LIC Bima Shree Plan 748 Calculator
Money Back Life Insurance Plan | UIN: 512N316V03
Policy Details
Annual Premium Breakdown
Guaranteed Additions
Survival Benefits Schedule
| Year | Benefit Type | Amount (₹) |
|---|
Maturity Benefits
Death Benefit Coverage
LIC Bima Shree Plan 748 is a non-linked, participating, limited premium payment money-back policy aimed at high net-worth individuals. It offers a combination of life coverage, guaranteed returns, and regular survival benefits across the policy term, making it a popular choice for those who want both protection and savings in one product.
It enables the policyholder to plan life goals securely and provides periodic payouts during the policy tenure, apart from a lump sum at maturity, ensuring peace of mind and liquidity.
Key Features of LIC Bima Shree Plan 748
- Money-back plan: Periodic payouts during the policy term.
- Limited premium payment: Premiums are payable for the term minus 4 years (e.g., for a 20-year policy, premiums are paid for 16 years).
- High returns: Guaranteed additions and loyalty additions boost maturity and death benefits.
- Large sum assured: Minimum ₹10 lakh, no upper limit (multiples of ₹50,000).
- Flexible terms: Policy terms of 14, 16, 18, 20, 24, and 28 years.
Eligibility Criteria
| Criteria | Details |
|---|---|
| Minimum Entry Age | 8 years (completed) |
| Maximum Entry Age | Varies by term: up to 55 for 14 years, 51 for 16 years, 48 for 18, 45 for 20 years; extended for new terms |
| Maximum Maturity Age | Up to 69 years |
| Minimum Sum Assured | ₹10,00,000 |
| Maximum Sum Assured | No upper limit (in multiples of ₹50,000) |
| Premium Payment Term | Policy term minus 4 years |
Premium Payment Options
- Modes: Yearly, half-yearly, quarterly (monthly via NACH only).
- Grace period: 30 days for yearly/half-yearly/quarterly, 15 days for monthly.
- Limited premium payment: Pay premiums for 4 years less than policy term.
Calculator – How LIC Bima Shree Benefits Are Calculated
A calculator helps estimate the premiums, survival benefits, maturity, and risk cover for Bima Shree Plan 748 using key details such as age, policy term, and sum assured.
Main Inputs Required
- Policyholder’s age at entry
- Policy term chosen
- Sum assured (minimum ₹10,00,000)
- Preferred premium payment mode
Outputs Generated
- Year-wise premium schedule
- Survival benefit payouts
- Total guaranteed addition and loyalty additions
- Maturity amount and total returns
- Risk cover at each stage
Survival & Maturity Benefits
Survival Benefit (Money-back Payouts)
At specific policy anniversaries, the policyholder receives a fixed percentage of the Basic Sum Assured:
| Term | Survival Benefit Years | Payout % |
|---|---|---|
| 14 | 10th, 12th | 30% |
| 16 | 12th, 14th | 35% |
| 18 | 14th, 16th | 40% |
| 20 | 16th, 18th | 45% |
| 24/28 | Revised payout schedule | Custom % |
Maturity Benefit
At the end of the policy term:
- A lump sum is paid comprising:
- Sum Assured on Maturity
- Total Guaranteed Additions
- Loyalty Additions (if eligible)
| Term | Maturity % of Sum Assured |
|---|---|
| 14 | 40% |
| 16 | 30% |
| 18 | 20% |
| 20 | 10% |
| 24/28 | Custom percentage |
Guaranteed Additions
- First 5 years: ₹50/thousand Sum Assured per year
- 6th year onward till premium payment term: ₹55/thousand Sum Assured per year
Loyalty Additions
After 5 years, the plan participates in LIC’s profits, resulting in loyalty additions at death or maturity and in case of surrender (after 5 years).
Death Benefit
In case of the unfortunate death of the policyholder during the term:
- Within first 5 years: Nominee receives the sum assured on death plus guaranteed additions.
- After 5 years (till maturity): Nominee receives the sum assured on death plus guaranteed additions plus loyalty additions.
