Formula
P = (T − R) × (1 − m) × S / 1000
I = P / f
T = A / (ä × (1 − λ))
M = G + (Σt=1k at) × S / 1000
P × Σt=0k−1 (1 + r)−t = Σt Ct (1 + r)−t + M (1 + r)−n
where
- P
- annual premium
- T
- tabular premium per ₹1,000 of sum assured, for your age, term and premium paying term
- R
- high sum assured rebate, ₹ per ₹1,000, from this plan's table (nil on smaller policies)
- m
- mode rebate: 2% yearly, 1% half-yearly, nil quarterly and monthly
- S
- Basic Sum Assured
- I
- each instalment
- f
- instalments a year: 1, 2, 4 or 12
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays: death cover, survival benefits and maturity
- ä
- present value of ₹1 a year, paid at the start of each year of the premium paying term while you are alive
- λ
- expense loading, 9%
- M
- maturity amount
- G
- guaranteed maturity sum, 10% of S (the rest is paid out earlier as survival benefits)
- at
- guaranteed addition credited in policy year t, ₹ per ₹1,000 of sum assured, only while premiums are paid
- Ct
- survival benefit at the end of year t: 45% of S in year n − 4, 45% of S in year n − 2
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- premium paying term, in years
*Source LIC Bima Shree brochure (PDF)
In short (tl;dr)
Bima Shree is LIC's money back plan for larger policies: a ₹10 lakh minimum, premiums for four years less than the term, and most of the sum assured paid back in two instalments before maturity.
Worked example: at 30, ₹10,00,000 of cover over 20 years costs ₹71,050 a year for 16 years and is projected to pay ₹9,55,000 at maturity, a return of 4.37% a year.
What is LIC Bima Shree?
Bima Shree (Plan 748) runs for 14, 16, 18, 20, 24 or 28 years, and premiums stop four years before the end. In the fourth-last and second-last policy years it pays a fixed share of the Basic Sum Assured, and the rest of the sum assured comes at maturity. The share depends on the term: 30% twice on a 14-year policy with 40% at maturity, 35% twice and 30% on 16 years, 40% twice and 20% on 18 years, and 45% twice with 10% at maturity on 20, 24 and 28 years.
Guaranteed Additions accrue at the end of each policy year while premiums are being paid: ₹50 per ₹1,000 of Basic Sum Assured for the first five years and ₹55 from the sixth year to the end of the premium paying term. They stop when the premiums stop, so the last four years add nothing. On a 20-year policy with 16 years of premiums that is ₹855 per ₹1,000, all of it paid at maturity or on an earlier death.
The plan is participating, but through a Loyalty Addition rather than a yearly bonus. Once five policy years and five full years' premiums are complete, LIC may add one at exit, at a rate it declares. The brochure prints no rate, so this calculator leaves it out and the maturity figure here is the guaranteed part only.
Key features
- Minimum Basic Sum Assured ₹10 lakh, in multiples of ₹50,000, with no upper limit
- Two survival payouts, in the fourth-last and second-last policy years, of 30% to 45% of the sum assured depending on the term
- Guaranteed Additions of ₹50 per ₹1,000 for five years, then ₹55, while premiums are paid
- Premiums payable for four years less than the policy term
- Loyalty Addition at exit if LIC declares one, after five full years
- Survival benefits can be deferred and taken later with interest
Which Bima Shree term should you pick?
The term is the choice that moves everything else, and the brochure lists the options without ever setting them beside each other. Here they are at age 30 on ₹10,00,000 of cover, so the rows differ only by the term and the premium term that goes with it.
| Policy term | You pay for | Premium a year | Total paid in | Projected maturity | Return a year |
|---|---|---|---|---|---|
| 14 years | 10 years | ₹1,11,454 | ₹11,14,536 | ₹6,25,000 | 4.08% |
| 16 years | 12 years | ₹93,871 | ₹11,26,455 | ₹7,35,000 | 4.21% |
| 18 years | 14 years | ₹80,979 | ₹11,33,702 | ₹8,45,000 | 4.30% |
| 20 years | 16 years | ₹71,050 | ₹11,36,800 | ₹9,55,000 | 4.37% |
| 24 years | 20 years | ₹56,632 | ₹11,32,641 | ₹11,75,000 | 4.46% |
| 28 years | 24 years | ₹46,591 | ₹11,18,192 | ₹13,95,000 | 4.51% |
The gap between the first two columns is how long the cover runs on after the last premium: 4, 4, 4, 4, 4, 4 years, in the order above.
Bima Shree at a glance
- Plan number
- 748
- Category
- Money Back
- Entry age
- 8 to 55 years
- Policy term
- 14, 16, 18, 20, 24, 28 years
- Premium paying term
- Policy term minus 4 years
- Sum assured
- ₹10 Lakh and above
- Maximum maturity age
- 69 years
- UIN
- 512N316V03
We checked the plan number and UIN above against LIC's own page for this plan on 2026-10-02. Check it on licindia.in
Is it 748, 948 or 848?
