LIC Bima Ratna Plan 864 Calculator
Plan No. 864 (UIN: 512N345V01)
Important Notes
- LIC Bima Ratna Plan 864 is a Non-Linked, Non-Participating Savings Life Insurance Plan.
- The Premium Paying Term is always 4 years less than the selected Policy Term (11, 16 or 21 years).
- Survival Benefits of 25% of the Basic Sum Assured are payable at the end of the last two policy years, provided the policy is in force.
- Maturity Benefit consists of 50% of the Basic Sum Assured plus Guaranteed Additions.
- Death Benefit is the higher of 125% of the Basic Sum Assured or 7 times the Annualized Premium, subject to LIC policy conditions.
- Loans are available after the policy acquires surrender value, subject to LIC rules.
Disclaimer
This calculator provides estimated premium and benefit illustrations based on the selected inputs and LIC Bima Ratna Plan 864 features. Actual premium, Guaranteed Additions, rebates, survival benefits and claim amounts will be governed by the official LIC policy document and underwriting rules.
Introduction to LIC Bima Ratna Plan 864
LIC Bima Ratna Plan 864 was a traditional life insurance policy introduced by the Life Insurance Corporation of India (LIC) that combined insurance protection with long-term savings. The plan was launched on 27 May 2022 to help individuals build financial security while receiving guaranteed benefits during the policy term.
Although the plan was discontinued on 1 January 2025, it remains an important reference for policyholders and anyone interested in LIC’s money-back insurance plans.
What is LIC Bima Ratna Plan 864?
LIC Bima Ratna Plan 864 is a non-linked, non-participating individual savings life insurance policy that offers both life insurance protection and guaranteed financial benefits.
The policy provides periodic survival payouts during the final years of the policy term, followed by a lump-sum maturity benefit along with Guaranteed Additions, making it suitable for individuals seeking both savings and insurance coverage.
Main Highlights of the Plan
Insurance Protection
The policy offers life insurance coverage throughout the selected policy term, ensuring financial security for the nominee in case of the policyholder’s death.
Savings with Money-Back Benefits
Policyholders receive survival benefits in the form of money-back payments during the last two years of the policy, provided the policy remains active.
Guaranteed Additions
Guaranteed Additions are accumulated throughout the policy term, increasing the overall maturity benefit payable by LIC.
LIC Bima Ratna Plan 864 is well suited for individuals looking for long-term financial protection along with regular cash benefits before maturity.
Important Dates
- Launch Date: 27 May 2022
- Withdrawal Date: 1 January 2025
Although the policy remained available for less than three years, it gained popularity because of its guaranteed additions and money-back benefits.
Features and Benefits of LIC Bima Ratna Plan 864
Policy Term Options
The policy offers three fixed policy durations:
- 15 Years
- 20 Years
- 25 Years
Premium Paying Term
The Premium Paying Term (PPT) is always four years shorter than the selected policy term.
For example:
- 15-Year Policy → Premium Paying Term: 11 Years
- 20-Year Policy → Premium Paying Term: 16 Years
- 25-Year Policy → Premium Paying Term: 21 Years
Minimum Basic Sum Assured
The minimum Basic Sum Assured available under the policy is ₹5,00,000.
There is no fixed upper limit on the Basic Sum Assured, allowing policyholders to choose coverage according to their financial requirements.
Survival Benefit (Money-Back Benefit)
The policy provides survival benefits equal to 25% of the Basic Sum Assured at the end of each of the final two policy years (T-2 and T-1), provided the policy is in force.
These payouts offer periodic financial support before the policy reaches maturity.
Maturity Benefit
If the life assured survives until the end of the policy term, LIC pays:
- Remaining 50% of the Basic Sum Assured, and
- Accumulated Guaranteed Additions.
This combination provides a substantial maturity amount at the completion of the policy.
Guaranteed Additions
Guaranteed Additions are credited every year from the first policy year until maturity.
The amount of these additions increases according to the policy duration, helping enhance the overall maturity value.
Death Benefit
If the life assured dies during the policy term, the nominee receives the higher of the following:
- 125% of the Basic Sum Assured, or
- Seven times the Annualized Premium
This ensures meaningful financial support for the policyholder’s family.
Loan Facility
Once the policy acquires a surrender value—generally after payment of premiums for at least two years—policyholders can avail themselves of a loan against the policy, subject to LIC’s rules.
Paid-Up Value
If premium payments are discontinued after the policy acquires paid-up value, the policy does not terminate immediately. Instead, it continues with reduced benefits based on the premiums already paid.
Eligibility Criteria
| Parameter | Details |
|---|---|
| Minimum Entry Age | 5 Years (15-Year Term), 90 Days (20 & 25-Year Terms) |
| Maximum Entry Age (Nearest Birthday) | 55 Years (15-Year Term), 50 Years (20-Year Term), 45 Years (25-Year Term) |
| Minimum Basic Sum Assured | ₹5,00,000 |
| Policy Term | 15, 20, or 25 Years |
| Premium Paying Term | Policy Term minus 4 Years |
| Maximum Maturity Age | 70 Years (Standard), 65 Years (Selected Distribution Channels) |
These eligibility conditions ensure that policyholders receive both protection and maturity benefits during their active earning years.
Exclusions
Suicide Clause
If the life assured dies due to suicide within 12 months from the commencement of the policy, the nominee receives 80% of the total premiums paid, excluding taxes and any rider premiums.
The same provision also applies if suicide occurs within 12 months from the date of policy revival.
