The largest and most reputable insurance provider in India is the Life Insurance Company (LIC) of India. LIC is the go-to insurer for millions of people who wish to guarantee their future since it offers plans for every class of person in India. One such policy is the non-linked, non-participating, individual, saving life insurance plan known as the LIC Bima Ratna Plan.
You can invest in the LIC Bima Ratna plan based on your income and expected requirements, and it delivers a guaranteed bonus. You profit from receiving 20% to 25% of your money back twice. Just half of the total cash assured is available upon maturity. Money back is available in the 13th and 14th year for a 15-year plan, in the 18th and 19th year for a 20-year plan, and in the 23rd and 24th year for a 25-year plan.
On the five-year premium, a bonus of 50 rupees per thousand is given. A bonus of Rs. 55 is offered for investments made for 6 to 10 years, and starting with the next period, a bonus of Rs. 60 is available on maturity. This is a limited premium Guaranteed Edition Money Back plan, therefore you only have a short time to pay the premium in order to receive a fixed bonus. There is no market risk with this investment.
The minimum Sum Assured received by investors is Rs. 5 lakh, and there is no upper limit on the Sum Assured. The LIC Bima Ratna policy can be bought for 15, 20, or 25 years, with the corresponding premium payments due after 11, 16, and 21 years, respectively. Your age must range from 90 days to 55 years old to qualify for this policy.
For example, Raj, a 35-year-old IT worker, wants to ensure his future and the security of his family's finances. He chooses to invest in a 20-year LIC Bima Ratna policy with a 10 lakh rupee payout promised. Raj pays the premium for 16 years and is guaranteed a bonus of 55 rupees for every Rs 1000 he invests.
Raj receives money-back benefits in years 18 and 19 together with 50% of the total sum assured at the conclusion of the policy term. By doing this, Raj helps his family secure their financial future and makes sure they have the resources to fulfil their ambitions.
For individuals who want to invest wisely and ensure the future security of themselves and their loved ones, the LIC Bima Ratna insurance is a great choice. This policy provides a great method to save for the future without taking any market risks because of its guaranteed bonus, money-back benefits, and limited premium.
