Plan Highlights
- Policy Terms: 14, 16, 18, 20, 24 & 28 years
- Premium Paying Term = Policy Term − 4 years
- Minimum Sum Assured: ₹10,00,000
- Guaranteed Additions up to ₹55 per ₹1000 BSA
- Money Back Survival Benefits during policy term
- Maturity Benefit + Loyalty Additions
- Death Benefit = Higher of 125% BSA or 7× Annual Premium
Policy Illustration
| Policy Year | Benefit |
|---|
What Is LIC Bima Shree Plan 748?
Life Insurance Corporation of India Bima Shree Plan 748 is a non-linked, participating, limited premium payment money-back insurance policy specially designed for individuals seeking a combination of long-term financial security, savings, and life protection.
This plan is considered a suitable option for high-net-worth individuals because it provides guaranteed benefits, periodic survival payouts, and insurance coverage under a single policy. Along with regular money-back benefits during the policy term, policyholders also become eligible for bonuses declared by LIC, helping increase the overall returns over time.
LIC Bima Shree Plan 748 is designed for people who want both wealth accumulation and financial protection while enjoying the advantage of limited premium payment terms.
Why LIC Bima Shree Plan 748 Is Considered a Valuable Investment Option
The LIC Bima Shree Plan 748 helps policyholders achieve important financial goals with greater confidence by offering life insurance protection along with periodic payouts during the policy term. In addition to regular money-back benefits, the plan also provides a lump sum maturity amount, helping maintain liquidity and long-term financial stability.
Major Features of LIC Bima Shree Plan 748
Money-Back Benefits
This policy provides periodic survival benefits during the policy tenure, allowing policyholders to receive payouts at specified intervals.
Limited Premium Payment Option
Premiums are payable only for the policy term minus four years. For example, if the policy duration is 20 years, premiums need to be paid only for 16 years.
Higher Return Potential
The plan includes guaranteed additions and loyalty additions, which help increase both maturity benefits and death claim payouts over time.
High Sum Assured Availability
The minimum basic sum assured starts from ₹10 lakh, while there is no maximum limit. The sum assured is available in multiples of ₹50,000.
Multiple Policy Term Choices
Policyholders can choose from several policy durations, including:
- 14 years
- 16 years
- 18 years
- 20 years
- 24 years
- 28 years
These flexible term options make the plan suitable for different financial goals such as wealth creation, retirement planning, children’s education, or legacy planning.
Eligibility Criteria for LIC Bima Shree Plan 748
Before purchasing the policy, it is important to understand the eligibility conditions and policy limits of LIC Bima Shree Plan 748.
| Criteria | Details |
|---|---|
| Minimum Entry Age | 8 years completed |
| Maximum Entry Age | Depends on policy term: up to 55 years for 14-year term, 51 years for 16-year term, 48 years for 18-year term, and 45 years for 20-year term |
| Maximum Maturity Age | Up to 69 years |
| Minimum Sum Assured | ₹10,00,000 |
| Maximum Sum Assured | No upper limit (in multiples of ₹50,000) |
| Premium Payment Term | Policy term minus 4 years |
Premium Payment Options Under LIC Bima Shree Plan 748
The policy offers multiple premium payment frequencies for convenience.
Available Premium Modes
- Yearly
- Half-yearly
- Quarterly
- Monthly (through NACH facility only)
Grace Period for Premium Payment
- 30 days for yearly, half-yearly, and quarterly modes
- 15 days for monthly mode
Limited Premium Payment Advantage
Policyholders are required to pay premiums for four years less than the selected policy term, reducing long-term premium burden.
How LIC Bima Shree Plan 748 Benefits Are Calculated
The LIC Bima Shree Plan 748 Calculator helps estimate premiums, survival benefits, maturity value, and risk coverage based on important policy details.
