An insurance policy is important for everyone, but notably for family breadwinners as it protects the family financially in the event of an unfortunate incident.
But what if a policy offers more than one benefit, such as a death benefit, guaranteed bonus, and survival benefit? A non-linked, non-participating, individual, savings, and life insurance plan from LIC called Bima Ratna offers a combination of all three.
LIC Bima Ratna: 3 benefits
The one aspect that sets LIC's Bima Ratna apart from other plans is that it offers three benefits: a survival benefit, a guaranteed bonus, and a death benefit.
In the terrible event that the policyholder passes away during the policy term, this plan offers financial support for the family. It also allows for monthly payments if the policyholder survives for a set amount of time to meet various financial demands. Via credit facilities, this plan also addresses the issue of liquidity.
LIC Bima Ratna: Survival benefit
For the policy period of 15 years, 20 years, or 25 years, the LIC Bima Ratna insurance gives a certain sum as a survivor benefit at a predetermined time. 25% of the Basic Sum Assured is paid out at the specified duration in the policy term.
LIC Bima Ratna: Guaranteed bonus
A policyholder who purchases LIC's Bima Ratna receives 50% of the entire sum assured as well as a guaranteed bonus when the policy matures. A policyholder is entitled to a bonus of Rs. 50 under this policy for the first five years on every Rs. 1000 in basic sum guaranteed. For every Rs 1000 base sum insured, the person will receive a Rs 55 bonus in the sixth through tenth years and a Rs 60 bonus from the 11th year to the 25th year.
LIC Bima Ratna: Death benefit
If the policyholder dies during the term, the sum insured and guaranteed bonus is handed to the nominee. In this case, LIC will pay the nominee up to 125% of the Basic Sum Assured or up to 7 times the yearly premium, whichever is higher.
