Features and Benefits of LIC Bima Ratna | Fusion - WeRIndia

Features and Benefits of LIC Bima Ratna

Features and Benefits of LIC Bima Ratna

Life Insurance Corporation of India (LIC) launched a savings life insurance plan called Bima Ratna. It is a non-linked and non-participating plan.

This individual plan offers both protection and savings. In other words, it will provide financial support to the policyholder’s family in the event of his/her death during the policy tenure.

It also provides periodical payments to the policyholder at specific intervals. Its survival benefit helps policyholders meet their financial needs with ease.

Here are the features and benefits of LIC Bima Ratna:


  • The minimum basic assured is ₹5 lakhs, while there is no maximum basic assured amount. But, it will be in multiples of ₹25,000.
  • The minimum age for maturity is 20 years if the policy term is 15 years and 20 years. It is 25 years for the policy term of 25 years. The maximum age for the maturity of the policy is 70 years.
  • LIC Bima Ratna offers death benefits along with accrued guaranteed additions. The sum assured on death is 125% more than the Basic Sum Assured or 7 times of annualized premium. The death benefit will be at least 105% of the total premiums paid. The premiums paid will be calculated excluding extra premiums, taxes and riders paid up to the date of death of a policyholder.
  • The policy term varies from 15 years, 20 years, and 25 years. The survival benefit will be 25% of the basic sum assured. It is paid twice at the end of two years based on the policy term. It offers survival benefits at the end of the 13th and 14 years if the policy term is 15 years. On the other hand, if the term is 20 years, the survival benefits are paid at the end of the 18th and 19th years, and if the term is 25 years, the benefits are paid at the end of the 23rd and 24 years.
  • The maturity benefit will be 50% of Basic Sum Assured, which is paid with accrued guaranteed additions.
  • Guaranteed additions include the following: They will be ₹50 per ₹1000 basic sum assured up to 5th year, ₹55 from 6th to 10th year, and ₹60 per ₹1000 basic sum assured from 11th to 25th year.

For complete details, visit the website.

Image by mohamed hassan from Pxhere (Free for commercial use / CC0 Public Domain)


Image Reference: https://pxhere.com/en/photo/1576403

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