A new plan introduced by LIC
Posted on: 19/Mar/2018 10:35:43 AM
A new insurance coverage policy, called BIMA SHREE, giving additional importance to the individual and his/her family members, was introduced by the Life Insurance Corporation of India (LIC).
This policy is not linked to the stock market. The premium is to be paid for the fixed period with a share in the profit. People aged in the range from 8 years to 55 years may join this scheme. The policy periods are 14, 16, 18, and 20 years. The premium payment period is 10, 12, 14, and 16 years.
The premium may be paid on a monthly, quarterly, half-yearly or annual basis. The minimum cover is for Rs. 10 Lakhs. There is no maximum limit. For the first 5 years of coverage, a guarantee payment of Rs. 55 for every Rs. 1000 and a guarantee/royalty payment of Rs. 55 for every Rs. 1000 is made from the 6th year of the policy coverage. Further, there are 3 more benefits – lifetime benefit, maturity benefit, and death benefit. For availing the lifetime benefit, based on an application regarding the requirement of funds, the reclaim amount with interest will be paid.
The maturity amount can be availed on a monthly, quarterly, half-yearly, or annual basis in installments over a period of 5,10 or 15 years.
The same facility is available to avail the death benefit as well.
