It is a non-linked, non-participating, individual plan, which can be availed through Corporate Agents, Brokers, Insurance Marketing Firms (IMF) and Common Service Centers (CSC). The plan helps in meeting various financial needs through periodic payouts and provides financial support to the policyholder’s family on their death during the policy term.

The premium for LIC Bima Ratna plan can be paid monthly (through NACH only), quarterly, half-yearly or annually. The grace period for previously unpaid premiums is 30 days for annual, half-yearly, or quarterly premiums and 15 days for monthly premiums. Rebates are offered on tabulated premiums for annual and half-yearly modes, while higher sum assured rebates are offered on Basic Sum Assured.

Can be restarted before maturity

Explain that a policy can be revived before maturity within five consecutive years from the date of first premium payment. If less than two full years’ premiums have been paid, the policy will be treated as completely void, whereas if at least two years’ premiums have been paid, it will continue as a paid-up policy till the end of the policy term .

After payment of two full years’ premiums, the policy can be surrendered, and surrender value equal to higher of Special Surrender Value or Guaranteed Surrender Value will be paid by LIC. Loan can be availed after payment of premium for at least two years, which will be provided up to 90% of the surrender value for in-force policies and up to 80% of the surrender value for paid-up policies.

This scheme gives many benefits to the people

LIC Bima Ratna plan offers several benefits to the policyholders, such as death benefit, survival benefit, maturity benefit and guaranteed additions. The death benefit is payable on the death of the policyholder during the policy term and consists of the Sum Assured on Death along with guaranteed additions, which will be higher of seven times the annualized premium or 125 percent of the Basic Sum Assured.

Maturity age is 70 years

Policyholders are eligible for LIC Bima Ratna plan if they fulfill certain criteria. So the Basic Sum Assured should be a minimum of Rs.5 Lakhs, and there is no limit on the maximum amount. The policy term can be 15 years, 20 years or 25 years and the premium paying term varies with the policy term. The entry age for the policyholder should be a minimum of 5 years for a policy term of 15 years and a maximum of 55 years for a policy term of 25 years. The age limit for maturity of the policy is 70 years.

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It is a non-linked, non-participating, individual, savings life insurance plan. Actually, it is basically a money back plan with guaranteed bonus. In this, guaranteed bonus will be given on maturity. The biggest feature of this policy is that premium will have to be paid for a short period of time and you will get the bonus with guarantee.

It is mandatory to get insurance of at least Rs.5 lakh It

is mandatory to get insurance of at least Rs.5 lakh in this policy. The minimum age for investing in this plan is 90 days and the maximum age is 55 years. The investor can pay the premium on monthly, quarterly, half-yearly or yearly basis as per his convenience. Since this is a policy with guaranteed bonus, you can easily calculate how much bonus you will get on maturity.

Policy Term and Premium Payment

This policy is available in terms of 15 years, 20 years and 25 years i.e. you can choose any one of these three maturity periods. According to the policy term, its premium is also to be paid for different years. If you choose a term of 15 years, then you will have to pay premiums only for 11 years. Premiums will have to be paid for 16 years in a term of 20 years and for 21 years in a term of 25 years.

Highlights of LIC Bima Ratna

>> Investment in LIC Bima Ratna is possible from 90 days to 55 years of age
>> In this minimum sum assured of 5 lakhs has to be taken for at least 15 years.
>> By taking a sum assured of 5 lakhs for 15 years, you can get around Rs 9,00,000
>> In this, a minimum monthly premium of Rs 5 thousand has to be paid. According to this, about 166 rupees will have to be saved daily.

The post LIC Bima Ratna Policy: Start investing from ₹ 166, get ₹ 50 lakh on maturity, know everything first appeared on Rightsofemployees.com.