Main Inputs Required
The calculator generally requires:
- Entry age of the policyholder
- Selected policy term
- Desired sum assured
- Preferred premium payment frequency
Estimated Outputs Provided
The calculator displays:
- Premium payment schedule
- Survival benefit payouts
- Guaranteed additions and loyalty additions
- Estimated maturity amount
- Risk coverage details during the policy term
Survival Benefits Under LIC Bima Shree Plan 748
The policy offers periodic money-back payouts at specified policy anniversaries.
Survival Benefit Schedule
| Policy Term | Survival Benefit Years | Payout Percentage |
|---|---|---|
| 14 Years | 10th and 12th year | 30% |
| 16 Years | 12th and 14th year | 35% |
| 18 Years | 14th and 16th year | 40% |
| 20 Years | 16th and 18th year | 45% |
| 24/28 Years | Revised schedule | Custom percentage |
Maturity Benefits of LIC Bima Shree Plan 748
At the end of the policy term, the policyholder receives a lump sum maturity amount consisting of:
- Sum Assured on Maturity
- Total Guaranteed Additions
- Loyalty Additions (if applicable)
Maturity Benefit Structure
| Policy Term | Maturity Benefit Percentage |
|—|—|—|
| 14 Years | 40% of Sum Assured |
| 16 Years | 30% of Sum Assured |
| 18 Years | 20% of Sum Assured |
| 20 Years | 10% of Sum Assured |
| 24/28 Years | Custom percentage |
Guaranteed Additions in LIC Bima Shree Plan 748
The plan offers guaranteed additions that increase the final policy value.
- For the first 5 years: ₹50 per thousand sum assured every year
- From the 6th year onward until the premium payment term: ₹55 per thousand sum assured every year
Loyalty Additions
After completion of five years, the policy becomes eligible for loyalty additions based on LIC’s profits. These additions may be payable during:
- Maturity
- Death claim
- Surrender (subject to policy conditions)
Death Benefits Under LIC Bima Shree Plan 748
If the policyholder dies during the policy term, the nominee receives the applicable death benefit.
Death Benefit During First 5 Years
The nominee receives:
- Sum Assured on Death
- Guaranteed Additions
Death Benefit After 5 Years
The nominee receives:
- Sum Assured on Death
- Guaranteed Additions
- Loyalty Additions
Definition of Sum Assured on Death
The death benefit is the higher of:
- 125% of the Basic Sum Assured, or
- 7 times the annualised premium
Minimum Death Benefit Guarantee
The death claim will always be at least 105% of the total premiums paid, excluding taxes and extra charges.
Additional Features and Riders
Accidental Death and Disability Rider
The plan offers optional rider benefits for enhanced protection against accidental death and disability.
Premium Waiver Benefit
In case of permanent disability, future premiums may be waived while policy benefits continue.
Loan Facility
Policyholders can generally avail of a loan after completion of three policy years.
Tax Benefits
The policy may qualify for tax benefits under Sections 80C and 10(10D) of the Income Tax Act as per prevailing tax rules.
Step-by-Step Guide to Use LIC Bima Shree Plan 748 Calculator
Step 1: Open a Trusted LIC Calculator
Visit a reliable LIC premium calculator platform.
Step 2: Enter Policy Information
Provide details such as:
- Age
- Policy term
- Sum assured
- Premium payment mode
Step 3: Review Benefit Breakdown
The calculator displays:
- Premium amount
- Survival benefits
- Maturity value
- Guaranteed additions
- Insurance coverage details
Step 4: Analyse the Results
Check the money-back payout schedule and maturity projections to evaluate whether the policy matches your financial goals.
Step 5: Seek Expert Guidance if Needed
For customised financial planning, policyholders may also consult an LIC advisor or insurance expert.
Key Changes in LIC Bima Shree Plan 748 (2024 Version)
The updated edition of LIC Bima Shree Plan 748 introduced several enhancements, including:
- Extended policy term options of 24 and 28 years
- Revised premium structures
- Greater flexibility for high-net-worth individuals
- Updated UIN: 512N316V03
These modifications make the plan more adaptable for long-term wealth creation and financial protection objectives.
