Life Insurance Corporation of India has introduced a new plan Bima Ratna with effect from May 27 which is Non Linked, Non-participating, Individual, Savings Life Insurance Plan and offers a combination of protection and savings. It is a Limited Premium paying, Money Back Plan with Guaranteed Additions.
The plan is available for a term of 15, 20 and 25 years. Premium paying term is 4 years less than Policy term. The plan provides 25% of Basic Sum Assured as Survival Benefit at the end of each year for the last two years of policy term (T-2 & T-1) , provided the policy is in force and on maturity balance 50% of Sum Assured is payable along with Guaranteed Additions.
It provides financial support for the family in case of unfortunate death of the Life Assured during the term of the policy after the commencement of risk. The Sum Assured on death is higher of the 125% of Basic Sum Assured or 7 times of annualized premium and shall not be less than 105% of total premiums paid excluding Taxes, any extra premium and premium paid for riders. The plan also takes care of liquidity needs through loan facility. The minimum age at entry ranges from 90 days to 5 years depending upon chosen Policy term. The plan is available for purchase only through LIC’s Corporate Agents (including Banks), Insurance Marketing Firms (IMF), Brokers, CPSC-SPV and POSP-LIs engaged by these intermediaries.
Wednesday, July 16, 2025