LIC Bima Ratna: Features And Advantages

In May 2022, LIC introduced its Bima Ratna plan, which provides the policyholder with a risk cover and regular survival benefits.

LIC Bima Ratna Plan

This is a non-linked, non-participating, individual, savings life insurance plan by the LIC of India which is available through brokers, corporate agents, Insurance Marketing Firms (IMF) and Common Service Centres (CSC) of the LIC of India.

Features Of LIC Bima Ratna Plan

Premium Payment

The LIC Bima Ratna insurance premium can be paid monthly (through NACH only), quarterly, half-yearly, or yearly.

Grace Period

From the first unpaid premium, the grace period is as follows:   

  • 30 days for yearly, half-yearly, or quarterly premiums 

  • 15 days for monthly premiums


Rebates on LIC Bima Ratna insurance premiums are applicable if the basic sum assured is higher than ₹10 Lakh.

Loan Against Policy

After the payment of at least 2 years’ premium, a loan can be availed against the LIC Bima Ratna plan. The loan will be granted as follows:

  • Up to 90% of surrender value for policies in force.

  • Up to 80% of surrender value for paid-up policies.

Free-Look Period

The free-look period for the LIC Bima Ratna plan is 30 days.

Benefits Of LIC Bima Ratna Plan

Death Benefit

If the policyholder dies during the policy term, the nominee can claim 125% of the basic sum assured or 7 times the annual premium amount, whichever is higher.

Survival Benefit

With the LIC Bima Ratna plan, 25% of the basic sum assured will be paid in each of the following years as a survival benefit-

Survival Benefit (Continued)

  • For a policy term of 15 years, the survival benefit will be paid at the end of the 13th and 14th year.

  • For a policy term of 20 years, the survival benefit will be paid at the end of the 18th and 19th year.

  • For a policy term of 25 years, the survival benefit will be paid at the end of the 23rd and 24th year.

Maturity Benefit

If the policyholder survives the complete policy term, 50% of the basic sum assured along with accrued guaranteed additions is paid out to them.

Guaranteed Additions

LIC makes guaranteed additions to the sum assured (per ₹1000 basic sum assured) at the end of every policy year as per the following rates:

  • ₹50 from 1st to 5th policy year

  • ₹55 from 6th to 10th policy year

  • ₹60 from 11th to 25th fifth policy year

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