LIC Bima Shree Policy Details (Plan 748) & Benefits
Explore complete LIC Bima Shree policy details (Plan 748). Learn about features, maturity benefits, tax savings under Sec 80C, and secure your family’s future.
INSURANCE
Sundhari S Mahila Career Adviser – LIC Tindivanam
7/24/20266 min read
LIC Bima Shree Policy Details (Plan 748): Comprehensive Guide
Introduction to LIC Bima Shree
Planning for the future requires a balance of wealth creation and financial protection. For Indian families looking for a premium savings and life insurance product, understanding the details of the LIC Bima Shree policy is a strong first step. LIC Bima Shree (Plan No. 748) is a specialised, limited-premium-payment, money-back plan designed to provide financial security and periodic liquidity.
Whether you are saving for your child’s higher education, planning for a comfortable retirement, or seeking comprehensive life cover, this policy offers a solid framework. In this article, we will cover the essential details you need so you can make an informed decision for your family’s future.
What is LIC Bima Shree?
LIC Bima Shree is a non-linked, participating, individual life assurance savings plan. It offers a combination of protection and savings specifically targeted at High Net-worth Individuals (HNIs) and families seeking higher coverage, with a minimum basic sum assured of ₹10 Lakhs.
Purpose of the policy: To provide financial support to the family in case of the unfortunate death of the policyholder before maturity, and to offer periodic payments at specified durations for surviving policyholders.
Type of plan: Money-Back / Traditional Participating Endowment Plan.
Main features: Guaranteed Additions for the first five years, loyalty additions, and flexible premium payment terms.
Who it is designed for: Professionals, business owners, and middle- to upper-class families seeking high life cover with guaranteed returns.
Key Features
Understanding the core features of the plan helps align it with your financial goals:
Life Cover: High-risk cover offering 125% of the Basic Sum Assured in case of natural death, ensuring ultimate financial security.
Savings Element: Serves as an excellent wealth-accumulation tool over 14 to 20 years.
Maturity Benefit: Provides a lump sum at the end of the policy term, including vested bonuses.
Death Benefit: Payable to the nominee, ensuring the family’s lifestyle is protected.
Guaranteed Additions: Policyholders enjoy guaranteed additions of ₹50 per ₹1,000 Sum Assured for the first 5 policy years.
LIC Bima Shree loan facility explained: Once you have paid premiums for two full years, you can avail of a loan against the policy.
LIC Bima Shree surrender value rules: The policy accrues a guaranteed surrender value after two full years of premium payments.
Revival Options: A lapsed policy can be revived within 5 consecutive years from the date of the first unpaid premium.
Benefits of the Policy
Periodic Liquidity: As a money-back plan, it provides survival benefits at regular intervals during the policy term for significant life events such as a child’s marriage or education.
Wealth Enhancement: By participating in profits, the policy accrues Loyalty Additions and bonuses, helping your wealth grow over time.
Financial Security for Loved Ones: The high death benefit acts as an income-replacement tool for your dependents.
Premium Waiver for Minors: If bought for a child, an optional premium waiver rider ensures the policy continues even if the parent passes away.
Eligibility Criteria
Choosing the right LIC Bima Shree policy term options is crucial. Below is the eligibility table for this plan.
Premium Details
Paying premiums for LIC Bima Shree is flexible and straightforward:
Payment Modes: You can pay yearly, half-yearly, quarterly, or monthly (through NACH).
Grace Period: A 30-day grace period is allowed for yearly, half-yearly, and quarterly modes, and a 15-day grace period for the monthly mode.
Factors affecting premium: Your age, the chosen sum assured, policy term, and health condition at the time of entry will determine your exact premium.
Policy Benefits Explained
Survival Benefit: If you survive to the specified durations, a fixed percentage of the Basic Sum Assured is paid at those times. For example, in a 14-year term, 30% of the Sum Assured is paid at the end of the 10th and 12th years.
Maturity Benefit: At the end of the policy term, you receive the remaining 40% of the Basic Sum Assured + Guaranteed Additions + Loyalty Additions (if any).
Death Benefit: If death occurs within the first 5 years, the nominee receives the Sum Assured on Death plus the Guaranteed Additions. If death occurs after 5 years, Loyalty Additions are also paid.
Guaranteed Additions: An exciting feature of this plan is the guaranteed addition of ₹50 per thousand Basic Sum Assured for the first 5 years.
Riders Available
To enhance your protection, LIC Bima Shree riders and add-on covers can be attached to the base policy for an extra premium:
LIC’s Accidental Death and Disability Benefit Rider offers an additional sum assured in case of accidental death or permanent disability.
LIC’s New Term Assurance Rider provides extra life cover in case of natural or accidental death.
