LIC Bima Shree Plan 848 Calculator
Calculate Premium, Maturity Benefits, and Money Back Details
Important Notes:
- Guaranteed Additions: ₹50 per thousand for first 5 years, ₹55 per thousand from 6th year onwards
- Loyalty Addition (LA) is payable from 6th policy year onwards (actual amount may vary)
- Premium rates are indicative and may vary based on medical examination
- GST rates: 4.5% for first year, 2.25% from second year onwards
- All benefits are as per LIC terms and conditions
The LIC Bima Shree Plan 848 is a popular money-back insurance policy offered by Life Insurance Corporation of India (LIC). It is designed to provide both protection and savings, especially for high net-worth individuals with a minimum sum assured starting from Rs. 10 lakh. This plan combines the benefits of guaranteed additions, survival benefits, and maturity benefits, along with optional riders for enhanced protection.
What is LIC Bima Shree Plan 848?
LIC Bima Shree Plan 848 is a non-linked, with-profits, limited premium payment money-back plan introduced by LIC in 2018. It offers policyholders the dual advantage of savings through guaranteed additions and financial protection through life cover and benefits.
This plan is aimed at individuals looking for a combination of risk coverage and periodic payouts during the policy term, with a lump sum amount payable at maturity.
Key Features of LIC Bima Shree Plan 848
- Minimum Sum Assured: Rs. 10,00,000 (Ten Lakh) and above in multiples of Rs. 1,00,000.
- Policy Terms: Available in terms of 14, 16, 18, and 20 years.
- Premium Paying Term: Premium is to be paid for a period that is 4 years less than the policy term; for example, for a 14-year term, premium payment is for 10 years.
- Survival Benefits: Money-back payments are made at two intervals during the policy term as a percentage of the sum assured.
- Guaranteed Additions: This plan offers guaranteed additions on the sum assured at the rate of Rs. 50 per Rs. 1,000 sum assured during the first 5 policy years and Rs. 55 thereafter up to the premium paying term.
- Loyalty Addition: A one-time lump sum addition payable either on maturity or death, subject to completing 5 full years of premium payments.
- Riders Available: Optional riders such as Accidental Death and Disability Benefit, Critical Illness Rider, New Term Assurance Rider, Accident Benefit, and Premium Waiver Rider can be added for enhanced coverage.
- Premium Payment Modes: Yearly, half-yearly, quarterly, and monthly (including NACH and salary deduction facilities).
- Tax Benefits: Premiums are eligible for exemption under Section 80C, and maturity/survival benefits are tax-free under Section 10(10D) of the Income Tax Act.
- Loan Facility: Loan can be availed on the policy after completion of at least 2 years of premium payment.
Eligibility Criteria for LIC Bima Shree Plan 848
- Minimum Entry Age: 8 years (completed)
- Maximum Entry Age: Varies as per policy term
- 55 years for 14-year term
- 51 years for 16-year term
- 48 years for 18-year term
- 45 years for 20-year term
- Sum Assured: Minimum Rs. 10,00,000 with no legislative maximum but typically high net-worth customers opt for this plan.
Benefits of LIC Bima Shree Plan 848
Survival Benefits (Money Back)
The plan pays survival benefits as a percentage of the sum assured at two fixed points during the policy term. The percentages depend on the chosen policy term:
| Policy Term (Years) | 1st Money Back (%) | 2nd Money Back (%) | Maturity Benefit (%) |
|---|---|---|---|
| 14 | 30% (end of 10th year) | 30% (end of 12th year) | 40% + Guaranteed Addition + Loyalty Addition |
| 16 | 35% (end of 12th year) | 35% (end of 14th year) | 30% + Guaranteed Addition + Loyalty Addition |
| 18 | 40% (end of 14th year) | 40% (end of 16th year) | 20% + Guaranteed Addition + Loyalty Addition |
| 20 | 45% (end of 16th year) | 45% (end of 18th year) | 10% + Guaranteed Addition + Loyalty Addition |
Maturity Benefits
On survival until the end of the policy term, the maturity amount is paid, which includes:
- Remaining percentage of sum assured as per the term chosen.
- Accumulated guaranteed additions.
- Loyalty addition bonus.
Death Benefits
In case of the unfortunate death of the policyholder during the policy term, the nominee receives:
- 125% of the basic sum assured.
- Guaranteed additions credited up to the date of death.
- Loyalty addition (if applicable).
- Plus death benefit under optional riders (if any).
How to Calculate Premium Using LIC Bima Shree Plan 848 Calculator
The LIC Bima Shree Plan 848 calculator is an online tool that helps prospective policyholders estimate their premium, money-back amounts, and maturity benefits based on inputs such as:
- Age of the policyholder
- Policy term (14, 16, 18, or 20 years)
- Sum assured amount
- Premium payment mode (yearly, half-yearly, quarterly, or monthly)
- Optional riders added (if any)
Steps to Use the Calculator
- Enter Age and Sum Assured: Input the age of the proposer and amount of sum assured desired (minimum 10 lakh).