These exclusions are intended to safeguard the policy while ensuring genuine claims are settled according to LIC’s policy conditions.
LIC Bima Ratna Plan 864 Calculator: How It Works
The LIC Bima Ratna Plan 864 Calculator is a convenient tool that helps estimate the premium payable along with the policy benefits. By entering a few basic details, users can understand the expected survival benefits, maturity amount, and death benefit before purchasing the policy.
The calculator generally considers the following information:
- Age of the life assured.
- Basic Sum Assured.
- Selected policy term (15, 20, or 25 years).
- Premium Paying Term.
- Estimated survival and maturity benefits.
Using these details, the calculator provides an estimate of the financial commitment and the benefits available under the policy.
How to Use the LIC Bima Ratna Plan 864 Calculator
Step 1: Enter Your Age
Provide your current age so that the calculator can determine your eligibility and estimate the premium accurately.
Step 2: Select the Policy Term
Choose one of the available policy terms according to your financial objectives:
- 15 Years
- 20 Years
- 25 Years
Step 3: Enter the Basic Sum Assured
Select the desired Basic Sum Assured.
The minimum Basic Sum Assured is ₹5,00,000, and higher amounts can be selected in multiples of ₹25,000.
Step 4: Calculate the Premium
After entering the required information, the calculator estimates the premium payable based on the selected policy details.
Step 5: View Survival and Maturity Benefits
The calculator displays:
- Survival (Money-Back) Benefits payable during the last two policy years.
- Estimated Maturity Benefit.
- Guaranteed Additions accumulated during the policy term.
Step 6: Check Death Benefit
The calculator also estimates the death benefit payable to the nominee if the life assured passes away during the policy term.
Using the calculator allows policyholders to understand the overall financial benefits and make informed insurance decisions.
Premium Calculation and Rebates
Premiums under LIC Bima Ratna Plan 864 could be paid through different payment modes, each offering specific rebates.
Mode Rebate
Policyholders were eligible for the following rebates based on the chosen premium payment frequency:
- Yearly: 2% rebate.
- Half-Yearly: 1% rebate.
- Quarterly: No rebate.
- Monthly: No rebate.
Sum Assured Rebate
An additional rebate was available for policies with a Basic Sum Assured of ₹10 lakh or more, helping reduce the effective premium.
Premium Illustration
For example:
A 30-year-old individual selecting:
- Basic Sum Assured: ₹20,00,000
- Policy Term: 25 Years
would pay an approximate annual premium of ₹1,16,178 for a Premium Paying Term of 21 years.
Benefits of LIC Bima Ratna Plan 864
Secure Investment
As a traditional LIC policy, the plan offered dependable financial security backed by LIC.
Regular Cash Benefits
The Money-Back feature provided periodic survival payouts during the final years of the policy, helping meet planned financial needs.
Guaranteed Growth
Guaranteed Additions accumulated throughout the policy term, increasing the maturity benefit payable at the end of the policy.
Financial Protection
The policy offered substantial life insurance coverage, ensuring financial support for the nominee in case of the life assured’s death.
Loan Facility
Eligible policyholders could obtain loans against the policy after it acquired surrender value, providing financial flexibility during emergencies.
Flexible Coverage
Policyholders could choose the policy term and Basic Sum Assured according to their financial goals and protection needs.
Who Should Consider LIC Bima Ratna Plan 864?
This policy was suitable for:
- Individuals looking for life insurance with periodic Money-Back benefits.
- People seeking a combination of insurance protection and long-term savings.
- Investors who preferred guaranteed additions instead of market-linked returns.
- Families wanting financial protection against unforeseen events.
- Individuals requiring access to policy loans during emergencies.
Limitations
Before purchasing the policy, it was important to consider the following limitations:
- The plan was withdrawn from sale on 1 January 2025, and new policies are no longer available.
- Premiums had to be paid regularly during the Premium Paying Term to keep the policy active.
- Suicide-related claims during the initial 12 months were subject to policy exclusions.
- Since the policy was non-linked, it was not suitable for investors seeking returns linked to market performance.
Frequently Asked Questions
What is LIC Bima Ratna Plan 864?
LIC Bima Ratna Plan 864 is a non-linked, non-participating individual life insurance policy that combines insurance protection with guaranteed savings through Money-Back benefits and Guaranteed Additions.
When was LIC Bima Ratna Plan 864 launched?
The policy was introduced by LIC on 27 May 2022.
Is LIC Bima Ratna Plan 864 still available?
No. LIC discontinued the plan on 1 January 2025, and it is no longer available for new purchases.
What is the minimum Basic Sum Assured?
The minimum Basic Sum Assured under the policy is ₹5,00,000.
Which policy terms are available?
The plan offers three policy term options:
- 15 Years
- 20 Years
- 25 Years
When are the Money-Back benefits paid?
Survival benefits equal to 25% of the Basic Sum Assured are paid at the end of each of the final two policy years (T-2 and T-1), provided the policy remains in force.
Final Thoughts
LIC Bima Ratna Plan 864 was designed to offer a balanced combination of life insurance protection, guaranteed savings, and periodic Money-Back benefits. With features such as Guaranteed Additions, flexible policy terms, loan availability, and substantial death benefits, the policy appealed to individuals seeking both financial security and regular cash flow.
Although the plan has been withdrawn for new sales, existing policyholders continue to receive benefits according to the original policy terms. Those interested in similar Money-Back insurance solutions may consider other LIC products such as LIC New Endowment Plan, LIC Jeevan Labh, and other currently available savings-oriented insurance plans.
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