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LIC’s Bima Ratna (Plan 764): Complete Guide, Benefits,
Premium, Eligibility & Returns
Life Insurance Corporation of India (LIC) is one of the most
trusted and established insurance providers in India. Over the decades, LIC has
introduced several insurance and investment products that cater to different
financial goals of individuals. One such popular plan is LIC’s Bima Ratna
(Plan No. 764).
LIC Bima Ratna is a Non-Linked, Non-Participating,
Individual, Savings Life Insurance Plan that combines life protection
with guaranteed returns. This plan is designed for people who want
financial security for their family along with assured maturity benefits.
In this detailed article, we will cover everything you need
to know about LIC’s Bima Ratna 764, including features, benefits, eligibility,
premium details, returns, policy terms, tax benefits, and whether this plan is
right for you.
What is LIC’s Bima Ratna (Plan 764)?
LIC’s Bima Ratna is a limited premium payment savings
plan. This means you pay premiums for a limited number of years, while the
policy coverage continues for a longer duration.
The plan offers:
- Guaranteed
survival benefits
- Guaranteed
maturity benefits
- Life
insurance coverage
- Optional
riders for additional protection
This plan is especially suitable for individuals who want predictable
and guaranteed returns without exposure to market risks.
Key Features of LIC’s Bima Ratna Plan 764
Here are the main features of LIC Bima Ratna:
- Non-linked
plan (no market risk)
- Limited
premium payment term
- Guaranteed
survival benefits during the policy term
- Guaranteed
maturity benefit at the end of the policy
- Life
insurance coverage throughout the policy term
- Optional
riders available
- Tax
benefits under the Income Tax Act, 1961
- Loan
facility available after policy acquires surrender value
Policy Term and Premium Payment Term
LIC Bima Ratna offers flexibility in policy duration and
premium payment options.
Policy Term Options
- 15
years
- 20
years
- 25
years
Premium Payment Term
Premiums are paid for a shorter duration than the
policy term:
- For
15-year policy: 11 years premium payment
- For
20-year policy: 16 years premium payment
- For
25-year policy: 21 years premium payment
This structure allows you to stop paying premiums earlier
while enjoying benefits till maturity.
Eligibility Criteria for LIC Bima Ratna
Before purchasing LIC Bima Ratna, it is important to check
eligibility conditions.
Entry Age
- Minimum
entry age: 5 years
- Maximum
entry age:
- 55
years for 15-year term
- 50
years for 20-year term
- 45
years for 25-year term
Maximum Maturity Age
- 70
years
Minimum Sum Assured
- ₹5,00,000
There is no upper limit on the maximum sum assured, subject
to LIC’s underwriting rules.
Premium Details
Premium amount depends on several factors, such as:
- Age
of the policyholder
- Sum
assured
- Policy
term
- Premium
payment mode (yearly, half-yearly, quarterly, or monthly)
Premiums can be paid through:
- Annual
mode
- Half-yearly
mode
- Quarterly
mode
- Monthly
(NACH / ECS)
Choosing annual premium mode usually helps reduce overall
cost.
Guaranteed Benefits Under LIC Bima Ratna
One of the biggest attractions of LIC Bima Ratna is its guaranteed
benefits.
1. Guaranteed Survival Benefits
If the policyholder survives during the policy term,
guaranteed survival benefits are paid at specific intervals.
For example:
- A
percentage of the Basic Sum Assured is paid at regular intervals after a
fixed number of years.
- These
payouts help meet financial needs like education expenses, marriage, or
other goals.
The exact survival benefit percentage depends on the policy
term selected.
2. Guaranteed Maturity Benefit
At the end of the policy term, the policyholder receives a Guaranteed
Maturity Benefit, which includes:
- Remaining
percentage of Basic Sum Assured
- Accrued
guaranteed additions (if applicable)
This lump sum amount helps in retirement planning, business
expansion, or wealth creation.
3. Death Benefit
In case of the unfortunate death of the policyholder during
the policy term, the nominee receives a Death Benefit, which is higher
of:
- Basic
Sum Assured
- 7
times the annualized premium
- 105%
of total premiums paid till date
Additionally, guaranteed additions (if any) are also paid.
