Top Benefits of the LIC Bima Shree Plan: Why You Should Consider It

Introduction to LIC Bima Shree Plan
Eligibility Criteria for LIC Bima Shree
Benefits of LIC Bima Shree Plan
Maturity Benefit of LIC Bima Shree Plan
Riders Option Available Under LIC Bima Shree
Tax Benefits of LIC Bima Shree Plan
Inclusion/Exclusions of LIC Bima Shree Plan
How to Avail the Benefits of LIC

Looking for a comprehensive insurance plan that can safeguard your future and provide financial stability to you and your loved ones? Look no further than the LIC Bima Shree Plan! This exceptional policy offers a range of benefits that can protect you against unforeseen circumstances while also helping you achieve your long-term goals. From high sum assured options to attractive bonuses, this plan is designed to cater to all individuals’ needs regardless of their age or income. So, if you’re looking for an effective way to secure your family’s future, read on as we explore the top benefits of the LIC Bima Shree Plan and why it should be at the top of your list when considering life insurance policies.

Introduction to LIC Bima Shree Plan

The LIC Bima Shree Plan is one of the most popular life insurance policies in India. It offers a wide range of benefits and features that make it an attractive proposition for policyholders. In this article, we will take a look at some of the top benefits of the LIC Bima Shree Plan.

The LIC Bima Shree Plan is a participating non-linked life insurance plan that offers financial protection to the policyholder’s family in the event of his/her untimely death. The policy also provides for a lump sum benefit on maturity if the policyholder survives the policy term.

Some of the key features and benefits of the LIC Bima Shree Plan include:

1) Death Benefit: On death during the policy term, the nominee will receive sum assured + accrued bonuses as death benefit. If death occurs after completion of 5 policy years but before maturity, then 105% of premiums paid till date will be payable as death benefit.

2) Maturity Benefit: On survival till maturity, sum assured + accrued bonuses will be payable as maturity benefit.

3) Flexibility: The LIC Bima Shree Plan offers great flexibility in terms of premium payment options andpolicy tenure. Policyholders can choose from a variety of premium payment terms (single, regular, limited), and can select a policy tenure that suits their needs.

4) Tax Benefits: Premiums paid towards the LIC Bima Shree Plan are eligible for tax

Eligibility Criteria for LIC Bima Shree

In order to be eligible for the LIC Bima Shree Plan, you must:

-Be between the ages of 18 and 55

-Have a regular source of income

-Be a resident of India

-Not have any pre-existing medical conditions

Benefits of LIC Bima Shree Plan

The LIC Bima Shree Plan is a participating non-unit linked life insurance plan that offers a combination of protection and savings. The key features and benefits of the plan are as follows:

1. Sum Assured – The sum assured under the plan is Rs. 3,00,000. This amount is payable on death of the policyholder during the policy term.

2. Maturity Benefit – On survival of the policyholder till the end of the policy term, he/she will receive the sum assured along with accrued bonuses as maturity benefit.

3. Policy Term – The policy term under the plan is 10 years.

4. Premium Payment Term – The premium payment term under the plan is 5 years or till age 60 years whichever is earlier.

5. Premium Waiver Benefit – In case of death of the policyholder during the policy term, all future premiums payable under the plan will be waived off and the policy will continue till maturity. However, no further benefits will accrue under the plan.

6. Tax Benefits – The premiums paid and benefits received under the plan are eligible for tax benefits as per prevailing tax laws in India

Maturity Benefit of LIC Bima Shree Plan

The LIC Bima Shree Plan is a great way to get life insurance coverage and save for your future. The plan offers several benefits that make it an attractive option for many people. One of the best benefits of the LIC Bima Shree Plan is the maturity benefit. This benefit allows you to receive a lump sum payment at the end of the policy term if you are still alive. The maturity benefit can be used to help cover expenses in retirement or to fund other goals. The LIC Bima Shree Plan is a flexible policy that allows you to customize your coverage to meet your needs. You can choose the policy term, death benefit amount, and other features to create a policy that fits your unique situation. Contact an insurance agent to learn more about the LIC Bima Shree Plan and how it can help you achieve your financial goals.

Riders Option Available Under LIC Bima Shree

When it comes to life insurance, there are many different options available to policyholders. One option that is available under the LIC Bima Shree Plan is the riders option. This rider provides additional coverage for the policyholder in the event of an accident or death.

The rider covers the policyholder for an additional sum of money in the event of an accident. This rider is beneficial for those who are looking for extra protection in case of an unforeseen event. The rider can be purchased for an additional premium and can be added to an existing life insurance policy.

Tax Benefits of LIC Bima Shree Plan

The LIC Bima Shree Plan offers a host of tax benefits that make it an attractive proposition for policyholders. Under Section 80C of the Income Tax Act, the premiums paid towards the policy are eligible for deduction from the taxable income up to a maximum of Rs. 1.5 lakh in a financial year. This deduction can be claimed by the policyholder or by any member of his/her family who is paying the premium.

In addition, the death benefit and maturity benefit received under the LIC Bima Shree Plan are both exempt from tax under Section 10(10D) of the Income Tax Act. This makes the plan an ideal option for those looking to invest in a life insurance policy with attractive tax benefits.

Inculsion/Exclusions of LIC Bima Shree Plan

When you purchase the LIC Bima Shree Plan, you are automatically covered for a wide range of perils, including fire, lightning, explosion, and more. However, there are some exclusions to this coverage that you should be aware of. These exclusions include:

-Intentional damage or destruction of property

-War or nuclear risks

-Losses caused by government action or regulation

-Losses caused by vermin or pests

-Losses caused by pollution or contamination

-Losses arising from the use of illegal drugs or alcohol

It’s important to familiarize yourself with these exclusions so that you know what is and isn’t covered by your policy. If you have any questions about the coverage offered by the LIC Bima Shree Plan, please contact your agent or representative.

How to Avail the Benefits of LIC

LIC Bima Shree is a popular life insurance policy from LIC (Life Insurance Corporation of India). It offers many benefits to policyholders, making it an attractive option for those looking for life insurance. Here are some of the top benefits of the LIC Bima Shree plan:

1. Death benefit: The biggest benefit of the LIC Bima Shree plan is the death benefit. In case of the policyholder’s death, their nominee will receive the sum assured plus bonus. This can provide financial security to the family in case of an unexpected death.

2. Maturity benefit: The policy also provides a maturity benefit, which is paid out to the policyholder on surviving the policy term. This can be used for various purposes such as meeting financial goals or funding retirement.

3. Tax benefits: The LIC Bima Shree plan also offers tax benefits under section 80C of the Income Tax Act. This can help save on taxes and maximize returns from the policy.

4. Flexibility: The plan offers flexibility in terms of premium payment and sum assured. This allows policyholders to customize the plan according to their needs and budget.

5. Value-added benefits: The LIC Bima Shree plan also provides value-added benefits such as accident cover and disability cover. These can provide additional protection against unforeseen events.