Lic Bima Shree’s plan :

LIC Bima Shree Plan is a comprehensive life insurance policy offered by Life Insurance Corporation of India (LIC), designed to provide financial protection as well as savings benefits. Here’s an in-depth look at its features and benefits:

1. Policy Term and Premium Payment Term:

The policy term of the LIC Bima Shree plan ranges from 14 to 25 years.
It has a limited premium payment term of 9 years, which helps policyholders to meet their financial obligations in a shorter period of time.
2. Sum Assured and Discount:

Higher Sum Assured discount is given in this plan, that is, those policyholders who choose higher Sum Assured get a discount.
Sum Assured refers to the fixed sums that are settled at specified times during the tenure of the policy.
3. Saving Benefits:

Policyholders receive life savings benefits at specified intervals during the policy term, if the policy is in force.
These savings benefits provide a source of income at regular intervals and financial stability.
4. Maturity Benefits:

At the end of the policy term, if the policyholder survives, he receives the maturity benefit, which consists of a fixed bonus along with the Sum Assured on maturity.
This ensures that policyholders enjoy the benefits of regular savings and investments.
5. Death Benefit:

If the policyholder dies during the policy term, the applicant receives the death benefit.
The death benefit includes the sum assured on death or 10 times the higher annual premium, whichever is higher, and dividends, if applicable.
6. Optional Rider:

Policyholders have the option to select optional riders to enhance their coverage, such as Accidental Death and Disability Rider, Term Assurance Rider, Critical Illness Rider, etc.
These riders provide added benefits as per the particular needs and circumstances of the policyholder.
7. Tax Benefits:

The premium paid for LIC Bima Shree Plan is tax-exempt under Section 80C of the Income Tax Act, 1961.
Maturity benefits and death benefits are also tax-free under section 10(10D) of the Income Tax Act, subject to the recommendations, and provision of the Income Tax Act.
8. Loan Facility and Withdrawal Value:

Policyholders can avail of a loan against the withdrawal value of the policy after three full years of premium payments.
This policy achieves withdrawal value, providing a net of financial safety in case of irregular circumstances or liquidity requirements.
Before selecting the LIC Bima Shree plan, one should make the decision keeping in mind one’s insurance needs, financial goals, and risk appetite. Consulting with a licensed insurance advisor or financial planner can be helpful in making decisions and selecting the most appropriate insurance solution.