- Choose Policy Term: Select one of the available terms – 14, 16, 18, or 20 years.
- Select Premium Paying Mode: Choose how frequently premium will be paid.
- Add Riders if Required: Opt for riders if additional coverage is desired.
- Calculate: The calculator will display:
- Premium amount payable for the selected mode.
- Money back amounts during the policy at survival benefit points.
- Maturity benefit amount.
- Death benefit coverage.
This helps in planning finances and understanding the return on investment as well as the protection offered.
Advantages of LIC Bima Shree Plan 848
- Guaranteed Additions: The fixed addition to the sum assured at the rates of Rs. 50 / Rs. 55 per 1000 sum assured during the premium paying term ensures predictable growth.
- Flexible Survival Benefit Options: Policyholders can defer survival benefits or choose to receive them as lump sums or in installments as per their convenience.
- Tax Savings: Eligible for tax deductions under 80C during premium payment and tax-free payouts on maturity or death under 10(10D).
- Loan Availability: Enables liquidity by availing policy loans after two years of premium payment.
- Riders for Comprehensive Protection: Optional riders like Critical Illness and Accidental Death ensure enhanced financial security.
- Ideal for High Net-worth Individuals: With a minimum sum assured starting from Rs. 10,00,000, it is tailored for individuals looking for high-value coverage combined with money-back benefits.
A Sample Illustration of LIC Bima Shree Plan 848
Let us consider an example to understand the benefits and premium payment:
| Parameter | Value |
|---|---|
| Age | 30 Years |
| Policy Term | 20 Years |
| Sum Assured | Rs. 15,00,000 |
| Premium Paying Term | 16 Years (20 – 4) |
| Premium Paying Mode | Yearly |
Benefits:
- Survival benefits at the end of 16th and 18th years worth 45% of the sum assured each.
- Maturity benefit amount: 10% of sum assured + accumulated guaranteed additions + loyalty addition.
- In case of death, 125% of sum assured + guaranteed additions + loyalty addition.
Premium:
The annual premium payable for this plan would be approximately Rs. 1,04,517 (excluding GST).
This amount accumulates through the years with guaranteed additions credited yearly and loyalty addition provided at maturity or death.
How To Buy LIC Bima Shree Plan 848
- Visit LIC Branch or Website: Interested customers can purchase this plan directly from LIC branches or their official website.
- Fill Application Form: Submit personal and medical details as required.
- Choose Sum Assured, Terms and Riders: Decide sum assured, policy term, premium payment mode, and riders.
- Pay First Premium: Complete the initial premium payment to activate the policy.
- Get Policy Document: Receive official policy documents detailing all terms and conditions.
Why Use LIC Bima Shree Plan 848 Calculator?
The LIC Bima Shree Plan 848 calculator is essential because:
- It simplifies complex calculations for money-back amounts, guaranteed additions, and maturity proceeds.
- Provides a clear picture of premium outgo depending on the policy term and sum assured.
- Helps policyholders compare various term options and payment modes before finalizing.
- Aids in financial planning by estimating expected payout schedules.
- Enables customers to explore scenarios including riders and adjust coverage for affordability.
Important Tips for LIC Bima Shree Plan 848
- Always check your eligibility criteria before applying.
- Choose a sum assured and policy term that align with your long-term financial goals.
- Consider adding riders to cover accidental death or critical illness risks.
- Opt for yearly or half-yearly premium payment if possible to avail rebates.
- Use the LIC Bima Shree Plan 848 calculator before purchasing to understand premiums and maturity values.
- Keep track of policy documents and premium payment receipts.
- Review your policy periodically and update details as needed.
Frequently Asked Questions
What is LIC Bima Shree Plan 848?
It is a non-linked, with-profits, limited premium payment money-back insurance plan by LIC offering life cover along with periodic survival benefits and maturity benefits.
What is the minimum sum assured for this plan?
The minimum sum assured is Rs. 10,00,000, suitable for high net-worth individuals.
What are the available policy terms?
The plan is available for terms of 14, 16, 18, and 20 years.
How many years do I have to pay premiums?
Premiums are payable for a period that is 4 years less than the policy term. For example, if the policy term is 14 years, premiums are paid for 10 years.
Can I avail of any riders with this plan?
Yes, optional riders like Accidental Death, Critical Illness, New Term Assurance, Accident Benefit, and Premium Waiver Riders can be added.
Are there tax benefits available?
Yes, premiums paid are eligible for deduction under Section 80C, and maturity/survival benefits are exempt from tax under Section 10(10D).
Conclusion
The LIC Bima Shree Plan 848 is a comprehensive money-back insurance policy that offers the twin benefits of life coverage and periodic returns with guaranteed additions and loyalty bonuses. It is especially suitable for high net-worth individuals who want a secure savings plan with life protection.
Using the LIC Bima Shree Plan 848 calculator can help users easily understand their premium liabilities, expected survival benefits, and maturity proceeds. This helps in making informed financial decisions and ensures effective financial planning.