LIC Bima Ratna is the first plan launched after the LIC IPO. A newly launched non-linked, non-participating, individual, life insurance savings plan.
- It offers a combination of savings and protection at the same time.
- Provides financial support to the family in case of an unfortunate death of the policyholder during the policy term.
| Plan Name | LIC Bima Ratna |
| Table No. | 864 |
| UIN No. | 512N345V01 |
| Plan Type | Endowment Plan |
| Launch Date | 27 May 2022 |
| Bonus Facility | – |
List of Topic Covered
Key Features of LIC Bima Ratna Plan
- It is an endowment cum money back plan which provides protection and savings at the same time.
- Financially protects your family in policyholder absence.
- Provides periodic payments at specified duration on survival of policyholder.
- You can purchase this plan offline.
- This plan provides a Loan facility to take care of your liquidity needs.
- You have the option to take death benefit in installments.
- Rider benefits are available with this plan.
- Tax benefit is also available under LIC Bima Ratna Plan.
Eligibility conditions and other restrictions in LIC Bima Ratna Plan
| Minimum | Maximum | |
| Sum Assured | ₹ 5,00,000 | No Limit |
| Entry Age | For Policy Term 15 years : 5 years (completed) For Policy Term 20 & 25 years : 90 days (completed) | For Policy Term 15 years : 55 years (Age Nearer Birthday) For Policy Term 20 years : 50 years (Age Nearer Birthday) For Policy Term 25 years : 45 years (Age Nearer Birthday) |
| Maturity Age | For Policy Term 15 & 20 years : 20 years (Completed) For Policy Term 25 years : 25 years (Completed) | 70 years (Age near birthday) |
| Policy Term | 15 years, 20 years and 25 years | 15 years, 20 years and 25 years |
| Premium Paying Term | For Policy Term 15 years : 11 years For Policy Term 20 years : 16 years For Policy Term 25 years : 21 years | For Policy Term 15 years : 11 years For Policy Term 20 years : 16 years For Policy Term 25 years : 21 years |
Date of commencement of risk
- If Life Assured age is less than 8 years.
- Risk will start either 2 years from the date of commencement or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier.
- If Life Assured age is 8 years or more.
- Risk will commence immediately from the date of issuance of policy.
LIC Bima Ratna Plan Benefits
1) Death Benefit: If death happens during the policy term but after the date of commencement of risk then Sum Assured on Death Along with accrued guaranteed additions will be paid to the nominee.
- Here the Sum Assured on Death is defined as the higher of,
- 125% of basic sum assured or 7 times the annualized premium
This death benefit shall not be less than 105% of total premiums paid till the date of death.
2) Survival Benefit: If policyholder survives the entire policy term then a fixed percentage of basic sum assured shall be payable. The fixed percentage for various policy terms is as below:
| Policy Term (in years) | Payment of Survival Benefit |
| 15 | 25% of the Basic Sum Assured at the end of each of the 13th and 14th policy year. |
| 20 | 25% of the Basic Sum Assured at the end of each of the 18th and 19th policy year. |
| 25 | 25% of the Basic Sum Assured at the end of each of 23rd and 24th policy year. |
3) Maturity Benefit: If policyholder survives the entire policy term then the sum assured on maturity along with accrued guaranteed additions will be paid to the policyholder. Here Sum Assured on Maturity is equal to 50% of basic sum assured.
4) Guaranteed Additions (GA): Guaranteed additions shall accrue at the end of each policy year provided the policy is in force. GA rates are mentioned below.
| Policy Year | Guaranteed Additions (per Rs 1000 Basic Sum Assured) |
| 1 to 5 | ₹ 50 |
| 6 to 10 | ₹ 55 |
| 11 to 25 | ₹ 60 |
5) Rider Benefit: Riders enhance the coverage and provide added protection to the life assured. Following 5 riders are available under this plan. You can opt for these riders by payment of an additional premium.
- LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
- LIC’s Accident Benefit Rider (UIN:512B203V03)
- LIC’s New Term Assurance Rider (UIN: 512B210V01)
- LIC’s New Critical Illness Benefit Rider (UIN: 512A212V02)
- LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03)
How to buy LIC Bima Ratna Policy?
This is purely an offline plan. You can purchase this plan through,
- Corporate Agents
- Insurance Marketing Firms (IMF)
- Brokers
- CPSC-SPV and POSP-LI
Should you buy LIC Bima Ratna Policy?
- LIC Bima Ratna policy is a combination of protection and savings which financially protects your family in your absence.
- It also provides periodic payments to meet your financial needs.
- Loan facility is also avialable.
- However, the overall returns which you get in this policy ranges from 4.5% to 5.5%.
- If you will check the returns as per inflation rate, it is very low.
- Also it is an offline plan with agent commision and other costs which impact the returns.
- You can check other options like Bank FD, Mutual funds, Equities for better returns.
LIC Bima Ratna Plan FAQs
LIC Bima Ratna is a non-linked, non-participating, individual, life insurance savings plan which provides dual benefit of protection and savings.
LIC Bima Ratna has minimum sum assured as ₹ 5,00,000 and maximum sum assured has no limit.
LIC Bima Ratna provides death benefit, maturity benefit, survival benefit, guaranteed additions and rider benefits.
Yes. Loan facility is available in Bima Ratna Policy.
Yes. you can surrender your Bima Ratna policy at any time during the policy term provided two full years premiums have been paid.
Yes. You will get a survival benefit at specified duration provided the policy is in force.