LIC Bima Ratna Plan 864
Money Back & Guaranteed Additions Offline Calculator
LIC Bima Ratna Plan 864 Overview
LIC Bima Ratna Plan 864 is a non-linked, non-participating, individual life insurance savings product. It is designed for the premium segment, providing high guaranteed additions along with periodic money-back survival benefits during the policy term.
Eligibility & Rules
- Entry Age: 90 Days to 55 Years
- Policy Term: 15, 20, 25 Years
- Premium Paying Term: 11, 15, 19 Years
- Minimum Sum Assured: ₹5,00,000
Key Plan Benefits
- Survival Benefit: 25% of Basic SA paid twice before maturity (e.g., at end of 13th & 14th year for 15 yr term).
- Maturity Benefit: 50% of Basic SA + Accrued Guaranteed Additions.
- Death Benefit: 125% of Basic SA + Guaranteed Additions (₹50 to ₹60 per ₹1000 SA).
Detailed Maturity Benefit
50% of Basic Sum Assured + Accrued Guaranteed Additions. The remaining 50% is paid as survival benefits.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
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Note: The values shown above are indicative examples. Actual premiums and maturity amounts may vary based on exact age, riders, and declared bonus rates.
| Parameter | Value |
|---|---|
| Sum Assured | ₹5,00,000 |
| Policy Term / PPT | 20 Years / 15 Years |
| Yearly Premium (Approx) | ₹38,250 |
| Total Paid Premium (15 Yrs) | ₹5,73,750 |
| Each Survival Payout (25% SA) | ₹1,25,000 |
| Total Survival Payouts (x2) | ₹2,50,000 |
| Guaranteed Additions (Escalating) | ₹5,62,500 |
| Maturity Payout (50% SA + GA) | ₹8,12,500 |
| Total Benefits (Survival + Maturity) | ₹10,62,500 |
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