LIC Bima Ratna Policy Details: LIC’s Bima Ratna is a non-linked, non-participating, individual, savings, life insurance plan which offers a combination of all three.
LIC Bima Ratna Policy Details: An insurance policy is significant for individuals, especially those who are the family’s breadwinners, as it provides financial support to the family in case of any unfortunate event. But what if a policy has multiple benefits like survival, a guaranteed bonus, and a death benefit? LIC’s Bima Ratna is a non-linked, non-participating, individual, savings, life insurance plan that combines all three.
LIC BIMA RATNA: 3 BENEFITS
The one feature distinguishing LIC’s Bima Ratna from other policies is that it comes with triple benefits – survival benefit, guaranteed bonus and death benefits.
This plan provides financial support for the family in case of the unfortunate death of the policyholder during the policy term. Also, it provides for periodical payments on the survival of the policyholder at specified durations to meet the various financial needs. This plan also takes care of liquidity needs through loan facilities.
LIC BIMA RATNA: SURVIVAL BENEFIT
LIC Bima Ratna policy offers a fixed amount as survival benefit at a specified time for the policy term of 15 years, 20 years and 25 years. At the specified duration during the policy term, 25 per cent of the Basic Sum Assured is received. The survival benefits for various policy terms is as below:
LIC BIMA RATNA: GUARANTEED BONUS
A policyholder who purchases LIC’s Bima Ratna receives 50% of the total sum assured and a guaranteed bonus when the policy matures. A policyholder is entitled to an Rs. 50 bonus under this policy for the first five years is assured on every Rs. 1000 in basic sum. On every Rs 1000 base sum assured, the person receives a Rs 55 bonus from the sixth to the tenth years and a Rs 60 bonus from the eleventh to the twenty-fifth years.
LIC BIMA RATNA: DEATH BENEFIT
The nominee will get the sum insured and promised bonus in the event of the policyholder’s passing during the term. In this case, LIC will pay the nominee up to 125% of the Basic Amount Assured or up to 7 times the yearly premium, whichever is larger.
