LIC Bima Ratna Policy:
This is such an insurance policy that will give you benefits even when you are alive and even after you die.
LIC Bima Ratna Policy was launched by the Government of India in the month of May of the same year itself.
The person investing in the Bima Ratna policy will get full payment from LIC on death during the term of the policy.
On the death of the policyholder, up to 125% of the Basic Sum Insured or 7 times the annual premium, whichever is higher, will be paid.
In LIC Bima Ratna Policy, the money received on death will be at least 105 percent of the premium paid till the day of death.
If you survive till the end of the LIC Bima Ratna Policy plan, then you will get the additional benefit.
25-25% of the Basic Sum Insured will be paid even before the expiry of the term of LIC Bima Ratna Policy.
If the tenure of the plan is 20 years, then this payment will be made at the end of the 18th and 19th years.
And if the term of LIC Bima Ratna Policy is 25 then this payment will be done at the end of the 23rd and 24th years.
If a policyholder survives till the date of maturity, he/she will get 50% of the Basic Sum Insured along with a guaranteed bonus.
Under the LIC Bima Ratna Policy, it is mandatory for you to take an insurance plan of at least Rs 5 lakh sum insured.
The investment tenure in LIC's Bima Ratna policy is 15 years, 20 years, and 25 years.
In this policy, the premium has to be paid for 11 years for a 15-year policy, 16 years for a 20-year policy, and 21 years for a 25-year policy.