Bima Shree is a life insurance policy offered by the Life Insurance Corporation of India (LIC). It is a non-linked, with-profit, limited premium payment policy that provides both savings and insurance benefits. Bima Shree policy offers financial protection and security to the policyholder and their family, along with the opportunity to build savings over the long term.
The Bima Shree policy has a fixed policy term of 14, 16, or 18 years, and the premium payment term is limited to 10, 12, or 15 years, depending on the policy term chosen by the policyholder. The policyholder pays the premiums for a limited period, after which they are covered for the entire policy term. If the policyholder dies during the policy term, the sum assured along with bonuses and final additional bonus (if any) is paid out to the nominee. If the policyholder survives the policy term, the sum assured along with bonuses and final additional bonus (if any) is paid out on maturity.
Combination of Moneyback and Life Insurance
- If you pass away within the policy period, you will get a lump sum payment. If you survive, a survivor benefit will be paid out after 4 years, after 2 years, and after the policy term has ended.
Premium Waiver Benefit
- Any future premium payments will be covered by LIC in the event of the proposer's death while the life assured is a minor.
Profit Sharing in Terms of Guaranteed Additions
- Policy is eligible for a guaranteed bonus during the first five years of the policy's term at a rate of Rs. 50.00 per thousand per year, and then at a rate of Rs. 55.00 per thousand per year.
Additional Accidental Benefit
- In addition to the standard accidental benefit under other policies, a standalone Extra Accident Benefit Maximum of Rs. 1,00,00,00/- is permitted.
Plan Benefits
Tax Free Maturity Amount
Avail Tax benefit on premium paid
Tension Free Claim Settlement
| Minimum | Maximum | |
| Age at Entry | 8 Years Completed | 55 Years for Policy Term 14 Years |
| 51 Years for Policy Term 16 Years | ||
| 48 Years for Policy Term 18 Years | ||
| 45 Years for Policy Term 20 Years | ||
| Sum Assured | Rs 10,00,000 | No Limit |
| Policy Term | 14 Years | |
| 16 Years | ||
| 18 Years | ||
| 20 Years | ||
| Premium Paying Term | Policy Term – 4 Years | |
| Maturity Age | 69 Years for Policy Term 14 Years | |
| 67 Years for Policy Term 16 Years | ||
| 66 Years for Policy Term 18 Years | ||
| 65 Years for Policy Term 20 Years | ||
| Mode of Payment | Yearly, Half Yearly, Quarterly, Monthly (NACH), SSS | |
The Basic Sum Assured shall be in Multiples of Rs. 1,00,000 / -
| Minimum | Maximum | |
| Age at Entry | 18 Years Completed | 55 Years for Policy Term 14 Years |
| 51 Years for Policy Term 16 Years | ||
| 48 Years for Policy Term 18 Years | ||
| 45 Years for Policy Term 20 Years | ||
| Sum Assured | Rs. 10,000 | Rs 1,00,00,000 |
| Cover Ceasing Age | At the End of Policy Term | |
| The Double Accident Sum Assured shall be in Multiples of Rs. 10,000 / - |
| Minimum | Maximum | |
| Age at Entry | 18 Years Completed | 55 Years for Policy Term 14 Years |
| 51 Years for Policy Term 16 Years | ||
| 48 Years for Policy Term 18 Years | ||
| 45 Years for Policy Term 20 Years | ||
| Sum Assured | Rs 1, 00,000 | Rs. 25,00,000 |
| Cover Ceasing Age | At the End of Policy Term | |
The Term Assurance Sum Assured shall be in Multiples of Rs. 5,000 / -
| Minimum | Maximum | |
| Age at Entry | 18 Years Completed | 55 Years for Policy Term 14 Years |
| 51 Years for Policy Term 16 Years | ||
| 48 Years for Policy Term 18 Years | ||
| 45 Years for Policy Term 20 Years | ||
| Sum Assured | Rs 1, 00,000 | Rs. 25,00,000 |
| Cover Ceasing Age | At the End of Policy Term | |
The Term Assurance Sum Assured shall be in Multiples of Rs. 25,000 / -
Documents Required:
- Medical history
- Address proof
- Know your customer documents
- Medical examination (depending on your age or the sum assured)
- Medical examination (depending on your age or the sum assured)
