LIC Bima Shree (748) Calculator

LIC Bima Shree (748) Calculator

What this calculator does

LIC's Bima Shree (Table No. 748) is a non-linked, participating (with-profits), limited premium payment, money-back life assurance plan aimed at high net-worth individuals - the minimum Basic Sum Assured is ₹10,00,000, with no upper limit (subject to underwriting). Unlike an ordinary endowment plan that pays everything as a single lump sum at maturity, Bima Shree pays part of the Sum Assured back to you twice during the policy term as Survival Benefits, with the remaining balance plus accumulated Guaranteed Additions paid at maturity.

The plan is sold at six fixed Policy Terms, each with its own Premium Paying Term (always Policy Term minus 4 years):

Policy Term	Premium Paying Term	Survival Benefit (% of Sum Assured, paid twice)
14 years	10 years	30%
16 years	12 years	35%
18 years	14 years	40%
20 years	16 years	45%
24 years	20 years	45%
28 years	24 years	45%

The two Survival Benefit payouts always fall at (Policy Term − 4) and (Policy Term − 2) policy years - so a 20-year policy pays out at years 16 and 18. Whatever percentage of the Sum Assured isn't paid out as Survival Benefit is released at maturity, together with all the Guaranteed Additions that accrued while premiums were being paid.

This calculator gives you an indicative estimate of:

• the annual premium for your chosen Policy Term, plus the per-installment premium for your chosen payment mode, and the Accident Benefit Rider premium if you opt for it
• the Survival Benefit amount paid at each of the two payout years
• the total Guaranteed Additions that accrue over the Premium Paying Term
• the guaranteed minimum death benefit, and a year-by-year schedule showing premiums paid to date, Guaranteed Additions accrued, and any Survival Benefit or Maturity payout due that year
• the total maturity benefit - the remaining Sum Assured percentage plus all Guaranteed Additions

based on your entry age, Basic Sum Assured, chosen Policy Term, payment mode, and whether you add the Accident Benefit Rider.

Formula Used

Eligibility. Entry age must be at least 8 years, and the age at maturity (entry age plus the chosen Policy Term) cannot exceed 69 years:

$$MaturityAge = EntryAge + PolicyTerm \le 69$$

Premium. The illustrative tabular annual premium rate (₹ per ₹1,000 Sum Assured) combines a savings component that shrinks as the Premium Paying Term lengthens with a mortality component that grows with entry age:

$$BaseRate(age, ppt) = \frac{1000}{ppt} \times 0.95 + \big(2.2 + age \times 0.05\big)$$

Because Bima Shree targets high Sum Assured buyers, a larger policy earns a per-mille rebate on the tabular rate:

$$Rebate(SumAssured) = \begin{cases} 4 & SumAssured \ge 50{,}00{,}000 \\ 2 & SumAssured \ge 20{,}00{,}000 \\ 0 & \text{otherwise} \end{cases}$$ $$AnnualPremium = \frac{SumAssured}{1000} \times \big(BaseRate(age, ppt) - Rebate(SumAssured)\big)$$

If you opt for the Accident Benefit Rider, an additional ₹0.50 per ₹1,000 of Sum Assured (capped at a Sum Assured of ₹50,00,000 for the rider) is added:

$$RiderPremium = \frac{\min(SumAssured,\ 50{,}00{,}000)}{1000} \times 0.50$$

The total is then split by your chosen payment mode (yearly, half-yearly, quarterly, or monthly), using LIC's standard modal factors (yearly 1.00, half-yearly 0.510, quarterly 0.260, monthly 0.0875), and paid only for the Premium Paying Term:

$$InstallmentPremium = (AnnualPremium + RiderPremium) \times ModeFactor$$ $$TotalPremiumPayable = InstallmentPremium \times InstallmentsPerYear \times PremiumPayingTerm$$

Survival Benefit. The percentage paid at each of the two payout years scales with the Policy Term, capped at 45%:

$$SurvivalPct(PolicyTerm) = \min\Big(30 + \frac{PolicyTerm - 14}{2} \times 5,\ 45\Big)$$ $$SurvivalBenefit = SumAssured \times \frac{SurvivalPct}{100}$$

paid once at policy year PolicyTerm - 4 and again at PolicyTerm - 2.

