LIC Bima Ratna Calculator: Plan 764 Premium & Maturity Benefits

1. Introduction

The LIC Bima Ratna calculator is a tool with which you can learn about Plan 764 which is a reliable savings product created for gradual financial growth. It is different from market linked plans, where returns vary, in that it gives fixed benefits through guaranteed additions.

The bima ratna calculator, along with your details, shows the precise amount of your investment that is necessary to get a definite sum of money at the time of maturity. It can be a plan for your child's education or your retirement, and this non linked, non participating plan is the safest way to go.

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2. About the Plan - Key Details

Plan Overview: LIC Bima Ratna (Plan 764) offers a limited premium, non linked, individual savings life insurance plan. Agents and brokers often sell it as a corporate specific option.

Eligibility: Entry ages start at 90 days and go up to 55 years. Maturity ages range from 18 to 70 years.

Policy Options: Pick from three terms, so you pay for 11 years on a 15 year policy, 16 years on a 20 year policy, or 21 years on a 25 year policy.

Premium Payment: You pay premiums over a shorter time, but coverage lasts the full term. The basic sum assured begins at Rs 5 lakhs.

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3. Key Features & Benefits

Guaranteed Additions: The plan grows your policy with fixed annual amounts, such as Rs 50 per Rs 1,000 sum assured for years 1 to 5, Rs 55 for years 6 to 10, and Rs 60 for years 11 to 25.

Survival Benefits (Money Back): Before the maturity of a policy, you receive two instalments amounting to 25% of the basic sum assured. So, if it is a 20-year policy, these instalments are at the end of year 18 and year 19.

Maturity Benefit: You get half of the basic sum assured along with all guaranteed additions if you live till the end of the term. This, in fact, makes the final payoff very much predictable.

Death Benefit: The nominees are handed over the amount which is the maximum of either 125% of the basic sum assured or seven times the annualized premium, plus earned guaranteed additions.

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4. How to Use the Calculator

Step 1: Basic Details

Enter your name and date of birth. The LIC Bima Ratna calculator will then use the age nearest to the birthday for calculating premiums more accurately.

Step 2: Choose Sum Assured

At first, you should select a sum assured of at least Rs 5 lakhs. The main reason is that higher amounts will lead to more guaranteed additions.

Step 3: Select Term

Opt for 15, 20, or 25 years, and the premium paying term sets to four years less.

Step 4: Calculate

Press the button to view your annual premium, expected guaranteed additions, and money back schedule.