This plan is 748 with UIN 512N316V03, as LIC's money back plans list shows it. The V03 is a version marker: this is the third version. LIC's own page for Plan 948 (UIN 512N316V02) gives its date of withdrawal as 18.11.2024, and LIC's withdrawn plans page lists Plan 848 (UIN 512N316V01) among the plans withdrawn in the financial year 2019-20. If 948 or 848 is what your policy document says, that document governs your policy; a later version does not change the terms yours was sold on.
What are the benefits of LIC Bima Shree?
What does LIC Bima Shree pay on death?
Sum Assured on Death, the higher of 125% of the Basic Sum Assured and 7 times the annualised premium, plus accrued Guaranteed Additions, and from the sixth policy year the Loyalty Addition if any. Never less than 105% of the premiums paid to the date of death. Survival benefits already paid are not deducted.
What do you get at maturity?
Sum Assured on Maturity (40%, 30%, 20% or 10% of the Basic Sum Assured for terms of 14, 16, 18, and 20 to 28 years) plus all Guaranteed Additions accrued during the premium paying term, plus the Loyalty Addition if LIC declares one.
Who is LIC Bima Shree for?
Someone with a large, dated expense a decade or two away who wants most of the money back before the policy ends, and who can commit to a ₹10 lakh sum assured.
What should you watch out for?
On 20, 24 and 28-year terms only 10% of the sum assured is left for maturity, because 90% has already been paid out. The guaranteed additions also stop with the last premium, so a longer term adds payout delay without adding additions for the final four years.
What does LIC Bima Shree cost?
Worked out on a 20-year term with premiums paid for 16 years. Change any of these in the calculator above for your own figures.
By sum assured, at age 30
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹10,00,000 | ₹71,050 | ₹11,36,800 | ₹9,55,000 |
| ₹25,00,000 | ₹1,76,645 | ₹28,26,320 | ₹23,87,500 |
Premiums are modelled on this plan's own tabular rates. The additions on this plan are contractual rather than declared, so unlike a with-profits plan the figure does not rest on a bonus declaration.
By age, on ₹10,00,000 of cover
Sum assured moves the premium almost in a straight line, so the table above is easy to read across. Age does not, and it is the input people most often want to test before filling anything in.
| Age at entry | Premium a year | Total paid in | Projected maturity | Age when it pays |
|---|---|---|---|---|
| 25 years | ₹70,850 | ₹11,33,607 | ₹9,55,000 | 45 |
| 30 years | ₹71,050 | ₹11,36,800 | ₹9,55,000 | 50 |
| 40 years | ₹72,425 | ₹11,58,807 | ₹9,55,000 | 60 |
The premium barely moves across the rows. Mortality is a small part of a savings premium and the savings part is the same at any age. What age changes is the last column: when the money arrives, and how old you are when it does.
LIC's own sample premium, from the brochure
From the sourceNot modelled: this is the table LIC prints in its own brochure (Sales brochure (from 22/09/2025), section 8 Sample Illustrative Premium), at ₹10,00,000 of cover, the sum assured LIC chose to illustrate. Everywhere else on this page the premium is worked out for the sum assured you enter; here it is fixed at that figure, because that is what LIC published.
These figures are taken from the document linked below. Check them there.
| Age at entry | 10 years | 12 years | 14 years | 16 years | 20 years | 24 years |
|---|---|---|---|---|---|---|
| 20 | ₹1,08,780 | ₹91,483 | ₹78,890 | ₹70,168 | ₹55,125 | ₹44,982 |
| 30 | ₹1,09,270 | ₹92,071 | ₹79,576 | ₹71,050 | ₹56,301 | ₹46,501 |
| 40 | ₹1,11,622 | ₹94,717 | ₹82,516 | ₹74,382 | ₹60,172 | ₹51,009 |
| 50 | ₹1,18,580 | ₹1,01,969 | ₹90,111 | Not printed | Not printed | Not printed |
Priced on ₹10,00,000 of cover, exclusive of taxes, standard lives. Our own model is anchored on the age 30, 20-year term, 16-year premium term cell in this table; the other cells are the real test of the model, and the editorial and methodology policy publishes how far off they run.editorial and methodology policy publishes how far off they run.
Where the maturity figure comes from
Taken apart, on the ₹10,00,000 policy in the first table. Every line is contractual on this plan: the additions are written into the policy at a stated rate rather than declared each year, so none of this depends on how LIC's investments do.
