01 February 2020
18 November 2024
14 / 16 / 18 / 20 Years
Policy Term – 4 Years
₹10,00,000
₹50 – ₹55 per ₹1000 SA
30% to 45% of BSA
Applicable After 5 Years
LIC Bima Shree Plan 948
LIC Bima Shree Plan 948 was a premium life insurance policy introduced by the Life Insurance Corporation of India (LIC) mainly for high-net-worth individuals seeking both financial protection and long-term savings benefits.
The plan combined life cover with guaranteed money-back payouts and maturity benefits, making it suitable for people looking for regular liquidity along with wealth accumulation.
LIC Bima Shree Plan 948 was a limited premium payment, non-linked, participating money-back insurance plan that also provided loan facilities to support emergency financial needs during the policy term.
Launch and Withdrawal Dates
- Launch Date: 1 February 2020
- Withdrawal Date: 18 November 2024
Although the plan was discontinued for new sales after November 2024, existing policyholders continue to receive all benefits according to their policy conditions.
What is LIC Bima Shree Plan 948?
LIC Bima Shree Plan 948 was a non-linked, participating money-back life insurance policy that combined savings and protection benefits. The plan was mainly designed for individuals looking for periodic guaranteed payouts during the policy term along with a lump-sum maturity benefit.
Apart from savings, the policy also offered life insurance protection by providing a death benefit to the nominee in case of the policyholder’s unfortunate demise during the policy period.
As a money-back insurance plan, it paid survival benefits at regular intervals and returned the remaining maturity amount at the end of the policy term. The plan also included features such as policy loans and optional riders for enhanced protection.
Launch and Withdrawal Dates
- Launch Date: 1 February 2020
- Withdrawal Date: 18 November 2024
Although LIC discontinued the plan for new sales after November 2024, existing policyholders continue to receive benefits according to their policy conditions. The plan still remains relevant for understanding premium calculations and money-back insurance benefits.
Key Features of LIC Bima Shree Plan 948
| Feature | Description |
|---|---|
| Plan Type | Non-linked, participating money-back insurance plan |
| Policy Term | 14, 16, 18, or 20 years |
| Premium Payment Term | Policy term minus 4 years |
| Minimum Sum Assured | ₹10,00,000 |
| Maximum Sum Assured | No upper limit |
| Entry Age | Minimum 8 years; maximum age varied from 45 to 55 years depending on policy term |
| Maximum Maturity Age | Between 65 and 69 years depending on selected term |
| Premium Payment Modes | Yearly, Half-yearly, Quarterly, Monthly |
| Bonus Benefits | Guaranteed additions for first 5 years and loyalty additions afterward |
| Loan Facility | Available after payment of at least 2 years’ premiums |
| Optional Riders | Accidental Death Benefit Rider and Term Assurance Rider |
Eligibility Criteria for LIC Bima Shree Plan 948
| Criteria | Details |
|---|---|
| Entry Age | 8 to 55 years |
| Maximum Maturity Age | Up to 69 years |
| Minimum Basic Sum Assured | ₹10,00,000 |
| Policy Term Options | 14, 16, 18, or 20 years |
| Premium Payment Term | Policy term minus 4 years |
To purchase LIC Bima Shree Plan 948, the following eligibility conditions had to be fulfilled:
- Minimum entry age: 8 years completed
- Maximum entry age depended on the selected policy term and generally ranged between 45 and 55 years
- Available policy terms: 14 years, 16 years, 18 years, and 20 years
- Minimum Basic Sum Assured: ₹10 lakh
- No maximum limit on sum assured, subject to LIC underwriting guidelines
- Sum assured had to be selected in multiples of ₹1 lakh
- Premium payment term remained four years shorter than the chosen policy term
- Maximum maturity age varied between 65 and 69 years depending on the policy option
Benefits of LIC Bima Shree Plan 948
LIC Bima Shree Plan 948 was designed to offer both insurance protection and savings benefits through money-back payouts and maturity returns.
Survival Benefits
If the policyholder survived during the policy term, LIC paid periodic survival benefits at specified intervals according to the selected policy option. These money-back payouts helped provide liquidity during the policy period.
Maturity Benefit
At the end of the policy term, the policyholder received the Basic Sum Assured along with bonus additions declared by LIC, helping create a sizeable maturity corpus.
Death Benefit
If the life assured passed away during the policy term, the nominee received the Sum Assured on Death along with applicable bonuses, ensuring financial protection for the family.
Loyalty Additions
Apart from guaranteed additions during the initial policy years, the plan also offered loyalty additions based on LIC’s overall performance, increasing the final payout amount.
Loan Facility
After payment of at least 2 full years’ premiums, policyholders could avail loans against the policy:
- Up to 90% of surrender value for active policies
- Up to 80% of surrender value for paid-up policies
Surrender Value
The policy acquired surrender value after payment of 2 years’ premiums. LIC paid either the Guaranteed Surrender Value or Special Surrender Value, whichever was higher.
Tax Benefits
- Premiums paid qualified for tax deductions under Section 80C of the Income Tax Act.
