, 18, and 20 years

  • Premium Paying Term: Policy term – 4 years

  • Minimum Age at entry: 8 years (completed)

  • Maximum Age at entry: 55, 51, 48, and 45 years for policy terms of 14, 16, 18, and 20 years, respectively

  • Maximum Age at Maturity: 69, 67, 66, and 65 years for policy terms of 14, 16, 18, and 20 years, respectively

• Benefits:

  • Death Benefit: Payable on death during the policy term. The amount depends on the policy term and premiums paid.

  • Survival Benefit: A percentage of the Basic Sum Assured is paid at specified durations during the policy term.

  • Maturity Benefit: Payable on survival to the end of the policy term. It includes the Sum Assured on Maturity, accrued Guaranteed Additions, and Loyalty Addition, if any.

• Guaranteed Additions: Accrue at the end of each policy year during the Premium Paying Term.

• Loyalty Addition: Payable on death or maturity if the policy has completed five years and at least five full years’ premiums have been paid.

• Options:

  • Rider Benefits: Accidental Death and Disability Benefit, Accident Benefit, New Term Assurance, New Critical Illness Benefit, and Premium Waiver Benefit.

  • Option to defer the Survival Benefit(s): Allows deferring the Survival Benefit(s) and taking them later with interest.

  • Settlement Option: Allows receiving the Maturity Benefit in installments over 5, 10, or 15 years.

  • Option to take Death Benefit in installments: Allows receiving the Death Benefit in installments over 5, 10, or 15 years.

• Additional features:

  • Premium Payment: Yearly, half-yearly, quarterly, or monthly.

  • Grace Period: 30 days for yearly, half-yearly, and quarterly premiums; 15 days for monthly premiums.

  • Revival: A lapsed policy can be revived within five years.

  • Paid-up Policy: If premiums are not paid after two years, the policy continues as a paid-up policy with reduced benefits.

  • Surrender: The policy can be surrendered at any time after two years’ premiums have been paid.

  • Policy Loan: Available after two years’ premiums have been paid.