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Hello there! As a seasoned LIC agent in Kolkata, I’m excited to share everything you need to know about LIC’s Bima Ratna plan. This innovative policy offers a fantastic blend of protection and savings that could be just what you’re looking for to secure your family’s financial future. Let’s dive in and explore all the features and benefits this plan has to offer!
Table of Contents
Key Takeaways
- LIC Bima Ratna offers a blend of life coverage and savings
- Flexible policy terms of 15, 20, or 25 years
- Guaranteed additions boost your policy’s value over time
- Survival benefits provide periodic payouts
- Maturity benefit offers a lump sum at the end of the policy term
- Optional riders available for enhanced protection
- Loan facility for financial emergencies
- Potential tax benefits on premiums and maturity amount
What is LIC Bima Ratna?
LIC Bima Ratna is a non-linked, non-participating, individual savings life insurance plan. In simpler terms, it’s a policy that provides life coverage while also helping you build a nest egg for the future. The beauty of this plan lies in its dual benefits:
- Financial protection for your loved ones in case of your untimely demise
- Regular payouts at specified intervals to help you meet your financial goals
Think of it as a safety net with built-in milestones that reward you for your foresight and planning. Pretty neat, right?
Key Features of LIC Bima Ratna
Let’s break down some of the standout features that make Bima Ratna worth considering:
- Flexible Policy Terms: Choose from 15, 20, or 25-year terms to align with your long-term financial plans.
- Guaranteed Additions: Your policy grows steadily with annual guaranteed additions, boosting your overall returns.
- Survival Benefits: Receive periodic payouts during the policy term to help you meet financial milestones.
- Maturity Benefit: Get a lump sum payout at the end of your policy term.
- Tax Benefits: Enjoy tax advantages under Section 80C and 10(10D) of the Income Tax Act (subject to prevailing tax laws).
How Does LIC Bima Ratna Work?
Imagine you’re planting a money tree (wouldn’t that be nice?). Bima Ratna works in a similar way:
- You plant the seed by choosing your policy term and sum assured.
- You nurture it by paying regular premiums.
- The tree grows through guaranteed additions each year.
- You get to pluck some fruits (survival benefits) along the way.
- At maturity, you harvest the full-grown tree (maturity benefit).
And just like a real tree provides shade and protection, your Bima Ratna policy offers financial security for your family throughout its lifetime.
Eligibility and Policy Terms
Before we get too excited, let’s check if you’re eligible for this plan:
Here is the data in a table format:
| Criteria | Details |
|---|---|
| Minimum Age at Entry | 90 days (completed) |
| Maximum Age at Entry | 55 years (for 15-year term) |
| 50 years (for 20-year term) | |
| 45 years (for 25-year term) | |
| Minimum Sum Assured | ₹5,00,000 |
| Maximum Sum Assured | No limit (subject to underwriting) |
Note: Age restrictions may vary slightly for policies purchased through POS-LI/CPSC-SPV channels.
Premium Payment Options
Flexibility is key when it comes to financial planning. LIC Bima Ratna offers several premium payment modes to suit your cash flow:
- Yearly
- Half-yearly
- Quarterly
- Monthly (through NACH)
- Salary deduction
Pro tip: Opting for yearly premiums often comes with a small discount!
Survival and Maturity Benefits
Now, let’s talk about the exciting part – the money you get back! Bima Ratna offers two types of payouts:
- Survival Benefits:
- For 15-year term: 25% of Basic Sum Assured at the end of 13th and 14th policy year
- For 20-year term: 25% of Basic Sum Assured at the end of 18th and 19th policy year
- For 25-year term: 25% of Basic Sum Assured at the end of 23rd and 24th policy year
- Maturity Benefit: On policy maturity, you receive:
- 50% of Basic Sum Assured
- Accrued Guaranteed Additions
Imagine the peace of mind knowing you have these financial milestones to look forward to!
