Who is Eligible for LIC Bima Ratna? Learn About the Criteria and Qualifications Here

Introduction to LIC Bima Ratna
Key Features of LIC Bima Ratna
Eligibility Criteria for LIC Bima Ratna
Plan Benefits of LIC Bima Ratna
Additional Policy Details of LIC Bima Ratna
FAQs related to LIC Bima Ratna
Conclusion

Are you looking for a reliable and secure investment option? Look no further than LIC Bima Ratna, one of the most sought-after insurance policies in India. But who is eligible to apply for this policy? We’ve got you covered! In this blog post, we’ll walk you through the criteria and qualifications required to become a proud holder of LIC Bima Ratna. So, fasten your seat belts as we embark on an exciting journey toward financial security and peace of mind. Let’s dive right in!

Introduction to LIC Bima Ratna

LIC Bima Ratna is a life insurance policy offered by the Life Insurance Corporation of India (LIC). It is a whole life insurance policy with a maturity period of 100 years. The policy offers death and disability benefits to the policyholder. The sum assured under the policy is Rs.5 lakhs. The policyholder can avail of a loan against the policy after 3 years from the date of commencement of the policy.

The minimum age for entry into the LIC Bima Ratna policy is 18 years and the maximum age is 55 years. The policy term is 20 years. The premium payment term is also 20 years. However, the policyholder has the option to pay premiums for a shorter duration than the policy term. In such a case, the sum assured will be reduced accordingly.

LIC Bima Ratna offers two rider benefits – accidental death benefit and critical illness benefit. The accidental death benefit rider provides for an additional sum assured in case of death due to accident. The critical illness benefit rider provides for a lump sum payment in case of diagnosis of any specified critical illness during the policy term.

The LIC Bima Ratna policy can be bought online as well as offline from any LIC branch office.

Key Features of LIC Bima Ratna

The LIC Bima Ratna is a life insurance policy that offers protection against death, disability, and critical illness. The policy provides for a lump sum benefit in the event of the policyholder’s death, total and permanent disability, or diagnosis of a critical illness. The policy also offers a death and disability benefit waiver, as well as an accelerated death benefit in the event of terminal illness.

The key features of the LIC Bima Ratna include:

-Death and disability benefits: The policy provides for a lump sum benefit in the event of the policyholder’s death, total and permanent disability, or diagnosis of a critical illness.

-Benefit waiver: The policy offers a death and disability benefit waiver, which means that the policy will pay out the full benefits even if the policyholder dies or becomes disabled due to an accident or sickness.

-Accelerated death benefit: The policy also offers an accelerated death benefit in the event of terminal illness, which allows the policyholder to receive a portion of the Death Benefit while they are still alive.

Eligibility Criteria for LIC Bima Ratna

In order to be eligible for LIC Bima Ratna, policyholders must:

-Be between the ages of 18 and 50

-Have an active policy with LIC for at least 3 years

-Have paid all their premiums on time

-Not have any outstanding loans against their policy

-Not have made any partial withdrawals from their policy

 Additionally, while there is no maximum age limit, the minimum sum assured for this policy is Rs. 1 lakh.

Plan Benefits of LIC Bima Ratna

When you are planning for your family’s future, it is important to consider all of the potential risks and uncertainties that life may throw your way. One way to help protect your loved ones financially in the event of your death is to purchase a life insurance policy.

There are many different types of life insurance policies available on the market, and each has its own set of benefits and features. One policy that you may want to consider is LIC Bima Ratna. This policy is offered by Life Insurance Corporation of India (LIC), one of the largest and most trusted life insurance companies in India.

LIC Bima Ratna is a whole life insurance policy that offers a death benefit as well as a maturity benefit. The death benefit is paid out to your beneficiaries in the event of your death, while the maturity benefit is paid out to you if you live to the end of the policy term.

One of the main benefits of LIC Bima Ratna is that it offers protection for your family in the event of your untimely death. If you die before the policy matures, your beneficiaries will receive the full sum assured plus bonuses, which can be used to help cover expenses such as funeral costs or outstanding debts.

Another benefit of this policy is that it builds cash value over time. This cash value can be accessed through loans or withdrawals, giving you some financial flexibility in retirement.

LIC Bima Ratna offers a loyalty

Additional Policy Details of LIC Bima Ratna

In order to be eligible for LIC Bima Ratna, the policyholder must meet the following criteria:

-The policy must have been in force for at least 3 years.

-The policyholder must be between the ages of 18 and 50.

-The policy must have a sum assured of at least Rs.1,00,000.

-The policy must be a regular, non-linked participating life insurance policy.

FAQs related to LIC Bima Ratna

-What is LIC Bima Ratna?

-Who is eligible for LIC Bima Ratna?

-What are the benefits of LIC Bima Ratna?

LIC Bima Ratna is a life insurance policy offered by the Life Insurance Corporation of India (LIC). The policy provides financial protection in the event of the death of the policyholder.

To be eligible for the LIC Bima Ratna policy, you must be between the ages of 18 and 55. You must also have a regular income and reside in India.

The benefits of the LIC Bima Ratna policy include a death benefit, which is paid to your beneficiaries in the event of your death. The policy also provides a maturity benefit, which is paid to you if you live to the maturity date of the policy.

Conclusion

In summary, LIC Bima Ratna is an insurance policy that provides financial protection and security to its customers. The eligibility criteria for this policy are quite straightforward and the benefits can be enjoyed by individuals of any age group. We hope that this article has provided you with a better understanding of who is eligible for LIC Bima Ratna and what qualifications they need in order to apply. If you have any further questions or queries, please do not hesitate to contact us at any time!