This ensures strong financial protection for the family.
Guaranteed Additions
LIC Bima Ratna offers Guaranteed Additions, which
increase the overall policy value.
- Guaranteed
additions accrue every policy year after a specific period.
- These
additions depend on the policy term and sum assured.
- They
are paid either on death or maturity.
Guaranteed additions make the plan attractive for long-term
savings.
Optional Riders Available
LIC allows you to enhance your policy coverage by adding
riders at an extra cost.
Available Riders:
- LIC’s
Accidental Death and Disability Benefit Rider
- LIC’s
Accident Benefit Rider
- LIC’s
New Term Assurance Rider
These riders provide additional financial security in case
of accidental death or disability.
Loan Facility
LIC Bima Ratna allows policyholders to take a loan
against the policy after it acquires surrender value.
- Loan
amount depends on the surrender value
- Interest
rate is decided by LIC from time to time
- Useful
during financial emergencies
Surrender Value
If you decide to discontinue the policy after paying
premiums for a minimum period, the policy acquires a surrender value.
- Guaranteed
Surrender Value
- Special
Surrender Value (as decided by LIC)
Surrendering the policy early may reduce overall returns, so
it is advised to continue till maturity.
Tax Benefits of LIC Bima Ratna
LIC Bima Ratna offers attractive tax benefits under Indian
tax laws.
Tax Benefits Include:
- Section
80C: Premium paid is eligible for deduction up to ₹1.5 lakh per year
- Section
10(10D): Maturity and death benefits are tax-free, subject to
conditions
Tax benefits make this plan suitable for tax-saving and
long-term planning.
Returns from LIC Bima Ratna: What to Expect?
LIC Bima Ratna provides stable and guaranteed returns,
but it is not a high-return investment like equity.
- Expected
returns range between 5% to 6.5% per annum
- Ideal
for conservative investors
- Best
suited for long-term goals with capital safety
The plan focuses more on security and predictability
rather than aggressive wealth creation.
Who Should Buy LIC Bima Ratna?
LIC Bima Ratna is suitable for:
- Individuals
seeking guaranteed returns
- People
who want life insurance with savings
- Risk-averse
investors
- Parents
planning for children’s future
- Individuals
planning long-term financial goals
- Those
looking for tax-saving investment options
Who Should Avoid This Plan?
You may consider other options if:
- You
want high market-linked returns
- You
are comfortable with equity risk
- You
want pure insurance at low cost (term insurance is better)
LIC Bima Ratna vs Term Insurance
|
Feature |
LIC Bima Ratna |
Term Insurance |
|
Returns |
Guaranteed |
No returns |
|
Premium |
Higher |
Very low |
|
Investment |
Yes |
No |
|
Risk |
Low |
None |
|
Suitability |
Savings + Insurance |
Pure protection |
Ideally, a combination of term insurance + mutual funds
may give better returns, but LIC Bima Ratna offers simplicity and guaranteed
benefits.
Important Points to Consider Before Buying
- Premium
commitment is long-term
- Returns
are moderate
- Inflation
impact should be considered
- Understand
survival benefit structure clearly
- Compare
with other LIC plans and alternatives
Frequently Asked Questions (FAQs)
Is LIC Bima Ratna a good investment?
It is a safe and guaranteed investment suitable for
conservative investors.
Is the return guaranteed?
Yes, the plan offers guaranteed benefits and additions.
Can I stop paying premiums?
If premiums are not paid, the policy may lapse unless
revived within the grace period.
Is it better than mutual funds?
Mutual funds may offer higher returns but involve market
risk.
Final Verdict: Should You Buy LIC’s Bima Ratna 764?
LIC’s Bima Ratna (Plan 764) is a reliable, safe, and
guaranteed savings-cum-insurance plan backed by LIC’s strong credibility.
While it may not deliver very high returns, it offers peace of mind, assured
payouts, and life cover.
If your priority is financial security, guaranteed
income, and tax benefits, LIC Bima Ratna can be a suitable choice. However,
for higher returns, consider diversifying with market-linked instruments.
Disclaimer
This article is for informational purposes only. Policy
features, benefits, and returns may change as per LIC guidelines. Always
consult an LIC agent or financial advisor before making an investment decision.