LIC Bima Shree Policy (Plan No. 948)


LIC Bima Shree is a limited premium paying plan that offers benefits that provides security and stability to you and your family. It is a traditional non-linked policy with money-back policy that applies under two circumstances, when the policyholder survives the policy term and if the policyholder passes away during the policy term.

The LIC Bima Shree policy compensates the maturity in form of multiple ‘survival benefits’ at the full length of the policy term as well as a regular liquidity facility is also available to the policyholder.

Key Features of the LIC Bima Shree Policy

Along with many benefits of this policy, the following mentioned are some major features to take note of.

  • The precise plan for people with high assets
  • Premium Waiver benefit is available for minor policyholders
  • Riders like: Accidental Rider, Disability Benefit, and, LIC’s fresh New Critical Illness Benefits are available
  • Section 80C of The Income Tax Act 1961 is applied
  • Benefits through survival perks and regular liquidity are guaranteed over all the policy terms.
  • The plan will adhere to Loyalty Addition (if applicable)

Benefits of LIC Bima Shree Plan        

There are four major benefit segments as per this plan:

  1. Death Benefits: Payable, should the policyholder expires within the policy term and before the maturity date
  • Demise during the first 5 years of the policy term: The Sum Assured on Death and Guaranteed benefits will be provided.
  • Demise after the first 5 years but before maturity: The Sum Assured on Death and accrued guaranteed bonuses will be provided.

Note: The Sum Assured is 7 times the annual premium. It is 125% of the Basic Sum Assured. The benefits are not less than 105% of the total paid premiums and are paid on a lump sum.

  1. Survival Benefits: The policyholder will be paid with effective Sum Assured should he or she survive the following terms:
Policy Term Basic Sum Assured Paid on Policy Anniversary
14 30% 10th and 12th
16 35% 12th and 14th
18 40% 14th and 16th
20 45% 16th and 18th


  1. Maturity Benefits: Should the policyholder survive till the time of Maturity, the Sum Assured amount will be awarded over the following percentage over the Basic Sum Assured
Policy Term Basic Sum Assured (%)
14 40
16 30
18 20
20 10


  1. Waiver of premium (WOP) Benefits: If the policyholder suffers a death, provided that the rider is active, the rest of the premiums will be waived off to the base policy.

Parameters of LIC Bima Shree Policy

Some criteria require to be followed to be eligible for this particular plan. They are mentioned below.

Minimum age of Entry 8 years and above
Maximum age of entry 55 years(14 years of policy term)

48 years (18 years of policy term)

45 years (20 years of policy term)

Maturity age 69 years (14 years of policy term)

67 years (16 years of policy term)

66 years (18 years of policy term)

Nearest to 65 years (20 years of policy term)

Sum Assured Min- Rs. 10,00,000

Max- Unlimited. Subjected to policy terms and conditions

Policy Term 14 years

16 years

18 years

20 years

Premium Paying Mode Annually




Premium Paying Term For 14 year of the policy term – 10

For 16 year of the policy term- 12

For 18 years of the policy term -14

For 20 years of the policy term

Rebate Annually- 2%

Semi-annually- 1%

Quarterly and Monthly- NIL


Additional Benefits

Along with the existing benefits, a policyholder has the liberty to add on more benefits to his or her plan as add ons

  1. Choice to Defer Survival Benefits- This add-on offers the policyholder to increase his or her survival benefits which is a combination of the deferred benefits and interest.
  2. Settlement option- This add-on provides the policyholder the option to get their maturity benefits in installments over a period of 5, 10, and 15 years.
  3. Vesting of Benefits- If the assured is a minor and he or she survives till the date of vesting; in that case, the plan will automatically vest on that date provided that a letter of surrender is not requested.


  1. If the policy is active and the insured attempts or commits suicide within 1 year of the date of commencement of risk, then the beneficiary will receive 80% of the paid premiums.
  2. Should the policyholder attempt or commit suicide within 1 year after the initiation of the revival of the policy, the beneficiary will be provided with more than 80% of the paid premiums exclusive of any tax. (Provided that the policy is active)


  1. What kind of documents is required to be a part of the LIC Bima Shree policy?
  • Address proof/ identity proof
  • Certificate of Income
  • Age proof
  • Death certificate (in case of death of the policyholder)
  1. How do I register to LIC?

You can either register in the e-portal as a client or policyholder. You can contact a service provider.

  1. How do I get in touch with a LIC service provider?

You can also contact your nearest banks: HDFC, IDBI, Bank of Baroda

  1. Does Loyalty Addition apply to Bima Shree?

Yes, if the policyholder has successfully paid all the premiums for five years, then he or she is eligible for Loyalty Addition

  1. What are the rider options for Bima Shree?

Accidental Death Rider

New Term Assurance Rider

Disability Benefit Rider

New Critical Illness Rider

Premium Waiver Benefit Rider

Accident Benefit Rider

  1. How do I register through the LIC portal?

Go to and search for the tab “new user” and fill up your credentials. You are now registered with LIC.

  1. What documents will I require to register through the portal?

A scanned copy of Aadhar card, Pan Card, or Passport.

  1. When can I start using LIC e-portal services?

Once you are registered with the portal and submit the necessary documents you will receive a confirmation SMS and an email to the registered email address.

  1. How do I check my policy status online if I am a registered user?

Once you log in to your LIC portal you will find a tab ‘View Enrolled Policies’. Next, choose the policy you want the status of and you will be redirected to that page.

  1. How do I check my policy status via IVR?

For BSNL and MTNL users: dial 1251

For any other Network: Dial the local city code and then 1251

Previous articleLIC Jeevan Umang Policy (Plan no. 945)
Next articleLIC Bachat Plus Policy (Plan No. 861)