LIC Bima Shree Plan 948
Premium Segment Money Back Offline Calculator
LIC Bima Shree Plan 948 Overview
LIC Bima Shree Plan 948 is a non-linked, participating money back savings plan designed specifically for the premium segment with a minimum Sum Assured of ₹10 Lakhs. It offers high guaranteed additions along with periodic money-back payouts.
Eligibility & Rules
- Entry Age: 8 to 55 Years
- Policy Term: 14, 16, 18, 20 Years
- Premium Paying Term: Policy Term minus 4 Years
- Minimum Sum Assured: ₹10,00,000
Key Plan Benefits
- Survival Benefit: Guaranteed money back payouts (e.g., 30% of SA) during the policy term.
- Maturity Benefit: Remaining 40% of SA + Guaranteed Additions + Loyalty Addition.
- Death Benefit: 125% of Basic SA + Guaranteed Additions (₹50 to ₹55 per ₹1000 SA) + Loyalty Addition.
Detailed Maturity Benefit
40% of Basic Sum Assured + Guaranteed Additions + Loyalty Addition (if any). The rest 60% is paid as survival payouts.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
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Note: The values shown above are indicative examples. Actual premiums and maturity amounts may vary based on exact age, riders, and declared bonus rates.
| Parameter | Value |
|---|---|
| Sum Assured | ₹10,00,000 |
| Policy Term / PPT | 16 Years / 12 Years |
| Yearly Premium (Approx, Base) | ₹76,800 |
| Total Paid Premium (12 Yrs) | ₹9,21,600 |
| Each Survival Payout (35% SA) | ₹3,50,000 |
| Total Survival Payouts (x2) | ₹7,00,000 |
| Guaranteed Additions | ₹6,35,000 |
| Maturity Payout (30% SA + GA) | ₹9,35,000 |
| Total Benefits (Survival + Maturity) | ₹16,35,000 |
Calculating…