LIC’s New Critical Illness Benefit Rider: Pays a lump sum upon diagnosis of specified critical illnesses.
LIC’s Premium Waiver Benefit Rider: Essential if you are buying the policy for your minor child. It waives all future premiums if the proposer passes away.
Tax Benefits
Effective tax planning is a cornerstone of wealth management. LIC Bima Shree tax benefits under Section 80C of the Income Tax Act allow deductions on premiums paid up to ₹1.5 Lakhs per financial year.
Furthermore, the survival benefits, maturity amounts, and death benefits received are generally tax-free under Section 10(10D) of the Income-tax Act, provided the premium does not exceed 10% of the sum assured. (Note: Tax laws are subject to change, so consult your tax advisor for the latest updates.)
How to Buy the Policy
Purchasing LIC Bima Shree is straightforward.
Through an Expert Advisor: Contact Sundhari S, your Mahila Career Advisor at LIC Tindivanam (Nila Safe Life Solutions) via WhatsApp or phone at 9865822106 for personalised doorstep service.
Documents Required: Age proof (Aadhar/PAN/Passport), address proof, passport-size photographs, and income proof, since the minimum sum assured is high.
Medical Examination: Based on your age and sum assured, LIC may require a routine medical check-up.
Real-Life Example
Let’s use an example to understand LIC Bima Shree for family financial planning.
Customer: Rahul, a 30-year-old IT professional.
Sum Assured: ₹10,00,000
Policy Term: 14 Years
Premium Paying Term: 10 Years
Likely Benefits: Rahul pays premiums for 10 years. At the end of the 10th and 12th years, he receives ₹3,00,000 (30% of SA) as a Survival Benefit. On maturity in the 14th year, he receives the remaining ₹4,00,000 (40% of SA) plus Guaranteed Additions of ₹2,50,000 (₹50 x 1000 x 5 years) and applicable Loyalty Additions.
LIC Bima Shree Maturity Calculator India
Use this simple calculator to estimate your payout structure based on the ₹10 Lakh sum assured benchmark for a 14-year term.
Advantages and Limitations
Who Should Buy This Policy?
LIC Bima Shree for salaried employees: High-income salaried individuals who want structured tax savings along with assured liquidity for future goals.
Parents: Excellent for timing cash flows with your child’s higher education or wedding.
Self-employed individuals: Businessmen who require a large life cover and a secure, non-market-linked corpus to fall back on.
Middle-to-upper-class families: Those wanting guaranteed elements in their financial portfolio for absolute peace of mind.
Important Points to Consider Before Buying
Before committing, note these common LIC Bima Shree investment mistakes to avoid:
Under-insuring yourself: Because of the premium cost, people sometimes buy only the minimum ₹10 lakh cover. Assess your actual family needs first.
Ignoring the PPT: Remember that the Premium Paying Term is four years less than the policy term. Plan your long-term cash flow accordingly.
Comparing with Term Plans: When evaluating LIC Bima Shree vs other money-back plans, remember that this is an endowment and money-back product, not a pure protection term plan. Returns and safety are the key drivers here.
Frequently Asked Questions
Is LIC Bima Shree eligible for tax exemption?
Yes, premiums paid are eligible for deduction under Section 80C, and the maturity and death benefits are generally tax-free under Section 10(10D).
Can I surrender my Bima Shree policy?
Yes, you can surrender the policy after paying two full years of premiums. However, surrendering early results in a financial loss, so we recommend continuing the policy or taking a loan against it instead.
What is the minimum sum assured in Plan 748?
The minimum basic sum assured is ₹10,00,000, making it a premium plan.
Are there any guaranteed benefits?
Yes, the plan provides Guaranteed Additions at the rate of ₹50 per thousand Basic Sum Assured for the first 5 years.
Can I take a loan on this policy?
Yes, the loan facility is available after paying premiums for at least two full years, providing liquidity during financial emergencies.
Conclusion
The LIC Bima Shree (Plan 748) stands out as a powerful financial tool for families seeking a blend of high protection, guaranteed additions, and regular liquidity. It's designed for people who want to build a safe, risk-free financial corpus for major life milestones while keeping their family protected against life’s uncertainties.
Secure Your Family’s Financial Future Today
Choosing the right life insurance plan is a critical step in building a secure future for your loved ones. Expert advice helps you choose the right term and sum assured for your income and goals.
For personalised guidance, free consultation, and assistance with purchasing your LIC policy, reach out today!
Sundhari S
Mahila Career Advisor – LIC Tindivanam
Nila Safe Life Solutions
Phone / WhatsApp: 9865822106
Disclaimer: The information provided in this article is for educational and informational purposes only. Insurance is a subject matter of solicitation. Please consult with a certified financial expert or LIC advisor before purchasing any insurance policy or making investment decisions.
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