- Maturity and death benefits were tax-exempt under Section 10(10D), subject to prevailing tax regulations.
Understanding Premium Payment Options
LIC Bima Shree Plan 948 followed a limited premium payment structure where the premium-paying term was always four years shorter than the policy duration.
For example:
- 16-year policy term = 12 years premium payment term
- 20-year policy term = 16 years premium payment term
Premium Payment Modes
Premiums could be paid through the following modes:
- Yearly
- Half-yearly
- Quarterly
- Monthly
LIC also offered modal rebates on tabular premiums:
- Yearly mode: 2% rebate
- Half-yearly mode: 1% rebate
- Quarterly and monthly modes: No rebate
How to Use LIC Bima Shree Plan 948 Calculator?
The LIC Bima Shree Plan 948 Calculator was an easy-to-use online tool designed to estimate premium amounts, survival benefits, maturity value, and death benefits based on the policyholder’s inputs. It helped users quickly understand the financial commitment and expected returns under the plan.
Steps to Use the LIC Bima Shree Calculator
Enter Your Age
Provide the exact entry age of the policyholder.
Select Policy Term
Choose the desired policy duration from the available options:
- 14 years
- 16 years
- 18 years
- 20 years
Enter the Sum Assured
Input the Basic Sum Assured amount. The minimum sum assured under this plan was ₹10 lakh.
Choose Premium Payment Mode
Select your preferred payment frequency:
- Yearly
- Half-yearly
- Quarterly
- Monthly
View the Estimated Results
The calculator then displayed:
- Premium amount payable
- Estimated money-back payouts
- Maturity benefit projections
- Death benefit estimates
Using the calculator helped policyholders make informed financial decisions and better plan their investments.
Example Calculation
Suppose Mr. Anuj, aged 30 years, selected LIC Bima Shree Plan 948 with:
- Policy Term: 16 years
- Basic Sum Assured: ₹50 lakh
- Premium Mode: Yearly
In this example:
- Premium payment term = 12 years (16 – 4)
- Estimated annual premium = Around ₹4,50,000 including taxes
- Survival benefits would be paid periodically during the policy term
- Maturity benefit along with bonuses would be payable at the end of 16 years
- In case of death during the term, the nominee would receive the Sum Assured along with accrued bonuses
This illustration explains how the calculator estimated premiums and benefits based on selected inputs.
Important Terms to Understand
Grace Period
LIC allowed a grace period for premium payments:
- 30 days for yearly, half-yearly, and quarterly modes
- 15 days for monthly mode
The policy remained active if premiums were paid within this period.
Policy Lapse
If premiums were not paid within the grace period, the policy could lapse, causing benefits to stop. However, revival was generally allowed within 5 years after payment of pending dues and conditions.
Paid-Up Value
If at least 2 years’ premiums had been paid and future premiums were stopped, the policy could continue as a paid-up policy with reduced benefits.
Free Look Period
Policyholders received a 15-day free look period after receiving the policy document to review the terms and cancel the policy if unsatisfied, subject to deductions.
Advantages of LIC Bima Shree Plan 948
- Offered guaranteed money-back payouts during the policy term
- Combined insurance protection with savings benefits
- Designed for high-net-worth individuals with higher coverage needs
- Flexible premium payment options available
- Loan facility provided liquidity during emergencies
- Tax benefits available under prevailing income tax laws
- Optional riders offered enhanced protection coverage
Important Things to Consider
- LIC Bima Shree Plan 948 was withdrawn on 18 November 2024 and is no longer available for new purchase.
- The plan required a minimum sum assured of ₹10 lakh, making it suitable mainly for higher-income individuals.
- Since it followed a limited premium payment structure, premiums during the payment period could be comparatively higher.
- Policyholders should carefully read all terms, conditions, exclusions, and benefit structures before investing.
- Using the LIC Bima Shree Plan 948 Calculator helped in understanding premium commitments and estimated returns beforehand.
Frequently Asked Questions
What is LIC Bima Shree Plan 948?
LIC Bima Shree Plan 948 was a limited premium participating money-back insurance policy that offered periodic survival benefits, maturity payouts, and life insurance coverage.
When was LIC Bima Shree Plan 948 launched and withdrawn?
The plan was launched on 1 February 2020 and withdrawn from new business on 18 November 2024.
What was the minimum sum assured under this plan?
The minimum Basic Sum Assured was ₹10,00,000, with no upper limit subject to LIC underwriting rules.
What policy terms were available?
The available policy terms were:
- 14 years
- 16 years
- 18 years
- 20 years
The premium payment term was always four years shorter than the selected policy term.
Were monthly premium payments allowed?
Yes, premiums could be paid yearly, half-yearly, quarterly, or monthly. Yearly and half-yearly modes also received premium rebates.
Conclusion
LIC Bima Shree Plan 948 was a comprehensive money-back insurance policy offering a combination of life protection, periodic income, and long-term savings benefits. Even though the plan was withdrawn in November 2024, it continues to remain valuable for existing policyholders. Understanding the plan structure and using the LIC Bima Shree Plan 948 Calculator helps users estimate premiums, maturity returns, and policy benefits more effectively.
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