LIC Bima Shree 948 (Plan No. 948) is a premium money back policy launched by the Life Insurance Corporation of India designed for High Net-Worth Individuals (HNIs). It is a non-linked, limited premium payment, guaranteed return plan that offers a unique blend of protection and savings.
Launched to meet the financial and estate planning needs of individuals, LIC Bima Shree provides periodic payouts, guaranteed additions, and life insurance coverage.
Key Highlights of LIC Bima Shree Plan 948
- Limited premium paying term
- Periodic money back payments
- Guaranteed Additions every year
- Death benefit with guaranteed returns
- Optional riders for extra protection
- Available for high sum assured (₹10 lakhs & above)
Plan Type & Features
| Feature | Description |
|---|---|
| Plan Type | Non-linked, Limited Premium, Money Back Plan |
| Launch Date | 16 March 2020 |
| Participation in Profits | Yes (Eligible for Loyalty Additions) |
| Risk Cover | Starts immediately from policy inception |
| Guaranteed Additions | ₹50 per ₹1,000 SA (first 5 years), ₹55 per ₹1,000 SA (6th year onwards) |
| Minimum Sum Assured (SA) | ₹10,00,000 |
| Maximum Sum Assured | No limit (in multiples of ₹1 lakh) |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly (ECS) |
Eligibility Criteria
| Parameter | Value |
|---|---|
| Minimum Age at Entry | 8 years (completed) |
| Maximum Age at Entry | 55 years (for 14-year term) |
| Maximum Maturity Age | 69 years (nearer birthday) |
| Policy Term Options | 14, 16, 18, and 20 years |
| Premium Paying Term (PPT) | Policy Term – 4 years |
| Minimum Sum Assured | ₹10 lakhs |
| Maximum Sum Assured | No limit (multiples of ₹1 lakh) |
Survival Benefits (Money Back)
LIC pays a percentage of the Basic Sum Assured (BSA) as money-back during the policy term. Payout structure depends on the term chosen:
| Policy Term | Money Back (as % of BSA) | Payout Years |
|---|---|---|
| 14 years | 30% in 10th & 12th year | 10th & 12th policy year |
| 16 years | 35% in 12th & 14th year | 12th & 14th policy year |
| 18 years | 40% in 14th & 16th year | 14th & 16th policy year |
| 20 years | 45% in 16th & 18th year | 16th & 18th policy year |
Maturity Benefit
If the life assured survives the term, they receive:
Maturity = 40% of BSA + Accrued Guaranteed Additions + Loyalty Additions
Death Benefit
On the death of the life assured during the policy term:
Before the commencement of risk:
- Return of premium(s) paid excluding taxes, rider premiums.
After commencement of risk:
- “Sum Assured on Death” + Accrued Guaranteed Additions + Loyalty Addition (if any)
Where,
- Sum Assured on Death = Higher of:
- 125% of Basic Sum Assured, or
- 10 times the annual premium
Minimum death benefit: Not less than 105% of total premiums paid.
Guaranteed Additions
| Policy Year | Rate of Guaranteed Additions |
|---|---|
| 1st to 5th Year | ₹50 per ₹1,000 SA |
| 6th Year onwards | ₹55 per ₹1,000 SA |
Example: For ₹10,00,000 SA, GA for:
- First 5 years: ₹50,000 annually
- From 6th year onwards: ₹55,000 annually
Loyalty Additions
Loyalty Addition (LA) is a one-time bonus paid:
- On policy maturity
- On death (after 5 years of policy)
LIC declares LA based on its valuation and performance.
LIC Bima Shree Plan 948 Example
Example Case:
Name: Mr. Rajesh
Age: 30 years
Policy Term: 16 years
Premium Paying Term: 12 years
Basic Sum Assured (BSA): ₹10,00,000
Premium Payment Mode: Yearly
Riders: Accidental Rider + PWB
Benefit Illustration Table
| Year | Age | Annual Premium (₹) | Guaranteed Additions (₹) | Survival Benefit (₹) | Life Cover (Approx.) |
|---|---|---|---|---|---|
| 2024 | 30 | 1,04,180 | 50,000 | – | 12,50,000 + GA |
| 2025 | 31 | 1,04,180 | 50,000 | – | |
| 2026 | 32 | 1,04,180 | 50,000 | – | |
| 2027 | 33 | 1,04,180 | 50,000 | – | |
| 2028 | 34 | 1,04,180 | 50,000 | – | |
| 2029 | 35 | 1,04,180 | 55,000 | – | |
| 2030 | 36 | 1,04,180 | 55,000 | – | |
| 2031 | 37 | 1,04,180 | 55,000 | – | |
| 2032 | 38 | 1,04,180 | 55,000 | – | |
| 2033 | 39 | 1,04,180 | 55,000 | – | |
| 2034 | 40 | 1,04,180 | 55,000 | – | |
| 2035 | 41 | – | 55,000 | ₹3,50,000 (35% of SA) | |
| 2036 | 42 | – | 55,000 | ₹3,50,000 (35% of SA) | |
| 2037 | 43 | – | – | – | ₹4,00,000 (40% of SA) + GA + LA |
Maturity Calculation (Approx.)
- Guaranteed Additions (first 5 yrs): ₹50,000 × 5 = ₹2,50,000
- Guaranteed Additions (next 7 yrs): ₹55,000 × 7 = ₹3,85,000
- Total GA = ₹6,35,000
- Maturity = ₹4,00,000 + ₹6,35,000 + Loyalty Addition (Approx. ₹1,00,000)
- Total Maturity Value = ₹11,35,000 (approx.)
Riders Available
- Accidental Death & Disability Rider
- LIC’s New Term Assurance Rider
- Critical Illness Benefit Rider
- Premium Waiver Benefit Rider (for minors)
Additional Details
| Feature | Details |
|---|---|
| Loan | Available after 2 years |
| Surrender | Allowed anytime after 2 policy years |
| Revival | Within 5 years from date of first unpaid premium |
| Tax Benefits | Premiums u/s 80C; Maturity u/s 10(10D) |
| Risk Commencement | Immediate from policy start date |
| Backdating | Allowed within same financial year |
| Proposal Forms | Form 300 or 340 |
| Free Look Period | 15 days |
Summary – Why Choose LIC Bima Shree Plan 948?
✅ Designed for HNIs with high savings goals
✅ Guaranteed yearly additions for stable growth
✅ Dual money back payouts + maturity value
✅ Full life cover for family security
✅ Bonus potential with Loyalty Additions
✅ Income tax benefits on premium and maturity
