The LIC Bhima Ratna Plan-864 Policy is a unique life insurance plan from the Life Insurance Corporation of India (LIC) that provides dual benefits: financial protection and savings growth.
This plan is designed for individuals looking to secure their family’s future while building wealth through guaranteed returns and bonus benefits. The Bima Ratna Policy is ideal for people who want a plan with regular survival benefits, maturity benefits, and life cover for complete peace of mind.
What is LIC Bhima Ratna Plan-864 Policy?
LIC Bima Ratna is a non-linked, non-participating life insurance savings plan, meaning it doesn’t fluctuate with market changes and provides fixed returns. The plan combines life coverage with guaranteed returns, offering regular payouts at intervals to support your financial needs. Bima Ratna also comes with a loyalty addition, adding to your maturity benefit. It’s a well-rounded policy for anyone seeking consistent savings growth along with life insurance.
Key Features of LIC Bima Ratna Policy
- Survival Benefits: The policy provides regular payouts (also known as survival benefits) at specific intervals, which can be used for financial needs during the policy term.
- Guaranteed Maturity Benefit: If you survive the entire policy term, you’ll receive a maturity benefit comprising the sum assured and loyalty additions, giving you a substantial payout at the end.
- Life Coverage: In case of any unfortunate events, the policy provides a death benefit to your nominee, ensuring your family is financially protected.
- Loan Facility: Bima Ratna allows you to take out a loan against the policy after it acquires a surrender value, giving you financial flexibility.
- Flexible Premium Payment Options: You can choose to pay premiums annually, half-yearly, quarterly, or monthly to suit your financial convenience.
Why Choose LIC Bima Ratna?
- Reliable Returns: LIC Bima Ratna offers guaranteed returns and survival benefits, ensuring that you receive regular payouts as planned.
- Family Protection with Life Cover: The plan provides life coverage, securing your family’s future in case of any unfortunate event.
- Flexible Payment Modes: With different payment options, you can manage premium payments in a way that fits your financial budget.
- Maturity Benefit with Loyalty Addition: Bima Ratna offers an enhanced maturity benefit through loyalty additions, making it a strong savings plan as well.
Eligibility for LIC Bhima Ratna Plan-864 Policy
| Feature | Details |
|---|---|
| Minimum Entry Age | 90 days |
| Maximum Entry Age | 55 years |
| Policy Term | 15, 20, or 25 years |
| Minimum Sum Assured | ₹5,00,000 |
| Premium Payment Modes | Annual, Half-yearly, Quarterly, Monthly |
Benefits of LIC Bima Ratna Policy
The LIC Bima Ratna Policy offers multiple benefits, combining life coverage and savings growth with assured returns. Here’s a breakdown:
- Death Benefit: If the policyholder passes away during the policy term, a death benefit is paid to the nominee, ensuring financial security for the family.
- Survival Benefit: The policy provides survival benefits at regular intervals, offering financial support during the policy term.
- Maturity Benefit: At the end of the policy term, you’ll receive the sum assured along with any accumulated loyalty additions, creating a substantial maturity payout.
- Loan Facility: The policy allows loans after it acquires a surrender value, giving you additional financial flexibility.
- Tax Benefits: Enjoy tax savings on premiums paid under Section 80C and tax-free maturity benefits under Section 10(10D) of the Income Tax Act.
How to Apply for LIC Bhima Ratna Plan-864?
Applying for LIC Bima Ratna is easy. You can visit the nearest LIC branch, get in touch with an LIC agent, or apply online through LIC’s official website. Ensure you review all details, eligibility criteria, and necessary documentation to make the process smooth.
FAQs
1. What are the survival benefits in LIC Bima Ratna?
- LIC Bima Ratna provides survival benefits at regular intervals, which are a percentage of the basic sum assured and are paid during the policy term.
2. Can I take a loan against the LIC Bima Ratna Policy?
- Yes, once the policy acquires a surrender value, you are eligible to take a loan against it, offering financial flexibility when needed.
3. What happens if I survive the entire policy term?
- If you survive the policy term, you will receive a maturity benefit, which includes the sum assured and any loyalty additions accrued.
4. Does LIC Bima Ratna offer any tax benefits?
- Yes, premiums paid for the policy are eligible for tax deductions under Section 80C, and maturity benefits are tax-free under Section 10(10D), making it a tax-efficient plan.
5. Who is eligible to purchase the LIC Bima Ratna Policy?
- Individuals aged between 90 days and 55 years are eligible to buy this policy, making it suitable for people of various age groups looking for reliable life cover and savings.
Conclusion
LIC Bhima Ratna Plan-864 is an excellent choice for individuals seeking a reliable life insurance policy that also offers regular returns and a solid maturity benefit. With guaranteed survival benefits, flexible premium payment options, and life cover, this policy is a comprehensive tool to build financial security for yourself and your family. Whether you’re looking to save for future needs or want life cover with assured benefits, LIC Bima Ratna provides the protection and peace of mind you need.
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