Sum Assured on Death is defined as the higher of:
- 125% of Basic Sum Assured
- 7 times the annualised premium
Minimum death benefit: Always at least 105% of total premiums paid (excluding taxes/extras).
Special Features & Riders
- Accidental death & disability benefit rider
- Premium waiver due to disability: In case of permanent disability, future premiums are waived, and policy continues.
- Loan facility: Policyholders can avail loan after completion of three years.
- Tax benefits: Section 80C and 10(10D) of the Income Tax Act (as per prevailing laws).
Step-by-Step Guide – How to Use the Calculator
- Visit a trusted LIC calculator tool:
- Enter details:
- Age, policy term, sum assured, premium mode.
- Review breakdown:
- Calculator shows premium amount, survival payouts, maturity value, guarantees, and risk cover.
- Analyze results:
- Check money-back schedule and final maturity calculations.
- Consult with LIC agent if required for personalized advice.
Unique Modifications in 2024 Edition
- Extended policy terms (24/28 years)
- Revised premium rates
- Flexibility increased for high net-worth individuals.
- Updated UIN (Unique Identification Number): latest plan code is 512N316V03.
Example Calculation (Sample Scenario)
Suppose an individual (age 35) chooses a sum assured of ₹20 lakh for 20 years.
- Premium paying term: 16 years.
- Survival benefits: Paid at 16th and 18th years (45% each, as per schedule).
- Maturity benefit year: 20th year (10% plus guaranteed additions and loyalty).
- Guaranteed additions: ₹50×20,00,000÷1,000×5=₹50,000₹50 × 20,00,000 ÷ 1,000 × 5 = ₹50,000₹50×20,00,000÷1,000×5=₹50,000 for each year in the first 5 years.
- Death cover: Higher of ₹25 lakh (125% of Sum Assured) or 7 times yearly premium.
Note: For exact values, always use a calculator based on official/licensed websites.
Pros and Cons
| Pros | Cons |
|---|---|
| Guaranteed returns with insurance cover | Higher minimum sum assured (₹10 lakh) |
| Flexible premium payment options | Limited for high net-worth individuals |
| Regular survival payouts for liquidity | Complexity for new policyholders |
| Life risk coverage throughout term | Premiums may be high for long terms |
| participation in profits via loyalty additions | Surrender penalties before 5 years |
Who Should Choose LIC Bima Shree Plan 748?
- High net-worth individuals who desire robust financial protection and regular payouts.
- Individuals planning long-term goals such as a child’s education, retirement, or wealth creation.
- Those seeking money-back assurance, guaranteed returns, and life risk coverage together.
Frequently Asked Questions (FAQs)
What is LIC Bima Shree Plan 748?
LIC Bima Shree Plan 748 is a non-linked, participating, limited premium payment, money-back life insurance policy offering guaranteed returns, periodic survival benefits, and life coverage.
What is the minimum and maximum entry age for this plan?
The minimum entry age is 8 years (completed), and the maximum varies by policy term, generally up to 55 years, with longer terms having lower entry age limits.
What is the minimum sum assured under this plan?
The minimum sum assured is ₹10,00,000, and it can be taken in multiples of ₹50,000 without any upper limit.
How long do I have to pay premiums?
Premia are payable for the policy term minus 4 years. For example, for a 20-year policy, premiums are paid for 16 years.
What happens if the policyholder dies during the policy term?
If the policyholder dies during the term, the nominee receives the Sum Assured on Death plus guaranteed additions and loyalty additions, if applicable.
Are there any tax benefits in this plan?
Yes, premiums paid under this plan are eligible for tax deduction under Section 80C, and the maturity or death claims are exempt under Section 10(10D), as per current tax laws.
Can I take a loan against this policy?
Yes, a loan facility is available after completion of 3 years, subject to terms and conditions specified by LIC.
Final Thoughts
LIC Bima Shree Plan 748 combines the strength of life insurance with the assurance of guaranteed returns and money-back payouts, designed specifically for those who want financial certainty and flexibility. Its calculator tools make the process transparent and simple, allowing policyholders to understand their coverage, payouts, and returns with ease.