LIC Bima Ratna (Plan 864)
LIC Bima Ratna is a participating endowment plan that provides life cover + savings with guaranteed additions and bonuses.
Key Features
- Plan Type: Endowment with Profits
- Policy Term: 15 or 20 years
- Premium Payment Term: 10 or 15 years (shorter than policy term)
- Sum Assured: Minimum ₹5 Lakhs (no max limit)
- Death Benefit: Sum Assured + Bonuses
- Maturity Benefit: Sum Assured + Guaranteed Additions + Bonuses
- Tax Benefits: Under Section 80C and 10(10D)
Benefits Breakdown
| Benefit Type | Description |
|---|---|
| Death Benefit | Sum Assured + Vested Bonuses + Final Addition Bonus (if any) |
| Maturity Benefit | Sum Assured + Guaranteed Additions (₹50 per ₹1,000 SA) + Bonuses |
| Guaranteed Additions | ₹50 per ₹1,000 Sum Assured every year |
| Bonuses | Simple Reversionary Bonuses (declared annually) |
| Loan Facility | Available after 3 years |
Example Scenario (₹10 Lakhs SA, 20-Year Term)
| Year | Benefit | Amount (Approx.) |
|---|---|---|
| Every Year | Guaranteed Additions (₹50 per ₹1,000 SA) | ₹50,000 |
| Year 1-20 | Bonus (Assume ₹45 per ₹1,000 SA) | ₹45,000/year (approx.) |
| Maturity (Year 20) | Total Payout (SA + Guaranteed Additions + Bonuses) | ₹10L + ₹10L (GA) + ₹9L (Bonuses) ≈ ₹29L |
Tax Benefits
- Section 80C: Premiums eligible for deduction (up to ₹1.5L)
- Section 10(10D): Maturity benefits tax-free
Who Should Invest?
- Those seeking guaranteed returns + life cover
- Investors who prefer low-risk savings plans
- Individuals planning for long-term goals (retirement, child's future)
Note: Bonuses are not guaranteed and depend on LIC's performance. Past bonuses were ~₹45-50 per ₹1,000 SA.More Detail Nearest Lic office or Lic Agent
0 Comments