Bima Ratna puts some money in your hands before the last policy year. If you already hold it, check those payment dates as well as the final maturity amount. This version is now listed as withdrawn, and the page is intended to help you understand an existing policy rather than choose a new one.
Check the term on your Bima Ratna paper
The policy had three term choices, and each came with its own age conditions. Basic cover starts at five lakh rupees, with premiums due for four years less than the chosen term. Use the actual term on your paper before comparing the money-back dates, because the dates move with that choice.
Two payments before the final year
On survival with the policy maintained, a quarter of the basic cover is payable in each of the last two years before maturity. The final payment includes half the cover and eligible fixed additions. For an older plan that keeps the full base amount until maturity, compare the Bima Jyoti policy calculator.
Five lakh cover over fifteen years
With five lakh rupees of cover over fifteen years, each earlier payment is one lakh twenty five thousand rupees. Fixed additions total four lakh twelve thousand five hundred rupees across the term. The final payment is six lakh sixty two thousand five hundred rupees, with the two earlier payments counted separately.
FAQ
Q: Does Bima Ratna add sixty rupees per thousand from the first year?
A: No. The rate starts at fifty, becomes fifty five for the next five years, and becomes sixty from the eleventh year onward.
Q: When are the two payments due on a twenty year Ratna policy?
A: They fall at the ends of the eighteenth and nineteenth policy years. Each is a quarter of basic cover, subject to the survival conditions.
Q: How many years do I pay on the twenty five year option?
A: You pay for twenty one years. Starting cover is five lakh rupees, and the remaining four years complete the term after scheduled premiums finish.