The plan is available for a term of 15, 20 and 25 years. premium paying term is 4 years less than policy term. plan provides 25% of basic sum assured as survival benefit at the end of each year for the last two years of policy term (T-2 & T-1) , provided the policy is in force and on maturity balance 50% of sum assured is payable along with guaranteed additions
Mumbai:
Life Insurance Corporation (LIC) has introduced a new plan Bima Ratna with effect from May 27 which is non linked, non-participating, individual, savings life insurance plan offering a combination of protection and savings.
It is a limited premium paying, money back plan with guaranteed additions.
The plan is available for a term of 15, 20 and 25 years. Premium Paying term is 4 years less than Policy term. Plan provides 25% of basic sum assured as survival benefit at the end of each year for the last two years of policy term (T-2 & T-1) , provided the policy is in force and on maturity balance 50% of sum assured is payable along with guaranteed additions.
The sum assured on death is higher of the 125% of basic sum assured or 7 times of annualized premium and should not be less than 105% of total premiums paid excluding taxes, any extra premium and premium paid for riders.
The minimum sum assured under this plan is Rs.5 lakhs and can be increased on multiples of Rs.25000/-. There is no limit for maximum sum assured. The minimum age at entry ranges from 90 days to 5 years depending upon chosen policy term.