Life Insurance Corporation of India (LIC) is the largest and oldest insurance company in the country. There are everyone from poor to rich among the people who take the policy of the company. Today we will tell you about LIC’s Bima Ratna Policy. By investing Rs 5 lakh in this, you can get up to Rs 50 lakh on maturity. By investing in this, investors can get up to 10 times of their initial deposit amount.
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.
