LIC of India
LIC's Bima Ratna Policy

LIC Bima Ratna

Bima Ratna (Plan No. 864, UIN No. 512N345V01) is a Non-Linked, Non-Participating, Individual, Savings Life Insurance Plan which offers an ideal blend of protection and savings to the policyholders. This insurance plan provides financial assistance to the family in the event of the policyholder’s passing during the policy’s term. On the other hand, the life insured will receive periodic payments at predetermined intervals to meet their financial demands if (s)he lives through the whole policy period. Read on to know more about LIC Bima Ratna’s eligibility criteria, features & benefits, exclusions, and more.

Eligibility Conditions Of LIC Bima Ratna Plan


Minimum Age:

  • 5 years (Completed) for Policy Term
  • 15 years: 90 days (Completed) for Policy Term 20 & 25 years.

Maximum Age:

  • 55 years (Age Nearer Birthday) for Policy Term 15 years:
  • 50 years (Age Nearer Birthday) for Policy Term 20 years
  • 45 years (Age Nearer Birthday) for Policy Term 25 years
  • 65 years (Age Nearer Birthday) minus Policy Term (in case of policies procured through POSP-LI/CPSC-SPV )
Minimum Basic Sum AssuredRs. 5,00,000
Maximum Basic Sum AssuredNo Limit
Policy Term
  • 15 years, 20 years and 25 years
  • 15 & 20 years (in case of policies procured through POSP-LI/CPSC- SPV)
Premium Paying Term
  • 11 years for Policy Term 15 years
  • 16 years for Policy Term 20 years
  • 21 years for Policy Term 25 years

Minimum Age at


  • 20 years (Completed) for Policy Term

15 & 20 years

  •  25 years (Completed) for Policy Term

25 years

Maximum Age at Maturity
  • 70 years (Age Nearer Birthday)

(65 years (Age Nearer Birthday) in case of policies procured through POSP-LI/CPSC-SPV)

Features & Benefits of LIC Bima Ratna Plan

Here is the list of the features and benefits of LIC Bima Ratna Plan. 

  1. Death Benefit

It is one of the highlights of the plan that ensures that if the insured person dies during the policy period, the nominee will get the sum assured on death and also the additions made by the policyholder till the time of their death.

The amount that the nominee will get whichever of the following is higher:

  • Where “Sum Assured on Death” is defined as the higher of 125% of Basic Sum Assured
  • 7 times of annualized premium.

Note: Make sure you keep in mind that the payment will not be less than 105% of the total premiums.

  1. Maturity Benefit

If the policyholder survives till the end of the policy, then they are likely to get “Sum Assured on Maturity” (which equals 50% of Basic Sum Assured) along with accrued Guaranteed Additions. All the amount will be paid on the date of maturity to the surviving policyholder.

  1. Survival Benefit

When the policyholder survives for each respective policy duration, then the basic sum assured that will be paid to them.

  • If the insured survives 15 years (of the policy term), then they will get 25% of the BSA at the end of the 13th and 14th policy years.
  • If the insured survives 20 years (of the policy term), then they will get 25% of the BSA at the end of the 18th and 19th policy years.
  • If the insured survives 25 years (of the policy term), then they will get 25% of the BSA at the end of the 23rd and 24th policy years.
  1. Guaranteed Additions

After each policy year, LIC adds guaranteed additions. However, it is important to make premium payments on time. If you fail to do so, then the guaranteed additions are likely to cease. The rate of addition with LIC Bima Ratna.

  • From 1st to 5th Policy Year- the Guaranteed Additions would be Rs. 50
  • From the 6th to the 10th Policy Year- the Guaranteed Additions would be Rs. 55
  • From the 11th to the 25th Policy Year- the Guaranteed Additions would be Rs. 60.
  1. Grace Period

If a due premium cannot be paid, a grace period of 15 to 30 days is granted. During this time, the risk cover will remain in effect. If the premium is not paid by the conclusion of this period, the insurance will expire. The policy will be regarded as continuing to provide risk coverage throughout this time, under the provisions of the policy, without interruption. The Policy expires if the premium is not paid before the days of grace have passed.

  1. Surrender Benefit

If any policyholder wants to surrender their policy, then they can easily do it without any difficulty. All you need to do is simply don’t pay your next premium installment and inform the company immediately beforehand. You will then receive the surrender value. Don’t forget that if you want full surrender value, then you should have paid at least 2 years of the premiums.

  1. Tax Benefit

Finally, yet importantly, the premiums paid towards LIC Bima Ratna are eligible for tax benefits under sections 80C and 10(10D), respectively.

What is Excluded Under LIC Bima Ratna Plan?

No matter whether the policyholder is mentally stable or not, if they commit suicide at any time within 12 months from the date of commencement of risk, then Life Assured shall be entitled to 80% of the total premiums paid. Make sure that the condition won’t be applicable in case the age of the policyholder is below 8 years. Also, there won’t be any amount given if the policy is lapsed without paying any paid-up value.

How Does the LIC Bima Ratna Policy Work?

Let’s take an example to understand!

An MNC employee, named Mr. Akash kumar, who is 35 years old, looking to protect his family in case of his absence. So, he decided to buy the LIC Bima Ratna plan after getting suggestions from his family & friends. Let’s take a look at the death benefit that his family will receive after his demise.

Age (in years)Policy Term (in years)Premium Payment Term (in years)Amount of Installment PremiumMode of PaymentBasic Sum AssuredSum Assured on Death
352521Rs. 1,18,726YearlyRs. 20, 00,000Rs. 25, 00, 000

Documents Required for Buying the LIC Bima Ratna Plan

If you are looking to buy LIC Bima Ratna Plan, here are the following documents that you need to submit.

  • Cheque or cash for the first premium
  • A passport-sized photograph
  • A valid Identity Proof
  • Plan Proposal Form duly filled in and signed
  • A valid Address Proof
  • Date of Birth Proof
  • Vaccination certificate

How To Buy LIC Bima Ratna Policy?

If you are looking to buy LIC Bima Ratna policy, then you can go through these steps:

Via Agents: 

If someone is interested in buying this plan, then they can simply buy through corporate agents, IMF, Brokers, & CSC.

Via Branch Visit:

If someone is willing to buy the LIC Bima Ratna Plan, then you can simply visit their registered office Life Insurance Corporation Of India

Central Office

‘Yogakshema’, Jeevan Bima Marg,

Nariman Point

Mumbai 400021

Alternatively, if you live in other state, then you can find the nearest branch and visit it.

Via Digital Mediums:

If you want to know more about LIC Bima Ratna policy in details, then you can contact LIC via any of the following mediums.

Contact Number+91-022 6827 6827
WhatsApp Send “Hi” to 8976862090

Frequently Asked Questions

If the premium is not paid by the grace period’s end, the policy will lapse. The insurance is still regarded to be in effect during the grace period, providing uninterrupted risk coverage as per the provisions of the policy.

The amount of the appropriate statutory tax on the insurance plan will be determined by the current tax rates on the premium, and it will be levied in accordance with applicable tax legislation.

Both paid-up insurance and a surrendered policy use an identical formula to determine the guaranteed addition. In the aforementioned situations, the guaranteed addition for the policy year in which the policyholder paid the last premium will be increased proportionately to the premium for that year.

Yes, policyholders who have paid at least the first two years’ premiums and the plan’s gained a Surrender Value are eligible to apply for a loan under the plan.

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