LIC's Bima Ratna

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LIC's Bima Ratna (Plan No. 864, UIN: 512N345V01) was a non-linked, non-participating individual life insurance savings plan offered by the Life Insurance Corporation of India (LIC).

🔑 Key Features

• Policy Term Options: 15, 20, or 25 years.

• Premium Payment Term: 11 years for a 15-year policy term; 16 years for a 20-year policy term; 21 years for a 25-year policy term.

• Minimum Basic Sum Assured: ₹5,00,000.

• Maximum Basic Sum Assured: No upper limit, in multiples of ₹25,000.

• Entry Age:

  • For a 15-year policy term: Minimum 5 years; Maximum 55 years.

  • For a 20-year policy term: Minimum 90 days; Maximum 50 years.

  • For a 25-year policy term: Minimum 90 days; Maximum 45 years.

• Maximum Age at Maturity: 70 years (age nearer birthday).

• Premium Payment Modes: Yearly, Half-yearly, Quarterly, Monthly (via NACH), or Salary Deduction.

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

• Free Look Period: 15 days for offline purchases; 30 days for online purchases.

• Loan Facility: Available after 2 full years of premium payment.

• Surrender Value: Available after 2 full years of premium payment; higher of Special Surrender Value or Guaranteed Surrender Value is payable.

💰 Benefits

1. Death Benefit

• Before Commencement of Risk: If death occurs before the risk commencement date, the nominee receives a refund of premiums paid, excluding taxes and rider premiums.

• After Commencement of Risk: The nominee receives the higher of:

  • 125% of the Basic Sum Assured, or

  • 7 times the annualized premium.

• Additionally, accrued Guaranteed Additions are payable.

• The total death benefit is not less than 105% of the total premiums paid, excluding any extra premiums, rider premiums, and taxes.

2. Survival Benefit

• Payable at specified durations during the policy term, provided the policy is in-force.

• The fixed percentage of Basic Sum Assured payable at each specified duration is as follows:

  • For a 15-year policy term: 25% at the end of the 13th and 14th policy years.

  • For a 20-year policy term: 25% at the end of the 18th and 19th policy years.

  • For a 25-year policy term: 25% at the end of the 23rd and 24th policy years.

3. Maturity Benefit

• On survival to the end of the policy term, the "Sum Assured on Maturity" along with accrued Guaranteed Additions is payable.

• Where "Sum Assured on Maturity" is equal to 50% of Basic Sum Assured.

4. Guaranteed Additions

• Accrued at the end of each policy year at the rate specified below:

  • From 1st to 5th year: ₹50 per ₹1,000 of Basic Sum Assured.

  • From 6th to 10th year: ₹55 per ₹1,000 of Basic Sum Assured.

  • From 11th to 25th year: ₹60 per ₹1,000 of Basic Sum Assured.

• In case of death under an in-force policy, the Guaranteed Addition in the year of death shall be for the full policy year.

• If the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy.

• In case of a paid-up policy or on surrender of a policy, the Guaranteed Addition for the policy year in which the last premium is received will be added on a proportionate basis.

5. Optional Riders

• Accidental Death and Disability Benefit Rider: Provides an additional sum assured in case of accidental death or disability.

• Accident Benefit Rider: Offers benefits in case of accidental death.

• New Term Assurance Rider: Provides additional life cover.

• New Critical Illness Benefit Rider: Offers a lump sum benefit upon diagnosis of any of the specified critical illnesses.

• Premium Waiver Benefit Rider: Waives off future premiums in case of the policyholder's death.