A Limited Premium, High Return Money Back Policy
🏦 Introduction
LIC Bima Shree Plan (Table No. 748), launched on 18th November 2024, is a non-linked, with-profits, limited premium payment money back plan. Designed for individuals seeking guaranteed benefits, regular money backs, and long-term financial security, this plan is ideal for high-net-worth individuals, families, or business professionals.
The plan comes with guaranteed additions, loyalty additions, tax benefits, and optional riders. Its minimum Sum Assured starts from ₹10 lakhs, making it a robust combination of protection, liquidity, and wealth creation.
UIN for LIC New Bima Shree Plan: 512N316V03
🌟 Key Features at a Glance
- ✅ Limited Premium Payment Term (PPT) — Pay for fewer years than the policy term.
- ✅ Guaranteed Additions + Loyalty Additions boost maturity returns.
- ✅ Large money-back payouts at fixed intervals.
- ✅ Minimum Basic Sum Assured: ₹10,00,000.
- ✅ 4 optional riders to enhance protection:
- Accidental Death and Disability Benefit Rider
- Accident Benefit Rider
- New Term Assurance Rider
- Premium Waiver Benefit (for minors)
- ✅ Settlement option available for maturity/death benefits in 5, 10, or 15 yearly instalments.
- ✅ Tax benefits under Sec 80C and 10(10D).
📋 Eligibility & Parameters
| Parameter | Details |
|---|---|
| Minimum Entry Age | 8 Years (Completed) |
| Policy Terms (PPT) | 14 (10), 16 (12), 18 (14), 20 (16), 24 (20), 28 (24) |
| Maximum Entry Age | Varies by policy term (e.g. 55 yrs for 14-yr term, 41 yrs for 28-yr term) |
| Premium Payment Mode | Yearly, Half-Yearly, Quarterly, Monthly (via SSS/NACH) |
| Premium Mode Rebate | 2% (Yearly), 1% (Half-Yearly), Nil (Others) |
| Basic Sum Assured | ₹10,00,000 and above (in multiples of ₹50,000) |
🎁 Benefits of LIC New Bima Shree Plan 748
✅ Death Benefit
- During first 5 years: “Sum Assured on Death” + Accrued Guaranteed Additions.
- After 5 years till maturity: “Sum Assured on Death” + Accrued Guaranteed Additions + Loyalty Addition (if any).
Sum Assured on Death is the higher of:
- 10 times the annualized premium
- 125% of Basic Sum Assured
Minimum payout = 105% of total premiums paid (excluding taxes/rider premiums).
✅ Survival (Money Back) Benefits
| Policy Term | 1st Payout | 2nd Payout | Maturity Benefit |
|---|---|---|---|
| 14 Years | 30% at end of 10th year | 30% at end of 12th year | 40% + GAs + LA |
| 16 Years | 35% at end of 12th year | 35% at end of 14th year | 30% + GAs + LA |
| 18 Years | 40% at end of 14th year | 40% at end of 16th year | 20% + GAs + LA |
| 20 Years | 45% at end of 16th year | 45% at end of 18th year | 10% + GAs + LA |
| 24 Years | 45% at end of 20th year | 45% at end of 22nd year | 10% + GAs + LA |
| 28 Years | 45% at end of 24th year | 45% at end of 26th year | 10% + GAs + LA |
✅ Maturity Benefit
On surviving till the end of policy term, you receive:
“Sum Assured on Maturity” + Guaranteed Additions + Loyalty Addition (if any)
Where “Sum Assured on Maturity” is:
| Policy Term | % of Basic Sum Assured |
|---|---|
| 14 Years | 40% |
| 16 Years | 30% |
| 18 Years | 20% |
| 20 / 24 / 28 Years | 10% |
💰 Guaranteed Additions (GA)
- ₹50 per ₹1,000 Sum Assured for 1st to 5th year
- ₹55 per ₹1,000 Sum Assured from 6th year till end of PPT
If premiums are discontinued, GA stops accruing. Pro-rata GA applies for the year of last premium.
👨🏫 LIC Bima Shree Plan Example
Ramesh, Age: 30 years
Policy Term: 20 years | Premium Paying Term: 16 years
Basic Sum Assured: ₹10,00,000
| Policy Year | Age | Premium | LIC Return | Risk Cover (Normal) | Risk Cover (Accidental) |
|---|---|---|---|---|---|
| 2024 | 30 | ₹74,630 | 0 | ₹13,00,000 | ₹23,00,000 |
| 2025–2040 | 31–46 | ₹73,023/yr | 0 | ₹13–22L (Increasing) | ₹23–32L (Increasing) |
| 2041 | 47 | Nil | ₹4,50,000 (1st Money Back) | ₹22,05,000 | ₹32,05,000 |
| 2043 | 49 | Nil | ₹4,50,000 (2nd Money Back) | ₹22,05,000 | ₹32,05,000 |
| 2044 | 50 | Nil | ₹10,55,000 (Maturity) + LA | – | – |
🪦 Death Scenario Example
If Ramesh dies in 2038 (after 14 years):
Death Benefit = ₹21,50,000 + Loyalty Additions (if any)
(Sum Assured on Death + GA + LA)
📜 Additional Features
| Feature | Description |
|---|---|
| Loan | Available after 2 full years |
| Surrender | Available after 2 full years |
| Riders | Optional (4 Riders) |
| Cooling-off Period | 30 days from receipt of policy |
| Suicide Clause | 80% refund if within 1 year; full benefits after 1 year |
| Date Backing | Allowed |
| Proposal Forms | Form 300 & 340 |
✅ Why Choose LIC Bima Shree Plan 748?
| Benefit | Explanation |
|---|---|
| 💸 Guaranteed Additions | Ensure steady growth in benefits |
| 📅 Limited Premium Term | Stop paying early, enjoy cover longer |
| 💵 Large Money-Backs | Great liquidity during policy term |
| 🛡️ Robust Death Cover | Comprehensive family protection |
| 📈 Loyalty Additions | Extra return from LIC’s profits |
| 📜 Tax-Free Maturity | Under Section 10(10D) |
| 💳 Flexible Riders | Custom protection for every need |
