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LIC Bima Ratna Scheme: An insurance policy is extremely important for those who are the sole earning members of the household, as it provides financial support to the family in case of any unfortunate event, but what if a policy offered a guaranteed survival bonus Along with getting many benefits like death benefit? LIC’s Bima Ratna is a non-linked, non-participating, individual, savings, life insurance plan that offers a combination of all the three. The plan provides financial support to the family in case of unfortunate death of the policyholder during the policy term and also provides periodic payments on survival of the policyholder for a specified period to meet various financial needs. The scheme also takes care of the liquidity needs through loan facilities.
This is how you can convert 5 lakhs to 50 lakhs
LIC Bima Ratna policy offers money-back guarantee, rich bonus and death cover along with a fixed amount as survival benefit at a specified point of time for policy term of 15 years, 20 years and 25 years. In this, the investor gets 10 times the return. That is, if you invest Rs 5 lakh, you will get a profit of Rs 50 lakh after 15 years. 25% of the Basic Sum Assured is received at a specified time during the policy term. LIC’s Bima Ratna offers the policyholder 50 per cent of the sum assured along with guaranteed bonuses on maturity. Under this policy, a policyholder also gets a bonus of Rs 50 for every Rs 1000 of Basic Sum Assured for up to 5 years. In the period from 6-10th year, the person is given a bonus of Rs.55 and from 11th to 25th year they will get a bonus of Rs.60 for every Rs.1000 Basic Sum Assured.
LIC Bima Ratna Death Benefit Policy
If the policyholder dies during the term of the policy, then the person in whose name the policy has been taken out. His family is given Sum Assured and Guaranteed Bonus. In such a situation, LIC pays 125% of the Basic Sum Assured and up to 7 times the annualized premium, whichever is higher, to the nominee.
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