Life insurance is an essential tool for securing the financial future of your family. Among the many plans offered by LIC (Life Insurance Corporation of India), the LIC Bima Ratna Plan 764 stands out as an ideal option for those looking for both protection and savings combined in one plan.

What is LIC Bima Ratna Plan 764?

LIC Bima Ratna Plan 764 is a non-linked, non-participating individual savings life insurance plan by LIC. The plan offers a combination of protection and savings with guaranteed benefits on survival and death during the policy term. It is designed to provide financial support to the family in case of the unfortunate demise of the policyholder while also ensuring periodic payments to the policyholder if they survive the policy duration.

• It is a money-back plan, meaning it provides a portion of the sum assured in installments during the policy term.
• This plan offers guaranteed additions that accumulate over time.
• The plan has a limited premium payment term while providing benefits over a longer policy term.
• The plan also includes a loan facility, surrender values, and flexible premium payment options.

Important Features of LIC Bima Ratna Plan 764

To understand the plan better, here are some key features highlighted:

• Policy Term Options: 15, 20, or 25 years.
• Premium Paying Term: Shorter than the policy term (for example, 13 years of premium payment for a 15 years policy term).
• Minimum Sum Assured: Rs. 5,00,000 (in multiples of Rs. 25,000).
• Maximum Age at Entry: 65 years minus policy term.
• Survival Benefits: Periodic returns paid at specified intervals during the policy term.
• Death Benefit: Higher of 125% of Basic Sum Assured or 7 times the annualized premium.
• Maturity Benefit: 50% of the Basic Sum Assured along with accumulated Guaranteed Additions paid at maturity.
• Riders: Option to add riders such as Accidental Death, Critical Illness, Term Assurance, etc. (subject to underwriting).
• Loan Facility: Available after payment of at least two full years’ premiums.
• Surrender Value: Available after payment of two full years’ premiums.

Who Should Choose LIC Bima Ratna Plan 764?

This plan is best suited for individuals who:

• Want financial protection for their family in case of untimely death.
• Desire regular cash flow during the policy tenure (through survival benefits).
• Seek a savings plan with guaranteed returns and security.
• Prefer a limited premium payment term but want benefits extended over a longer period.
• Need tax benefits under prevailing laws (Section 80C, Section 10(10D)).

LIC Bima Ratna Plan 764 Calculator

One of the most important tools you can use when considering LIC Bima Ratna Plan 764 is the LIC Bima Ratna Plan 764 Calculator. This calculator helps you determine the exact premium amount you need to pay based on your desired sum assured and policy term. It also helps estimate the maturity amount, survival benefits, and death benefits, providing you a clear picture before investing.

How Does the Calculator Work?

Using the LIC Bima Ratna Plan 764 Calculator involves entering a few key parameters:

• Basic Sum Assured: Your chosen coverage amount, minimum Rs. 5,00,000.
• Policy Term: Select from 15, 20, or 25 years.
• Age of the Life Assured: To determine eligibility and premium rates.
• Premium Payment Mode: Monthly, Quarterly, Half-Yearly, or Yearly.
• Optional Riders: Select if you want to include any additional riders.

After entering the details, the calculator estimates:

• Annual Premium Payable
• Survival Benefits (Money Back installments)
• Maturity Sum Assured and Guaranteed Additions
• Death Benefit payout

This helps you plan your finances by understanding your future commitments and expected returns.

Benefits of LIC Bima Ratna Plan 764

1. Survival Benefit

• The plan offers survival benefits paid as a percentage of the basic sum assured at specified durations depending on the policy term.
• For example, if you choose a 20-year policy term, you will receive 25% of the basic sum assured at the end of the 18th and 19th policy years.

2. Death Benefit

• In case of the policyholder’s death during the policy term, the nominee gets the sum assured on death along with guaranteed additions.
• The sum assured on death will be the higher of 125% of the Basic Sum Assured or 7 times the annualized premium.
• The death benefit cannot be less than 105% of total premiums paid.

3. Maturity Benefit

• If the policyholder survives till maturity, they get 50% of the Basic Sum Assured plus the accrued Guaranteed Additions.
• This ensures a substantial lump sum amount at the end of the policy term.

4. Guaranteed Additions

• The plan offers guaranteed additions every year to your policy, which accumulate till maturity.
• These additions enhance the maturity and death benefits, boosting your savings.

5. Flexibility in Premium Payment

• Pay premiums monthly, quarterly, half-yearly, or yearly as per convenience.
• Option to pay premium for a limited period with longer policy terms.

6. Loan Facility

• Loan facility is available after payment of at least two years’ premiums.
• It ensures liquidity during emergencies without surrendering the policy.

7. Surrender Value

• You can surrender the policy after paying at least two full years’ premiums.
• You will receive the higher of Guaranteed Surrender Value or Special Surrender Value.

Eligibility Criteria

Here are the eligibility conditions to buy LIC Bima Ratna Plan 764:

Parameter	Details
Minimum Age at Entry	90 days
Maximum Age at Entry	65 years minus policy term
Policy Term Options	15, 20, or 25 years
Minimum Basic Sum Assured	Rs. 5,00,000 (multiples of Rs. 25,000)
Maximum Sum Assured	As per LIC underwriting norms
Premium Payment Term	Limited period less than policy term

How to Use LIC Bima Ratna Plan 764 Calculator Online?

Using the official or third-party websites offering LIC Bima Ratna Plan 764 Calculator is simple. Follow these steps:

1. Visit a reliable LIC calculator site like licindia.in or liccalculators.net.
2. Select the LIC Bima Ratna Plan 764 option.
3. Enter your age, sum assured, policy term, and premium payment mode.
4. Choose any optional riders if applicable.
5. Click on the “Calculate Premium” button.
6. The calculator will display detailed premium amounts, survival benefits, maturity benefits, and death benefits.
7. You may try different combinations to find the best fit based on your budget and requirements.

Advantages of Using LIC Bima Ratna Plan 764 Calculator

• Accuracy: The calculator uses LIC’s official premium rates and formula, giving you the most accurate premium values.
• Planning: Helps in budgeting your finances by showing expected premiums and benefits.
• Comparison: Allows quick comparison of different policy terms and sums assured.
• Convenience: Instant results save time versus visiting LIC offices for quotes.
• Transparency: Shows how the survival and maturity benefits add up, so you clearly understand your returns.

Frequently Asked Questions (FAQs)

Conclusion

In conclusion, the LIC Bima Ratna Plan 764 is a powerful life insurance and savings plan that offers financial protection along with assured periodic payments and guaranteed additions. The availability of a user-friendly LIC Bima Ratna Plan 764 Calculator helps prospective policyholders plan their investment accurately and understand how much premium they need to pay and what benefits they can expect.