LIC Bima Platinum

LIC Bima Platinum - An Overview

LIC Bima Platinum is a non-linked and non-participating individual life savings plan offered by the LIC of India. This life insurance policy has been designed to help policyholders accumulate and save wealth along with insurance cover.

LIC Bima Platinum will be a savings plan meaning it will offer death benefit if the policyholder dies during the policy term but it will also offer a savings payout as maturity benefit if the policyholder survives the entire policy term. The life insurance payout received on death or at maturity will include the basic sum assured and the accrued bonuses as per the policy terms and conditions.

Key Features of LIC Bima Platinum

Here are some of the key features of the upcoming LIC Bima Platinum plan.

• LIC Bima Platinum plan is non-participating and non-linked in nature.

• The plan is a combination of life insurance protection and wealth creation.

• There is an option to receive the death or maturity payout as a lump sum or via installments.

• Policyholders will get tax deduction benefits on the premiums paid and on the death and maturity payout.

What are the Benefits of LIC Bima Platinum Plan?

LIC Bima Platinum policy of LIC is aimed at helping policyholders receive insurance coverage and also maintain and grow their savings at the same time. Following are some of the core benefits of the plan.

Death Benefit

Similar to a term insurance policy, if a policyholder dies before the policy matures, their nominee will receive the death benefit. The death payout will include the basic sum assured and the bonuses accrued till the date of the death. The policyholder will have the option to choose as to how their beneficiary will receive the death benefit, as a single lump sum or as installments.

Maturity Benefit

LIC Bima Platinum is a savings life insurance policy that will offer a maturity benefit to the policyholders who will survive the policy term. This maturity benefit payout will consist of the basic sum assured and the bonuses accumulated throughout the policy term.

How to Buy LIC Plans from Policybazaar?

When you buy an LIC plan from Policybazaar, you get dedicated assistance in buying the plan and also at the time of claim settlement. Follow the steps below to buy an LIC plan from Policybazaar.

Step 1: Visit the Policybazaar LIC section.

Step 2: Enter your name and contact number in the online form and click on View Plans.

Step 3: Enter your city of residence, age and the annual income bracket.

Step 4: You will now see all the available LIC plans on Policybazaar. You will have the option to adjust the investment amount and time period.

Step 5: Select the preferred plan and pay the premium online through Policybazaar to complete the policy purchase.

Summing Up

LIC Bima Platinum is a non-participating individual savings plan. Life Insurance Corporation of India (LIC) aims to provide their policyholders with the dual benefit of financial protection and wealth building. As a savings plan, the Bima Platinum LIC policy will offer death as well as maturity benefit. The primary purpose of the plan is to encourage people to take life insurance by providing them with savings benefits with the plan.