LIC Bima Ranta: Get 3-in-1 benefits - survival, guaranteed bonus and death benefit

LIC Bima Ratna Policy Details: An insurance policy is significant for individuals, especially for those who are the breadwinners of the family, as it provides financial support to the family in case of any unfortunate event. But what if a policy has multiple benefits like survival, guaranteed bonus as well as a death benefit? LIC’s Bima Ratna is a non-linked, non-participating, individual, savings, life insurance plan which offers a combination of all three. 

LIC Bima Ratna: 3 benefits

The one feature that distinguishes LIC's Bima Ratna from other policies is that it comes with triple benefits - survival benefit, guaranteed bonus and death benefits. 

This plan provides financial support for the family in case of the unfortunate death of the policyholder during the policy term and also provides for periodical payments on the survival of the policyholder at specified durations to meet the various financial needs. This plan also takes care of liquidity needs through loan facilities.

LIC Bima Ratna: Survival benefit 

LIC Bima Ratna policy offers a fixed amount as survival benefit at a specified time for the policy term of 15 years, 20 years and 25 years. At the specified duration during the policy term, 25 per cent of the Basic Sum Assured is received. The survival benefits for various policy terms is as below:

LIC Bima Ratna: Guaranteed bonus

LIC’s Bima Ratna provides a policyholder with 50 per cent of the total sum assured along with a guaranteed bonus on maturity. Under this policy, a policyholder gets a Rs 50 bonus on every Rs 1000 basic sum assured for up to 5 years. From the 6th year to the 10th year, the individual gets a Rs 55 bonus and from the 11th year to the 25th year, they will get a Rs 60 bonus on every Rs 1000 basic sum assured. 

LIC Bima Ratna: Death benefit 

If the policyholder dies during the term, the sum assured and guaranteed bonus is given to the nominee. In such a situation, up to 125 per cent of the Basic Sum Assured or up to 7 times the annual premium, whichever is higher, is paid by LIC to the nominee.  

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