Guaranteed Additions: Watch Your Money Grow
One of my favorite features of Bima Ratna is the guaranteed additions. Here’s how they accumulate:
- Years 1-5: ₹50 per ₹1000 Basic Sum Assured
- Years 6-10: ₹55 per ₹1000 Basic Sum Assured
- Years 11-25: ₹60 per ₹1000 Basic Sum Assured
These additions compound over time, significantly boosting your policy’s value.
Riders: Customizing Your Coverage
Want to enhance your protection? LIC offers optional riders to tailor your Bima Ratna policy:
- Accidental Death and Disability Benefit Rider
- Accident Benefit Rider
- Term Assurance Rider
- Critical Illness Benefit Rider
- Premium Waiver Benefit Rider
Note: Riders may not be available for policies purchased through POS-LI/CPSC-SPV channels.
Loan Facility: Financial Flexibility When You Need It
Life can throw unexpected challenges our way. That’s why Bima Ratna offers a loan facility:
- Available after paying premiums for at least 2 years
- Up to 90% of surrender value for in-force policies
- Up to 80% of surrender value for paid-up policies
It’s like having a financial cushion built right into your policy!
Tax Benefits: The Cherry on Top
While tax laws can change, currently, LIC Bima Ratna offers potential tax benefits:
- Premium payments may be eligible for deduction under Section 80C
- Maturity benefits may be tax-free under Section 10(10D)
Always consult a tax professional for the most up-to-date advice on tax implications.
Is LIC Bima Ratna Right for You?
This plan could be an excellent fit if you:
- Want a combination of life coverage and savings
- Are looking for guaranteed returns
- Need periodic payouts to meet financial goals
- Desire the backing of LIC, India’s largest life insurer
However, it might not be suitable if you:
- Prefer market-linked returns with potentially higher growth
- Need immediate liquidity
- Are primarily focused on maximizing life coverage
Real-Life Scenario: Meet the Sharmas
Let me share a quick story about one of my clients, the Sharma family:
“When Rajesh and Priya Sharma came to me, they were worried about saving for their daughter’s education while also ensuring family protection. We explored LIC Bima Ratna, and they loved how the 20-year plan aligned perfectly with their daughter’s college timeline. The survival benefits will help with admission fees, and the maturity amount will support post-graduate studies. Plus, they have peace of mind knowing their family is protected throughout.”
Stories like these remind me why I love helping families secure their futures!
Remember, while I’ve tried to cover everything, insurance policies can be complex. It’s always best to discuss your specific needs and circumstances with a qualified LIC agent who can provide personalized advice.
I hope this guide has been helpful in understanding LIC Bima Ratna. It’s a fantastic policy that I’ve seen bring peace of mind and financial security to many families here in Kolkata. If you have any more questions or want to explore if Bima Ratna is right for you, don’t hesitate to reach out. Here’s to making informed decisions for a secure financial future!
Frequently Asked Questions
Can I surrender my LIC Bima Ratna policy?
Yes, you can surrender the policy after paying premiums for at least 2 years. However, it’s generally advisable to continue the policy for the full term to maximize benefits.
What happens if I can’t pay premiums for some time?
LIC offers a grace period of 30 days for the yearly, half-yearly, and quarterly modes, and 15 days for the monthly mode. If premiums remain unpaid after this, the policy may lapse or become paid-up, depending on the number of years premiums have been paid.
Can I revive a lapsed Bima Ratna policy?
Yes, you can revive a lapsed policy within 5 years from the date of first unpaid premium, subject to certain conditions and payment of due premiums with interest.
Are there any exclusions I should be aware of?
The primary exclusion is the suicide clause. If the life assured commits suicide within 12 months from the risk commencement date or revival date, certain restrictions on the death benefit apply.
How are the guaranteed additions calculated?
Guaranteed additions are calculated as a percentage of the Basic Sum Assured and accrue at the end of each policy year, with the rate increasing in later policy years.
Can I choose to receive the maturity benefit in installments?
Yes, LIC offers a Settlement Option where you can receive the maturity benefit in installments over 5 years instead of a lump sum.
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