LIC’s Bima Shree 748

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LIC’s Bima Shree (Plan 748): Features, Benefits, Eligibility & Complete Review

Life Insurance Corporation of India (LIC) is one of the most trusted insurance providers in India. Among its premium money-back insurance plans, LIC’s Bima Shree (Plan No. 748) is designed for individuals seeking a combination of protection, savings, and periodic returns. This article provides a complete, unbiased overview of LIC Bima Shree, including its features, benefits, eligibility, and suitability.

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What is LIC’s Bima Shree (Plan 748)?

LIC’s Bima Shree is a non-linked, non-participating, individual money-back life insurance plan. It offers financial protection along with guaranteed survival benefits at specific intervals during the policy term. The plan is especially suitable for high-income individuals who want assured payouts along with life cover.

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Key Features of LIC’s Bima Shree

• Individual, non-linked money-back policy
• Guaranteed survival benefits at regular intervals
• Lump sum maturity benefit
• Financial protection in case of death
• Fixed policy term options
• Optional riders for enhanced protection
• Tax benefits as per prevailing income tax laws

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Policy Term Options

LIC Bima Shree is available with multiple fixed policy terms, allowing policyholders to choose according to their long-term financial planning goals.

The survival benefits are paid at predefined intervals depending on the selected policy term.

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Survival Benefits

One of the major highlights of LIC’s Bima Shree is its money-back feature.

• A certain percentage of the Sum Assured is paid at regular intervals during the policy term
• These payouts help meet major life expenses such as education, business needs, or family obligations
• Survival benefits are paid only if the policyholder is alive on the specified dates

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Maturity Benefit

On survival till the end of the policy term, the policyholder receives:

• Remaining Sum Assured (after survival benefits already paid)
• This ensures a lump sum amount at maturity, helping in retirement planning or wealth creation

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Death Benefit

In the unfortunate event of the policyholder’s death during the policy term:

• The nominee receives a death benefit, which is generally higher than the basic Sum Assured
• The policy continues to provide full financial protection even after survival benefits have been paid
• This ensures financial security for the family

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Eligibility Criteria

Minimum & Maximum Entry Age

• Entry age varies depending on the selected policy term
• The plan is designed mainly for individuals in the working and high-income age group

Sum Assured

• High minimum Sum Assured requirement
• Suitable for individuals looking for premium insurance coverage

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Premium Payment Options

• Premiums are usually paid regularly throughout the policy term
• Premium amount depends on age, Sum Assured, and policy term
• Premiums remain fixed once the policy is issued

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Optional Riders Available

To enhance coverage, LIC offers optional riders such as:

• Accidental Death and Disability Benefit Rider
• Accidental Benefit Rider

These riders provide additional financial protection at a nominal extra cost.

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Tax Benefits

LIC’s Bima Shree offers tax advantages under Indian income tax laws:

• Premium paid may be eligible for deduction under Section 80C
• Maturity and death benefits may be tax-free under Section 10(10D), subject to conditions

(Always consult a tax advisor for the latest tax rules.)

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Who Should Buy LIC’s Bima Shree?

This plan is suitable for:

• High-income individuals looking for guaranteed returns
• People seeking a combination of life cover and periodic payouts
• Individuals planning for long-term financial goals
• Those who prefer low-risk, guaranteed insurance products

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Advantages of LIC’s Bima Shree

• Guaranteed survival and maturity benefits
• Backed by LIC’s strong credibility
• Ideal for disciplined long-term savings
• Financial security for family members
• Simple and transparent structure

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Limitations to Consider

• Premiums are relatively high compared to standard plans
• Returns may be lower than market-linked investment products
• Not suitable for short-term financial goals

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Final Verdict

LIC’s Bima Shree (Plan 748) is a premium money-back life insurance policy designed for individuals who prioritize safety, guaranteed payouts, and long-term financial stability. While it may not offer market-linked returns, it provides peace of mind, assured benefits, and reliable life cover backed by LIC’s legacy.

Before purchasing, it is advisable to compare it with other LIC plans and assess your financial goals, income, and long-term commitments.

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Disclaimer

This article is for informational purposes only. Policy features, benefits, and tax rules are subject to change as per LIC and government regulations. Please refer to official LIC documents or consult an authorized LIC advisor before making any purchase decision.

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