The country’s largest insurance company LIC has introduced its new policy plan in the market. LIC’s Bima Ratna policy is a non-linked, non-participated, individual, thrift life insurance plan, which offers both protection and savings. If you also want to buy this policy then you have to buy this LIC product from Corporate Agents, Insurance Marketing Firms (IMF), Agents, CPSC-SPV and POSP-LI.
Bima Ratna Yojana Policy
This policy plan launched by LIC provides financial support for the family in case of unfortunate death of the policyholder. Along with this, from time to time it also provides the benefit of bonus. Apart from this, any person can take a loan under the scheme. The minimum insured in this policy is Rs 5 lakh. This is a guaranteed bonus policy, so it can be easily estimated that how much benefit will be available on maturity.
death benefits
LIC gives death benefit as sum assured exceeding 125% of the Basic Sum Assured or 7 times the annualized premium. This death benefit payment shall not be less than 105% of the total paid till the date of death.
How much will be the annual bonus
According to the information about this policy given on the website of LIC, in this policy for 1 year to 5 years, an annual bonus of Rs 50 is available for every 1,000 rupees. In this way, the first 5 years bonus will be Rs 1,25,000 on the minimum sum assured of Rs 5 lakh. On the other hand, for 6 to 10 years, you will get a bonus of Rs 55, so if you calculate on this, then the amount of bonus for the next 5 years will be Rs 1,27,500. This means that the total bonus amount for the first 10 years will be Rs 2,52,500.
The total amount will be received till maturity
LIC has announced a bonus of Rs 60 per thousand annually till the maturity period after 10 years. Accordingly, the bonus amount for the next 5 years will be Rs 1,50,000. On the other hand, if you insure a minimum of Rs 5 lakh on a 15-year term policy, you will get Rs 9,12,500 on maturity. Whereas, under a 15-year term policy, 25 percent of the amount will be given during the 13th and 14th years.
how much premium will have to be paid
Monthly, quarterly, half-yearly and annual installments are deposited under this policy plan. This means the minimum monthly installment is Rs 5,000, while it will be Rs 15,000 quarterly, Rs 25,000 half-yearly and Rs 50,000 annually.