LIC’s Bima Ratna is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder during the policy term and also provides for periodical payments on survival of the policyholder at specified durations to meet the various financial needs.
Guaranteed Additions Every Year
Under LIC’s Bima Ratna (Plan 864), a fixed amount is added to your policy every year during the premium-paying term. These Guaranteed Additions enhance your maturity and death benefits, ensuring your savings grow steadily and securely each year.
Survival Payments to meet various Financial Needs
LIC’s Bima Ratna (Plan 864) offers Survival Benefit payouts at regular intervals during the policy term. These payments help you meet important financial needs like children’s education, marriage, or other major expenses—while your policy continues to stay active.
Limited Premium Payment Term is available
With LIC’s Bima Ratna (Plan 864), you pay premiums only for a limited period, while the policy benefits continue for the full term. This makes it easier to plan your finances with less burden over time and long-term protection.
Advantages
Premium Waiver Benefit Rider is available
Avail Tax Benefit on premium paid
Loan Facility is available after 1 year
Eligibility Criteria
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Minimum
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Maximum
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Basic Sum Assured
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5,00,000
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No Limit (in multiple of 25,000)
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Age at Entry
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5 years (Completed) for Policy Term 15 years ,
30 days (Completed) for Policy Term 20 & 25 years
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55 years (Age Nearer Birthday) for Policy Term 15 years
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50 years (Age Nearer Birthday) for Policy Term 20 years
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45 years (Age Nearer Birthday) for Policy Term 25 years
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65 years (Age Nearer Birthday) minus Policy Term (in case of policies procured through POSP-LI/CPSC-SPV )
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Policy Term
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15 years, 20 years and 25 years
15 & 20 years (in case of policies procured through POSP-LI/CPSC- SPV)
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Premium Payment Term
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11 years for Policy Term 15 years
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16 years for Policy Term 20 years
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21 years for Policy Term 25 years
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Age at Maturity
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20 years (Completed) for Policy Term 15 & 20 years , 25 years (Completed) for Policy Term 25 years
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70 years (Age Nearer Birthday)
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65 years (Age Nearer Birthday) in case of
policies procured through POSP-LI/CPSC-SPV
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Premium Payment Mode: Yearly, Half-Yearly, Quarterly or Monthly intervals (monthly premiums through NACH only) or through Salary deductions
Riders Available:
LIC’s Accidental Death and Disability Rider
LIC’s Accident Benefit Rider
LIC’s New Term Insurance Rider
LIC’s Premium Waiver Benefit Rider
Date of Commencement of Risk:
The age at entry of the Life Assured is less than 8 years : Risk will commence either 2 years from the date of commencement or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier
For those aged 8 years or more à Risk will commence immediately
Guaranteed Additions:
From the 1st to 5th year : LIC will pay guaranteed additions of ₹50 per ₹1000 basic sum assured
From the 6th to the 10th policy year : LIC will pay ₹55 per ₹1000 basic sum assured
From the 11th to 25th policy year : LIC will pay ₹60 per ₹1000 basic sum assured
Survival Benefit:
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Policy Term (in years)
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Payment of Survival Benefit
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15
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25% of the Basic Sum Assured at the end of each of 13th and 14th policy year
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20
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25% of the Basic Sum Assured at the end of each of 18th and 19th policy year
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25
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25% of the Basic Sum Assured at the end of each of 23rd and 24th policy year
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Maturity Benefit:
50% of Basic Sum Assured with Accrued Guaranteed Additions will be payable.
Death Benefit:
Sum Assured (higher of 125% of Basic Sum Assured or 7 times of Annualized Premium) on Maturity along with Accrued Guaranteed Additions. The death benefir payment shall not be less than 105% of total premiums paid upto the date of death.
Other Benefits:
- Loan Availability after 1 Yrs
- Death Benefit can be taken in Installments
- Settlement Options available for Maturity