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LIC Bima Shree Plan 748 – Full Details, Benefits, Eligibility, and Features

 LIC Bima Shree Plan 748 – Full Details, Benefits, Eligibility, and Features

LIC Bima Shree Plan (Plan No. 748) is a high-value premium, non-linked, with-profits, money-back life insurance plan introduced by the Life Insurance Corporation of India. This plan is designed specifically for High Net Worth Individuals (HNIs) looking for a combination of life protection, guaranteed returns, and periodic payouts along with loyalty additions.

📌 Key Highlights of LIC Bima Shree Plan:

FeatureDescription
Plan NameLIC Bima Shree
Plan No.748
TypeMoney Back, With-Profit, Non-Linked
Launch DateMarch 2018
Minimum Entry Age8 years
Maximum Entry Age55 years
Policy Term Options14, 16, 18, or 20 years
Premium Paying TermPolicy Term – 4 years (Limited)
Minimum Basic Sum Assured₹10,00,000 (10 Lakhs)
Maximum Sum AssuredNo Limit (subject to underwriting)
Survival BenefitPaid as % of Basic Sum Assured at fixed intervals
Maturity BenefitFinal guaranteed return + Loyalty Addition
Death BenefitSum Assured on Death + Loyalty Additions
Loyalty AdditionsPayable on maturity or death after 5 years
Loan FacilityAvailable
Riders AvailableYes – Accidental Rider, Critical Illness, Term Rider, etc.

🧾 Benefits of LIC Bima Shree (Plan 748):

✅ 1. Survival Benefit (Money Back Payouts)

If the life assured survives:

  • For Policy Term 14 years: 30% of Basic Sum Assured at the end of 10th & 12th years

  • For 16 years: 35% each at 12th & 14th year

  • For 18 years: 40% each at 14th & 16th year

  • For 20 years: 45% each at 16th & 18th year

These are guaranteed payouts during the policy term.

✅ 2. Maturity Benefit:

  • Remaining % of Basic Sum Assured + Loyalty Additions (non-guaranteed)

  • Maturity Benefit is paid at the end of policy term

✅ 3. Death Benefit:

If the life assured dies during the policy term, the nominee will receive:

  • Sum Assured on Death + Loyalty Additions, where
    Sum Assured on Death = Higher of:

    • 10 times of annualized premium

    • 125% of Basic Sum Assured

    Minimum Death Benefit = 105% of all premiums paid (excluding taxes)

🎁 Loyalty Additions:

This plan participates in profits and is eligible for Loyalty Additions after completion of at least 5 policy years, either:

  • on death (after 5 years), or

  • on maturity

The amount depends on LIC’s performance and declaration.

📅 Eligibility Criteria:

CriteriaMinimumMaximum
Entry Age8 years55 years (Policy Term 14)
51 years (Policy Term 20)
Maturity Age—69 years
Basic Sum Assured₹10,00,000No limit

💸 Premium Payment Term:

Limited Premium Payment Option:

  • Policy Term – 4 years

Policy TermPremium Paying Term
14 years10 years
16 years12 years
18 years14 years
20 years16 years

📑 Optional Riders (Add-ons):

You can customize your plan with:

  • LIC Accidental Death & Disability Benefit Rider

  • LIC New Term Assurance Rider

  • LIC Critical Illness Benefit Rider

  • LIC Premium Waiver Benefit Rider

🔓 Other Features:

  • Loan: Available after 2 years of premium payment

  • Surrender: Available after 2 full years

  • Grace Period: 30 days for yearly/half-yearly/quarterly; 15 days for monthly

🧮 Example Illustration:

Let’s assume:

  • Age: 30 years

  • Policy Term: 20 years

  • Basic Sum Assured: ₹20,00,000

Expected Benefits:

  • Survival Benefit: ₹9,00,000 (45% x 2 = ₹18,00,000 across years 16 and 18)

  • Maturity: ₹2,00,000 + Loyalty Additions

  • Total Return: ₹20,00,000 + Bonuses

✅ Tax Benefits:

  • Section 80C: Tax deduction on premium paid

  • Section 10(10D): Tax-free maturity/death benefits (conditions apply)

🔚 Who Should Consider Bima Shree?

  • High net-worth individuals (HNIs)

  • Those seeking guaranteed money-back + life cover

  • People looking for a safe, high-value insurance-cum-investment plan

  • Ideal for long-term financial planning & family protection

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