13.5 lakhs if you pay Rs.138 daily.. LIC’s Bhima Ratna scheme is the right choice

13.5 lakhs if you pay Rs.138 daily.. LIC’s Bhima Ratna scheme is the right choice

LIC Bhima Ratna Scheme is the best life insurance savings scheme offered by Life Insurance Corporation of India.

In this policy, various financial needs can be met by paying premium up to a specified period

Also, if the policyholder dies during the policy term, the policyholder’s family can also get the benefit


This project is a non-market related project. It is also a personalized plan that is easily available through brokers, insurance marketing companies, corporate agents and common service centers. It is considered a financially sound plan even if there is no policyholder as there is a death benefit.

How about the premium?:

Premium for LIC Bhima Ratna Scheme can be paid monthly (through NACH only), quarterly, half yearly or annually. The grace period for previously unpaid premiums is 30 days for annual, half-yearly or quarterly premiums and 15 days for monthly premiums.

Discount :

Discounts are offered on tabulated premiums for annual and half-yearly terms. At the same time, higher insurance discounts are also offered on the base amount. This is seen as more beneficial for the policyholders.

Can you update?:

The policy can be renewed continuously till the end of policy maturity within five consecutive years from the date of payment of premium for the policy. Meanwhile if the full premiums have been paid for less than two years, the policy will be considered completely void.

If the surrender :

Value has been paid for at least 2 years of premiums, it will continue to be a paid-up policy till the end of the policy period. After paying two full years premiums, the policy can be surrendered and LIC will calculate the surrender value equal to the Special Surrender Value or the Guaranteed Surrender Value.

Loan facility :

Loan facility is also available after paying the premium for at least 2 years. It provides up to 90% of the surrender value for in-force policies and 80% of the surrender value for paid-up policies. This is also seen as beneficial as the policyholder can also avail loan facility for urgent needs.

Death Benefit :

LIC Bhima Ratna Scheme offers several financial benefits to the policyholders like death benefit, survivor benefit, maturity benefit and other guaranteed benefits. If the policyholder dies during the policy term, the death benefit is paid. This includes the sum assured and sum assured on death. It will be seven times the annual premium or 125% of the basic sum assured.

What benefits and how? :

The survival benefit is payable at the end of every 13th and 14th year for a policy term of 15 years. The benefit is paid every 18th and 19th year for the same 20 year policy term and every 23rd and 24th year for the 25 year policy term. Maturity benefit consists of sum assured at maturity. It is equal to 50% of the basic amount along with the guaranteed benefits added up to this.

There are conditions Eligibility for LIC’s :

Bhima Ratna scheme requires certain conditions to be met. The minimum base amount should be Rs.5 lakh. There is no limit to the maximum amount. The policy term can be 15 years, 20 years or 25 years.

What is the age limit? :

The period for which a policyholder pays premium varies with the policy tenure. The entry age of the policyholder is minimum 5 years for a policy term of 15 years and maximum 55 years for a policy term of 25 years. The age limit for policy maturity is 70 years.

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