Guaranteed Additions. These accrue only while premiums are being paid (they stop accumulating once the Premium Paying Term ends, though the accrued total is still paid out at maturity) - ₹50 per ₹1,000 Sum Assured for each of the first 5 policy years, then ₹55 per ₹1,000 for every year after that up to the end of the Premium Paying Term:

$$GA(yearsElapsed) = \frac{SumAssured}{1000} \times \Big(\min(yearsElapsed, 5) \times 50 + \max(yearsElapsed - 5,\ 0) \times 55\Big)$$

Death benefit. If death occurs during the policy term, the Sum Assured on Death is the higher of the Basic Sum Assured itself or 7 times the annualized premium:

$$SumAssuredOnDeath = \max\big(SumAssured,\ 7 \times AnnualPremium\big)$$

Maturity Benefit. Whatever percentage of the Sum Assured was not already paid out as Survival Benefit, plus the full Guaranteed Additions accrued over the Premium Paying Term, is paid at maturity:

$$MaturityPct = 100 - 2 \times SurvivalPct$$ $$MaturityBenefit = SumAssured \times \frac{MaturityPct}{100} + GA(PremiumPayingTerm)$$

Note: these rates are illustrative approximations for planning purposes, not LIC's official rate table, which is IRDAI-approved and can change over time. Always confirm exact figures with LIC or an authorized agent before purchasing a policy.

How to Use

1. Enter your Age at Entry in years.
2. Enter your desired Basic Sum Assured (minimum ₹10,00,000, in multiples of ₹1,00,000).
3. Choose a Policy Term - this fixes your Premium Paying Term (always Policy Term minus 4 years) and your Survival Benefit percentage. Remember entry age plus Policy Term cannot exceed 69.
4. Choose your Premium Payment Mode - yearly, half-yearly, quarterly, or monthly.
5. Choose whether to add the Accident Benefit Rider.
6. Click Calculate Benefits to see your premium, Survival Benefit amounts, Guaranteed Additions, the year-by-year payout schedule, and the total maturity benefit.

Worked Example

Suppose you are 35 years old, choose a Basic Sum Assured of ₹10,00,000, a 20-year Policy Term (16-year Premium Paying Term), yearly payment mode, and no rider.

$$BaseRate(35, 16) = \frac{1000}{16} \times 0.95 + (2.2 + 35 \times 0.05) = 59.375 + 3.95 = 63.325$$

The Sum Assured of ₹10,00,000 is below the ₹20,00,000 rebate threshold, so no rebate applies:

$$AnnualPremium = \frac{10{,}00{,}000}{1000} \times 63.325 = ₹63{,}325 \text{ per year}$$

Over the 16-year Premium Paying Term, total premium payable is 63{,}325 \times 16 = ₹10{,}13{,}200.

The Survival Benefit percentage for a 20-year term is capped at 45%, so ₹10{,}00{,}000 \times 0.45 = ₹4{,}50{,}000 is paid at both policy year 16 and policy year 18.

Guaranteed Additions accrue over the 16-year Premium Paying Term at ₹50 per ₹1,000 for the first 5 years and ₹55 per ₹1,000 for the remaining 11 years:

$$GA(16) = \frac{10{,}00{,}000}{1000} \times (5 \times 50 + 11 \times 55) = 1000 \times 855 = ₹8{,}55{,}000$$

At maturity (policy year 20), the remaining maturity percentage is 100 - 2 \times 45 = 10\%, so:

$$MaturityBenefit = 10{,}00{,}000 \times 0.10 + 8{,}55{,}000 = ₹9{,}55{,}000$$

So if the life assured survives the full term, they receive ₹4,50,000 at year 16, ₹4,50,000 at year 18, and ₹9,55,000 at maturity (year 20) - a total of ₹18,55,000 across all three payouts. If the life assured instead passes away before maturity, the family receives a lump sum equal to the higher of the Basic Sum Assured or 7 times the annual premium, regardless of any Survival Benefits already paid out.