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.
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
Assured
|
Rs.5,00,000 |
Maximum Basic Sum Assured |
No limit |
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.