LIC Bima Ratna Policy: If you want good income by investing in LIC’s scheme, then LIC Bima Ratna scheme can be useful for you. Because LIC Bima Ratna Yojana is a savings life insurance plan offered by the Life Insurance Corporation of India.
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.
