LIC Bima Ratna Plan 764 is a popular life insurance plan offered by the Life Insurance Corporation of India (LIC). It is a non-linked, non-participating savings and protection plan that provides financial security through a blend of protection and regular payouts. This plan is especially designed to meet the various financial needs of the policyholder and their family over the policy term and also offers a loan facility for liquidity.

What Is LIC Bima Ratna Plan 764?

LIC Bima Ratna Plan 764 is a money-back life insurance policy that combines protection with regular survival benefits. The policyholder pays premiums for a specific term, and throughout the policy period, they receive survival benefits periodically. In case of the unfortunate demise of the policyholder during the term, the nominee gets a death benefit that provides financial security to the family.

This plan is suited for individuals looking for an insurance product that offers periodical income, financial protection, and maturity benefits all in one.

Key Features of LIC Bima Ratna Plan 764

Here are the main features of this plan that make it attractive:

• Sum Assured On Death: The nominee gets the higher of 7 times the yearly premium or 125% of the Basic Sum Assured in case of policyholder’s death.
• Survival Benefits: Money is paid back in instalments during the policy term at specified years.
• Maturity Benefit: On surviving the policy term, the policyholder receives 50% of the Basic Sum Assured plus accrued guaranteed additions.
• Guaranteed Additions: The plan accrues guaranteed additions per Rs. 1000 sum assured at fixed rates every year.
• Policy Term Options: The policy can be taken for 15, 20, or 25 years.
• Entry Age: Minimum entry age depends on the policy term, typically young adults to middle-aged people, with maximum age near 55 years.
• Loan Facility: Loan can be obtained against the policy after payment of premiums for a minimum period.
• Surrender Value: The policyholder can surrender the policy after payment of two full years of premiums for special or guaranteed surrender value.
• No Riders: The plan does not allow optional riders for added coverage.
• Premium Payment Modes: Yearly, half-yearly, quarterly, and monthly options are available.

This plan is ideal for those who want to secure their family’s financial future while also having access to survival benefits during the policy period.

Eligibility Criteria

To avail the LIC Bima Ratna Plan 764, policyholders must meet certain eligibility conditions:

Parameter	Details
Minimum Age at Entry	5 years and above (depending on policy term)
Maximum Age at Entry	Typically 55 years (depending on policy term)
Basic Sum Assured	Minimum Rs. 5,00,000, multiples of Rs. 25,000
Policy Term	Options: 15, 20 or 25 years
Premium Paying Term	Equal to Policy Term
Maximum Age at Maturity	Typically 70 years (nearer birthday)

These criteria ensure that the policy is suitable for a wide range of individuals aiming to plan their long-term financial security.

What Are The Benefits of LIC Bima Ratna Plan 764?

The plan offers several financial benefits, which can be broadly categorized into

Death Benefit

In case of the unfortunate death of the insured during the policy term, the nominee receives a death benefit. This benefit is calculated as the higher of:

• 7 times the annualized premium, or
• 125% of the Basic Sum Assured,

with a minimum of 105% of the total premiums paid till death. This payout ensures that the family of the policyholder is financially supported during difficult times.

Survival Benefit (Money Back)

One of the highlights of this plan is the periodic survival benefits paid to the policyholder during the policy tenure, based on the length of the policy term:

• For a 15-year term: 25% of Basic Sum Assured is paid at the end of 13th and 14th years.
• For a 20-year term: 25% of Basic Sum Assured is paid at the end of 18th and 19th years.
• For a 25-year term: 25% of Basic Sum Assured is paid at the end of 23rd and 24th years.

These payments help meet short-term financial requirements during the policy lifecycle.

Maturity Benefit

On survival till maturity, the policyholder receives:

• 50% of the Basic Sum Assured,
• plus accrued guaranteed additions.

This lump sum is paid at the end of the policy term, providing a significant corpus for financial goals.

Guaranteed Additions

The plan guarantees additions to the policy for each completed year at a fixed rate per Rs. 1000 of Basic Sum Assured. This feature helps increase the total benefit amount over time.

Loan Facility

Policyholders can avail loans against their policy after payment of premiums for a minimum period, which helps meet urgent liquidity needs.

How to Use LIC Bima Ratna Plan 764 Calculator?

A LIC Bima Ratna Plan 764 calculator is a helpful online tool designed to estimate key values related to the policy such as premium amounts, maturity amount, survival benefits, and death benefit. Using this calculator for your specific inputs gives a clear understanding of what to expect financially.

Steps to Use the Calculator:

1. Enter Age at Entry: Provide the policyholder’s current age.
2. Select Policy Term: Choose the policy duration (15, 20, or 25 years).
3. Enter Basic Sum Assured: Input the desired sum assured amount (minimum Rs. 5,00,000).
4. Choose Premium Payment Mode: Monthly, quarterly, half-yearly, or yearly.
5. View Calculated Premium: The calculator will compute the payable premium according to inputs.
6. View Survival Benefits and Maturity Amounts: The estimate shows periodic money-back amounts and maturity benefits.
7. View Death Benefit Estimate: Provides the expected death benefit payable to the nominee.

These calculators are user-friendly and save time compared to manual calculations. They also help in comparing different policy term options and sums assured for better planning.

Advantages of Using LIC Bima Ratna Calculator

• Quick Estimates: Instantly know premiums and benefits.
• Better Planning: Helps customers choose policy terms and the sum assured best suited.
• Transparency: Clear view of financial commitments.
• Comparison: Easily compare options for survival benefits and maturity payout.

Example Illustration Using LIC Bima Ratna Calculator

Let’s look at a hypothetical example to understand the calculator better.

Suppose Mr. Sharma, aged 30, wants to buy the LIC Bima Ratna Plan with:

• Policy term: 20 years,
• Basic sum assured: Rs. 10,00,000,
• Annual premium payment.

The calculator would estimate:

• Annual premium amount,
• Survival benefit: 25% of Rs. 10,00,000 payable at end of 18th and 19th years (Rs. 2,50,000 each),
• Maturity benefit: 50% of Rs. 10,00,000 plus guaranteed additions at 20 years (Rs. 5,00,000 + additions),
• Death benefit: Higher of 7 times annual premiums or 125% of basic sum assured (Rs. 12,50,000 or more).

Using the calculator, Mr. Sharma understands his premium commitment and the benefits his family and he will receive.

Important Points to Remember About The Plan

• The plan is non-linked and non-participating, meaning it does not depend on market fluctuations or bonuses.
• There are no optional riders with this plan.
• A free-look period of 30 days is available to review and return the policy if not satisfied.
• Policies can be revived within five years if lapsed.
• Policies have surrender value after two years of premium payment.
• Premium rebates are available for yearly and half-yearly modes.
• The plan complies with LIC’s underwriting and GST charges as applicable.

Where to Find LIC Bima Ratna Plan 764 Calculator?

Several online platforms and the official LIC India website provide LIC calculators, including the Bima Ratna Plan. Examples:

• LIC’s official site (licindia.in)
• Insurance aggregators like PolicyBazaar and BankBazaar

Using official and trusted calculators ensures accurate estimates.

Frequently Asked Questions

Conclusion

LIC Bima Ratna Plan 764 is an excellent policy for individuals who want life insurance protection combined with periodic survival benefits and a maturity payout. Understanding the premium and benefits through a calculator simplifies decision-making and financial planning.

To summarize, this plan helps:

• Meet family financial security needs in case of death,
• Manage periodic financial needs with survival benefits,
• Build a maturity corpus with guaranteed additions.