Life Insurance Corporation of India (LIC) is the largest and most trusted insurance company in the country. With policies for every class of person in India, LIC is the go-to insurer for millions of people who want to secure their future. One such policy is the LIC Bima Ratna Plan, which is a non-linked, non-participating, individual, saving life insurance plan.
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The LIC Bima Ratna plan offers a guaranteed bonus, and you can invest in it according to your income and future needs. You get the benefit of 20 to 25 percent money back, which you receive twice. On maturity, only 50 percent of the total sum assured is available. Money back is available in the 13th and 14th year for a 15-year plan, in the 18th and 19th year for a 20-year plan, and in the 23rd and 24th year for a 25-year plan.
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A bonus of Rs 50 per thousand rupees is given on the premium of 5 years. For investments made for 6 to 10 years, a bonus of Rs 55 is available, and from the subsequent period, a bonus of Rs 60 is available on maturity. This is a Guaranteed Edition Money Back plan with a limited premium, which means that you have to pay the premium for a short period of time to get a fixed bonus. This investment is away from market risk.
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Investors get a Sum Assured of at least Rs 5 lakh, and there is no limit on the maximum Sum Assured. The LIC Bima Ratna policy can be taken for 15 years, 20 years, and 25 years, and the premium will have to be paid for 11 years, 16 years, and 21 years, respectively. To take this policy, your age should be between 90 days to 55 years.
For example: Raj is a 35-year-old IT professional who wants to secure his future and provide financial stability for his family. He decides to invest in the LIC Bima Ratna policy for a term of 20 years, with a sum assured of Rs. 10 lakh. Raj pays the premium for 16 years and receives a guaranteed bonus of Rs. 55 per thousand rupees for his investment.
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At the end of the policy term, Raj receives 50 percent of the total sum assured, along with money-back benefits in the 18th and 19th year. This helps Raj secure his family’s financial future and ensures that they have the financial resources to achieve their goals.
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LIC Bima Ratna policy is an excellent investment option for those who want a secure future for themselves and their loved ones. With its guaranteed bonus, money-back benefits, and limited premium, this policy offers a great way to save for your future without any market risks.
