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Overview
LIC Bima Shree Policy is a traditional, non-linked, and with-profit money-back life insurance policy that features guaranteed additions to provide security along with savings to you and your family. It is a limited premium paying plan known for offering financial protection in dual cases: if the policyholder survives the policy term or in the event of the policyholder's death before the term ends.
The plan pays out maturity benefits in the form of multiple guaranteed 'survival benefits' throughout the policy tenure. Under this plan, the policyholder is also eligible for a regular liquidity facility.
Benefits Offered by LIC Bima Shree Plan
- Death Benefits
- Maturity Benefits
- Survival Benefits
- Additional riders to choose from
- Waiver of premium benefit
- Free-look period
Key Features
How to Buy LIC Bima Shree from PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of LIC Bima Shree
There are various benefits to buying the LIC Bima Shree Plan. Let's understand each of them in detail:
- Death Benefits: On the death of the insured, the nominee will receive the death benefits. If death occurs before the date of commencement of risk, an amount equal to the unit fund value will be paid. If death occurs after the date of commencement of risk, an amount higher than the basic sum assured or unit fund value is payable.
- Maturity Benefit: If the insured survives until the maturity date, they will receive an amount equal to the unit fund value as maturity benefit.
- Survival Benefits: The plan pays out maturity benefits in the form of multiple guaranteed 'survival benefits' throughout the policy tenure. Under this plan, the policyholder is also eligible for a regular liquidity facility.
- Waiver of Benefits: On the death of the life insured, all future premium payments for the base policy shall be waived off until the expiry of the rider term.
Choice to Defer Survival Benefits
This additional benefit allows the policyholder to receive an increased survival benefit, which is a combination of actual deferred benefits together with interest.
Settlement Option
With this option, the policyholder can choose to receive the maturity and death benefits for a period of 5, 10, or 15 years in instalments.
Vesting of Policy
If the Life Assured is a minor and survives till the date of vesting, and if a request in writing has not been received to surrender the policy before the vesting date, the plan will vest automatically on that date.
Free Look Period
The plan comes with a free look period of 15 days, during which you are allowed to cancel the plan and get a refund (if desired).
Inclusions
- Death Benefits
- Maturity Benefits
- Survival Benefits
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Instead, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, will be paid.
Documents Required to Buy LIC Bima Shree
Here is the list of documents required to buy the LIC Bima Shree:
- Photo ID Proof: Any one of the following: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Any one of the following: Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: Any one of the following: Utility bill, passport, voter ID, ration card.
- Medical Records: Medical records of the policyholder, if requested.
- Income Proof: Any one of the following: Bank statement, last three months' salary slips (if salaried).
Plan at a Glance
| What's Good Here | What's Missing |
|---|---|
| Death Benefits | Premium Offset |
| Maturity Benefits | High sum assured rebate |
| Survival Benefits | Auto cover continuance |
| Waiver of premiums | Top-up premium |
In a Nutshell
If you are looking for a life insurance plan that can help you create wealth over time along with financial safety for your family, you can consider buying LIC Bima Shree. This plan offers multiple benefits to policyholders.
For more information related to this plan, you can visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
