Life Insurance Corporation of India (LIC) is a state-owned insurance group and investment company in India that offers a range of insurance products to its customers. One such product is LIC's Bima Ratna Plan - 864, which is a non-linked, limited premium payment, money-back plan. This plan provides financial protection to the policyholder and also ensures savings for future needs. In this article, we will discuss the features, benefits, eligibility criteria, and other details of LIC's Bima Ratna Plan - 864.
Features of LIC's Bima Ratna Plan - 864
- a. Policy term: The policy term of this plan ranges from 10 to 20 years.
- b. Premium payment term: The premium payment term is limited and ranges from 5 to 10 years, depending on the policy term.
- c. Premium payment mode: The policyholder can choose to pay the premium on a yearly, half-yearly, quarterly, or monthly basis.
- d. Sum assured: The minimum sum assured under this plan is Rs. 10 lakhs, and there is no maximum limit.
- e. Death benefit: In case of the policyholder's death during the policy term, the death benefit will be paid to the nominee, which is the sum assured on death plus bonuses, if any.
- f. Survival benefit: Under this plan, the policyholder will receive survival benefits at the end of every fourth policy year, which is a percentage of the sum assured.
- g. Maturity benefit: If the policyholder survives the policy term, the maturity benefit will be paid, which is the sum assured on maturity plus bonuses, if any.
- h. Bonuses: The policyholder will be eligible for simple reversionary bonuses and final bonuses, if any, depending on the company's performance.
- i. Surrender value: The policyholder can surrender the policy after paying premiums for at least two years. The surrender value will be the higher of the guaranteed surrender value or the special surrender value.
- j. Loan facility: The policyholder can avail of a loan against the policy's surrender value after paying premiums for at least three years.
Benefits of LIC's Bima Ratna Plan - 864
- a. Financial protection: The plan provides financial protection to the policyholder's family in case of the policyholder's untimely death.
- b. Guaranteed returns: The plan offers guaranteed returns in the form of survival benefits and maturity benefits.
- c. Bonuses: The policyholder will be eligible for simple reversionary bonuses and final bonuses, if any, which increases the policy's overall value.
- d. Flexibility: The plan offers flexibility in terms of premium payment mode, policy term, and premium payment term.
- e. Tax benefits: The premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, and the maturity and death benefits are tax-free under Section 10(10D) of the Income Tax Act.
Eligibility criteria for LIC's Bima Ratna Plan - 864
- a. Minimum age at entry: The minimum age at entry is 18 years, and the maximum age at entry is 55 years.
- b. Maximum age at maturity: The maximum age at maturity is 70 years.
- c. Premium payment term: The premium payment term is limited and ranges from 5 to 10 years, depending on the policy term.
- d. Minimum sum assured: The minimum sum assured under this plan is Rs. 10 lakhs.
- a. Online: The policy can be purchased online through the LIC website or any of its authorized intermediaries.
- b. Offline: The policy can be purchased offline through any LIC branch office or agent.
Documents required for purchasing LIC's Bima Ratna Plan - 864
- a. Identity proof: Aadhar card, PAN card, driving license, voter ID card, passport, etc.
- b. Address proof: Aadhar card, utility bill, passport, bank statement, etc.
- c. Age proof: Birth certificate, PAN card, driving license, school leaving certificate, passport, etc.
- d. Passport-sized photograph.
Steps to apply for LIC's Bima Ratna Plan - 864
- a. Visit the LIC website or any of its authorized intermediaries.
- b. Select the Bima Ratna Plan - 864 and provide the necessary details such as age, sum assured, premium payment term, etc.
- c. Submit the required documents such as identity proof, address proof, age proof, and photograph.
- d. Make the premium payment through the available modes of payment.
- e. Once the application is processed and approved, the policy document will be sent to the policyholder's registered address.
Conclusion
LIC's Bima Ratna Plan - 864 is a non-linked, limited premium payment, money-back plan that provides financial protection to the policyholder's family in case of the policyholder's untimely death and also ensures savings for future needs. The plan offers guaranteed returns in the form of survival benefits and maturity benefits and is eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act. The plan also offers flexibility in terms of premium payment mode, policy term, and premium payment term. The minimum sum assured under this plan is Rs. 10 lakhs, and the maximum age at maturity is 70 years. The policy can be purchased online through the LIC website or any of its authorized intermediaries or offline through any LIC branch office or agent. The required documents for purchasing the policy include identity proof, address proof, age proof, and a passport-sized photograph. With all these features and benefits, LIC's Bima Ratna Plan - 864 can be a suitable investment option for individuals looking for financial protection and savings.
FAQ
Q. What is LIC's Bima Ratna Plan - 864?
LIC's Bima Ratna Plan - 864 is a non-linked, non-participating, individual, limited premium payment, savings-cum-protection plan that provides guaranteed additions and life cover.
Q. What is the minimum and maximum entry age for LIC's Bima Ratna Plan - 864?
The minimum entry age is 8 years and the maximum entry age is 55 years.
Q. What is the policy term for LIC's Bima Ratna Plan - 864?
The policy term is 10, 12, and 15 years.
Q. What is the premium payment term for LIC's Bima Ratna Plan - 864?
The premium payment term is 5, 7, and 10 years.
Q. What is the minimum and maximum sum assured for LIC's Bima Ratna Plan - 864?
The minimum sum assured is Rs. 10 lakhs, and there is no maximum limit.
Q. What are the benefits of LIC's Bima Ratna Plan - 864?
The benefits of LIC's Bima Ratna Plan - 864 are guaranteed additions, maturity benefit, death benefits, and tax benefits.
Q. What is the guaranteed addition in LIC's Bima Ratna Plan - 864?
The guaranteed addition is 50 rupees per thousand sum assured per policy year for the first five policy years, and 55 rupees per thousand sum assured per policy year from the sixth policy year until the end of the policy term.
Q. What is the maturity benefit of LIC's Bima Ratna Plan - 864?
The maturity benefit is the sum of the sum assured and the accumulated guaranteed additions.
Q. What is the death benefit in LIC's Bima Ratna Plan - 864?
In case of the death of the life assured during the policy term, the death benefit payable is the sum assured plus the accumulated guaranteed additions up to the date of death.
Q. What are the tax benefits of LIC's Bima Ratna Plan - 864?
The premiums paid towards the policy and the benefits received from the policy are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.
Policy Document attached file is in PDF Document Format(1 MB)
Sales Brochure attached file is in PDF Document Format(1.9 MB)
Read More
