LIC’s Bima Shree (Plan 848) – Details, Review and Calculators

LIC’s Bima Shree (Plan 848) – All Details with Premium and Benefit and Maturity Calculators. LIC’s Bima Shree is an innovative Money back plan specially designed for ‘High End Customers’. This plan can also be called as ‘Mini Shiromani plan’ as it is designed on the basic frame work of LIC’s Jeevan Shiromani Plan. Unlike Shiromani, which is having a minimum Sum Assured of one Crore, Bima Shree is having a minimum Sum Assured of 10 lakh.

LIC’s Bima Shree (Plan 848), which can be defined as a non-linked, with-profits, limited premium payment, money back plan can boast of Guaranteed Additions also, which is a great feature in the current scenario of dwindling interest rates. Even though the plan is of money back type, option to defer the survival benefits offers it the flexibility of an endowment plan.  Let us have a detailed look at the plan.

LIC’s Bima Shree (Plan 848) – Key features.

• Minimum Basic Sum Assured of the plan shall be Rs. 10,00,000 (Ten Lakh).
• Guaranteed Additions at the rate of Rs. 50 per thousand Sum Assured for the first five years and Rs. 55 per thousand Sum Assured for the remaining years of premium paying term, shall be accrued to the policy.
• The policy shall participate in the profit of the corporation in the form of loyalty additions. Loyalty Additions shall be available at the time of exit from the policy, either due to death claim or maturity and is available after premium payment and completion of 5 full years.
• Critical Illness Benefit coverage for fifteen specified critical illnesses available as optional rider.
• Policy term can be opted from 14, 16, 18 and 20 years.
• Premium paying term will be four years lesser than the term of the plan opted.
• Survival benefits available under the plan can also be deferred, as per the wish of the policy holder, which adds to the flexibility of the plan.
• Settlement option for 5, 10 or 15 years shall be available for maturity as well as death benefits under the plan.

LIC’s Bima Shree (Plan 848) – Eligibility Conditions and Restrictions.

LIC’s Bima Shree (Plan 848)- Premium and Benefit Calculators

The online premium and benefit calculator for LIC’s Bima Shree (plan 848) can give you a clear idea on the premium, income tax benefits, insurance coverage, survival benefits and maturity benefits of the plan as per the parameters supplied by you. You can enter parameters as required and get complete details of the scheme in a compact chart form.

LIC’s Bima Shree (Plan 848) – Accident Benefit Riders

Two types of accident benefit riders are available under this plan. Policy holder can choose only one rider out of these two riders.

1. Accidental death and disability benefit rider : If this benefit is opted for an additional amount equal to the accident Benefit Sum Assured is payable on death due to accident. Further in case of accidental permanent disability within 180 days from the date of accident, an amount equal to Accident Benefit Sum Assured shall be paid in equal monthly instalments, spread over a period of 10 years and all future premium shall be waived. This rider is available for the complete term of the plan.
2. Accident Benefit Rider : If this benefit is opted for and if the life assured is involved in an accident leading to death within 180 days from the date of accident, an amount equal to accident benefit sum assured is payable. This coverage is available only during the premium paying term.

LIC’s Bima Shree (Plan 848) – LIC’s New Term Assurance  Rider

Term assurance rider is available as an optional rider and will provide additional coverage equal to the ‘Term Assurance Rider Sum Assured’ during the term of the plan. Maximum Term Assurance Rider Sum Assured shall be 25 lakhs including term assurance in all existing plans.

LIC’s Bima Shree (Plan 848) – Critical Illness Benefit Rider

Unlike ‘Jeevan Shiromani’, no inbuilt critical illness benefit rider shall be available under Bima Shree. But optional critical illness benefit rider is available for the plan. On the first diagnosis of any one of the 15 specified critical illnesses, critical illness sum assured shall become payable.

List of the critical illnesses covered under this rider are given below.

1. Cancer of Specified Severity – Includes- leukemia, lymphoma and sarcoma. Excludes- tumors carcinoma in situ, benign, pre-malignant, non melanoma skin carcinoma, prostate tumors unless having gleson score > 6, thyroid cancers classified as T1N0M0, lymphotic leukaemia < RAI 3,Non invasive bladder papillary cancer classified as T1N0MO, all tumors in presence of HIV.
2. Open Chest CABG – Excludes – Angioplasty and/or other intra arterial procedures.
3. Myocardial Infraction(First heart attack of specific severity) – Excludes Other coronary syndrome,angina pectoris, rise in cardio biomarkers or Troponin T.
4. Kidney failure with regular dialysis – Should be irreversible failure of both kidneys
5. Major organ/Bone marrow Transplant recipient – Includes – Heart, lung, liver, kidney, pancreas which has irreversible end stage failure, Human bone marrow using haematopoietic stem cells. Excludes – Other stem cell transplants.
6. Stroke resulting in permanent symptom – Excludes – Transient ischemic attacks, traumatic injury of the brain, vascual disease affecting only the eye or optic nerve or vestibular functions.
7. Permanent Paralysis of Limb – Loss of two limbs as a result of injury or disease or brain or spinal cord. Present for more than 3 months.
8. Multiple sclerosis with permanent symptom – Excludes – SLE & HIV
9. Aortic Surgery – Aorta means Thoracic and Abdominal Aorta. Excludes – Minimally invasive or intra arterial techniques.
10. Primary(idiopathic)Pulmonary Hypertension – Excludes – Pulmonary hypertension associated with lung disease, hypoventilation,thromboembolic disease, drugs and toxins diseases of left side of hear, congenital heart disease.
11. Alzheimers Disease / Dementia – Excludes – Non organic disease such as Neurosis, psychiartic illness, alcohol related brain damage.
12. Blindness – Loss of vision in both eyes due to accident or illness not correctable by aids or surgical procedure
13. Third degree burns – 20 % of body scarring needed.
14. Open Heart Replacement or repair of heart valve
15. Benign Brain tumor – Excludes- Cysts, Granulomas, Malformation of arteris or veins of brain, Heamtomas, abscessess, pituitary tumors, tumors of skull bones, tumors of spinal cord.

LIC’s Jeevan Shiromani (Plan 847) – Example of benefits.

• LIC’s Jeevan Shiromani – Details Review and Calculators 
• Critical Illness Rider from LIC of India – Every thing you need to know.

Anish L J

Anish L J is a ‘Financial Planner’ and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.