LIC Bima Ratna

LIC of India introduced the LIC Bima Ratna plan under its endowment product portfolio. This plan comes with a risk cover for the policyholder and regular survival benefits to help meet his/her expenses in the future. Like other LIC endowment-based savings plans, LIC Bima Ratna also offers a lot of flexibility to policyholders, which helps them customize the benefits according to their needs. 

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Introduction to LIC Bima Ratna

It is an insurance policy that covers the life assured against the risk of death. In the event of his/her death, the family can claim the death benefit amount. However, if the policyholder survives the policy term, he/she is entitled to survival benefits at specific years and a final maturity benefit. In this way, LIC Bima Ratna acts as a savings avenue for policyholders in the long term.

Key Features of LIC Bima Ratna

  • The death and maturity benefits come with extra guaranteed additions, which increases the final payout.

  • Instead of a lump sum payout, one can choose to receive the death and maturity benefits in installments through the Settlement Option.

  • Premiums against the desired coverage amount can be paid monthly, quarterly, half-yearly, or annually, depending on the convenience of the buyer.

  • Buyers of LIC Bima Ratna can also enjoy discounts on premiums if they choose half-yearly or yearly premium payments.

  • Rebates on premiums are also applicable if the basic sum assured is higher than Rs.10 Lakhs.

  • Loans up to 90% of the surrender value can be availed if premiums have been paid for at least two full years.

Eligibility Criteria of LIC Bima Ratna

To be eligible to receive all the benefits of the policy, customers must note the following conditions.

Policy Term 15 Years 20 Years 25 Years
Minimum Entry Age 5 years (Completed) 90 days (Completed) 90 days (Completed)
Maximum Entry Age 55 years 50 years 45 years
Minimum Maturity Age 20 years (Completed) 20 years (Completed) 25 years (Completed)
Maximum Maturity Age 70 years 70 years 70 years
Premium Paying Term 11 years 16 years 21 years
Minimum Basic Sum


Maximum Basic Sum Assured No limit

LIC Bima Ratna Plan Benefits

  1. Death Benefit

    If the life assured dies during the chosen policy term, the nominee of the policy can claim whichever of the following amounts is higher -

    1. 125% of Basic Sum Assured

    2. 7 times the annual premium amount

    The final death benefit amount is paid along with the guaranteed additions that have accumulated till the time of death.

  2. Survival Benefit

    Survival benefits in LIC are a fixed percentage of the sum assured paid to the life assured if he/she survives specific years in the policy term. With LIC Bima Ratna, 25% of the BSA will be paid in each of the following years -

    Policy Term Policy Year
    15 Years 13th and 14th policy year
    20 Years 18th and 19th policy year
    25 Years 23rd and 24th policy year
  3. Maturity Benefit

    If the life assured survives the whole policy term, 50% of the basic sum assured is paid out to them.

  4. Guaranteed Additions

    LIC makes guaranteed additions to the sum assured at the end of every policy year. The rate of addition with LIC Bima Ratna is defined as -

    1. From 1st to 5th policy years, Guaranteed Additions accrue at Rs.50 per Rs.1,000 Basic Sum Assured.

    2. From 6th to 10th policy years, Guaranteed Additions accrue at Rs.55 per Rs.1,000 Basic Sum Assured.

    3. From 11th to 25th policy years, Guaranteed Additions accrue at Rs.60 per Rs.1,000 Basic Sum Assured.

  5. Tax Benefit

    The premiums paid towards LIC Bima Ratna and the final proceeds from the policy are eligible for tax benefits under sections 80C and 10(10D), respectively.

    “Tax benefit is subject to changes in tax laws. Standard T&C apply.”

Additional Policy Details About LIC Bima Ratna

  1. Surrender Benefit

    Policyholders can surrender their LIC Bima Ratna cover by discontinuing premium payments. In such cases, they will receive the surrender value. But it is only applicable if two full years' premiums have been paid before surrendering.

  2. Paid-up Value

    The policy shall continue as paid-up if at least two years’ premiums have been paid. Even if the policyholder discontinues further premiums, he/she will be entitled to the paid-up value at the end of the policy term. The sum assured under a paid-up policy reduces by the remaining premium amount. This is also applicable to the death benefit amount.

  3. Rider Benefit

    By paying an extra premium amount, the coverage under LIC Bima Ratna can be increased. The following LIC riders are available with this plan -

  4. Free Look Period

    LIC offers 30 days to policyholders during which they can review the T&C of the policy and cancel it if they have any objections.

  5. Grace Period

    A grace period of 15-30 days is allowed if one has not been able to pay a due premium. During this period, the risk cover shall continue as is. However, the policy will lapse if the premium isn’t paid by the end of this period.

  6. Policy Revival

    If the policy has lapsed, LIC still offers 5 years to revive it. Revival requires the payment of all due premiums along with interest and has to be done before the date of maturity.

Suicide Exclusion Under LIC Bima Ratna

LIC Bima Ratna offers 80% of the total premium invested in the plan back to the nominee if the life assured commits suicide within the first 12 months of the coverage period. This benefit is not applicable if the life assured is a child below the age of 8 years.


  • Q: Can I buy LIC Bima Ratna for my child?

    Ans: Yes, the plan can be bought for anyone in the age bracket of 90 days to 55 years. Once the child reaches the age of 18, the policy shall be owned by him/her.
  • Q: Is LIC a reliable insurer?

    Ans: LIC is a government-backed insurance company and one of the oldest in the country. Therefore, it is a trusted choice among the public.
  • Q: What is the LIC premium waiver benefit rider?

    Ans: This is an add-on benefit that is particularly helpful if the policy is being bought for a child. Say, for instance, you bought LIC Bima Ratna to save for your child’s future expenses. Now, if you were to die without paying all the due premiums, the policy benefits shall cease. However, with the LIC premium waiver benefit rider, all the future premiums are waived off and all the benefits of the policy remain intact.
  • Q: How can LIC Bima Ratna help?

    Ans: The policy can be very helpful if you align the survival benefit payouts with key future milestones in your life. In this way, you can pay off any expense that arises out of these situations with the money received. Moreover, the life cover ensures that your family is secured even in your absence.
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