Example Calculation of LIC Bima Shree Plan 748
Let’s understand how LIC Bima Shree Plan 748 works with a simple example scenario.
Suppose a 35-year-old individual selects a sum assured of ₹20 lakh with a policy term of 20 years.
Policy Details
- Policy Term: 20 years
- Premium Paying Term: 16 years
- Sum Assured: ₹20,00,000
Survival Benefits
Under the 20-year option, survival benefits are payable during the:
- 16th policy year
- 18th policy year
Each payout is generally equal to 45% of the basic sum assured according to the applicable benefit schedule.
Maturity Benefit
At the end of the 20th policy year, the policyholder receives:
- Remaining maturity benefit percentage
- Guaranteed additions
- Loyalty additions (if applicable)
Guaranteed Additions Example
For the first 5 policy years, guaranteed additions are calculated as:
50×10002,000,000=100,000
This means the policy earns approximately ₹1,00,000 per year as guaranteed addition during the first five years.
Death Benefit Illustration
In case of the policyholder’s unfortunate death during the policy term, the nominee receives the higher of:
- 125% of the basic sum assured, or
- 7 times the annualised premium
For a ₹20 lakh sum assured:
125%×20,00,000=25,00,000
Therefore, the minimum death cover would generally be ₹25 lakh plus applicable additions and bonuses.
Note: Actual maturity values, bonuses, and premium amounts may vary according to LIC declarations and policy conditions. Always use an official LIC calculator or consult an authorised advisor for exact calculations.
Advantages and Disadvantages of LIC Bima Shree Plan 748
| Advantages | Disadvantages |
|---|---|
| Guaranteed returns along with life insurance protection | Higher minimum sum assured requirement |
| Flexible premium payment options | Mainly suitable for high-net-worth individuals |
| Regular survival payouts improve liquidity | Can appear complex for first-time policy buyers |
| Long-term life risk coverage | Premiums may become expensive for longer policy terms |
| Eligible for loyalty additions and bonuses | Early surrender may attract penalties |
Who Should Consider LIC Bima Shree Plan 748?
This policy can be suitable for:
- High-net-worth individuals seeking strong financial protection and periodic returns
- People planning long-term goals like retirement, children’s education, or wealth creation
- Investors looking for guaranteed returns combined with money-back benefits and life coverage
Frequently Asked Questions About LIC Bima Shree Plan 748
What Is LIC Bima Shree Plan 748?
It is a non-linked, participating, limited premium payment money-back insurance policy offered by Life Insurance Corporation of India that combines life cover, guaranteed additions, and periodic survival benefits.
What Is the Entry Age Limit for This Policy?
The minimum entry age is 8 years completed, while the maximum age depends on the selected policy term.
What Is the Minimum Sum Assured?
The policy starts with a minimum sum assured of ₹10 lakh and has no upper limit.
For How Long Are Premiums Payable?
Premiums are payable for four years less than the selected policy term.
What Happens If the Policyholder Dies During the Policy Term?
The nominee receives the Sum Assured on Death along with guaranteed additions and loyalty additions, subject to policy conditions.
Does This Plan Offer Tax Benefits?
Yes, tax benefits may be available under Sections 80C and 10(10D) of the Income Tax Act as per prevailing tax regulations.
Can a Loan Be Taken Against the Policy?
Yes, policyholders can generally avail of a loan facility after completing three policy years.
Final Conclusion
LIC Bima Shree Plan 748 is designed for individuals seeking a balanced combination of wealth creation, guaranteed returns, periodic liquidity, and life insurance protection. The policy’s money-back structure, loyalty additions, and limited premium payment feature make it a strong long-term financial planning option for eligible investors.
Using an LIC Bima Shree Plan 748 Calculator further simplifies financial planning by helping policyholders estimate premiums, maturity benefits, survival payouts, and risk coverage with better clarity and confidence.
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