- Basic sum assured (guaranteed)
- ₹1,00,000
- Guaranteed additions
- ₹8,55,000
- Paid at maturity
- ₹9,55,000
- Income paid before then, 2 payments of ₹4,50,000 from year 16
- ₹9,00,000
- Return a year on the premiums
- 4.37%
When does LIC Bima Shree pay for itself?
The grey line is what you have paid in by each policy year. The yellow line is what the policy has paid back by then. They cross in year 20, which is the point the policy has returned everything it cost.
That return counts everything the policy pays back, income included, against everything you put in, after the cost of the life cover it carried for 20 years. It is not a market return. On this plan the figures behind it are contractual, so it moves only with the age and term you enter.
Who can take LIC Bima Shree?
Age to start
- Minimum
- 8 years
- Maximum
- 55 years
These are the widest limits the plan allows. The range narrows once you choose a policy term, and the calculator applies whichever range fits your answers.
Policy term
- Terms sold
- 14, 16, 18, 20, 24 or 28 years
Age when the policy matures
- Maximum
- 69 years
Your age at entry plus the policy term cannot come to more than 69.
Years you pay for
- Premium paying term
- Policy term minus 4 years
Sum assured
- Minimum
- ₹10,00,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹5 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 2 of the Bima Shree sales brochure, linked in the form above.
What Bima Shree pays if you surrender
The policy can be surrendered after the first policy year once one full year's premium is paid, and acquires a Guaranteed Surrender Value after two full years' premiums. The GSV is total premiums paid times a factor that starts at 30% in year 2, 35% in year 3 and 50% in years 4 to 7, then rises by term to 90% in the last two years, less any survival benefits already paid. Accrued Guaranteed Additions are added at their own, lower factor (35% in the final year). LIC pays the higher of this and the Special Surrender Value.
Taken from the plan's own brochure rather than modelled, which is why there is no table here: LIC states the percentages for this plan outright, and a percentage of a number you already know needs no calculator.
Tax on LIC Bima Shree
Two provisions do the work, and both turn on the size of the premium rather than on the plan. The Income-tax Act, 2025 renumbered both from 1 April 2026 without changing the rules, so each is given here under its old number and its new one.
Section 80C, now Section 123, on what you pay in
Premiums count towards the ₹1.5 lakh limit, in the year they are paid, if you are on the old regime. The deduction is restricted where the annual premium is more than 10% of the sum assured.
Section 10(10D), now Schedule II, on what comes back
Maturity proceeds are exempt where the premium in every year stays inside 10% of the sum assured, and, for a policy issued on or after 1 April 2023, where the premiums on all such policies together stay inside ₹5 lakh a year. Death proceeds are exempt either way.
Where this policy sits
The ₹10,00,000 policy priced above costs ₹71,050 a year, which is 7.1% of the sum assured. That is inside the 10% test, on both provisions. A larger sum assured moves the ratio down.
GST
Nil. Individual life insurance premiums have been exempt since 22 September 2025, so the instalment the calculator shows is the amount that leaves your account.
None of this is tax advice. Which regime you are on, what else you hold and when the policy was issued all change the answer, so confirm your own position with a tax adviser before you rely on it.
How this calculator works
Bima Shree is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule, meaning the death benefit in each policy year, every survival payout and the maturity value, then discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹72.50 per ₹1,000 at age 30, 20-year term, 16-year premium term
- Discount basis
- 5.20% a year, on LIC (2012-14) Ultimate mortality
- Guaranteed additions
- ₹50 per ₹1,000 for years 1 to 5; ₹55 per ₹1,000 from year 6 onwards
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:Bima Shree on licindia.inLIC valuation and bonus declarationsIRDAI regulations
How LIC Bima Shree compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| Bima ShreeNo. 748 · this page | 14, 16, 18, 20, 24, 28 years | Term minus 4 years | ₹10 Lakh | A money back plan from ₹10 lakh: two large survival payouts near the end, guaranteed additions while you pay. |
| Jeevan ShiromaniNo. 947 | 14, 16, 18, 20 years | Term minus 4 years | ₹1 Crore | A high net worth money back plan, minimum sum assured ₹1 crore. |
| New Money Back Plan - 25 YearsNo. 721 | 25 years | 20 years | ₹2 Lakh | Four payouts of 15% across 25 years, with the highest money back bonus rate. |
| New Money Back Plan - 20 YearsNo. 720 | 20 years | 15 years | ₹2 Lakh | 20% of the sum assured back in years 5, 10 and 15, and the rest at maturity. |
| Bima RatnaNo. 764 | 15, 20, 25 years | Term minus 4 years | ₹5 Lakh | Guaranteed additions that step up over time, plus two payouts before maturity. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
LIC Bima Shree: frequently asked questions
When does LIC Bima Shree pay money back?
At the fourth-last and second-last policy anniversaries. A 14-year policy pays 30% of the Basic Sum Assured at years 10 and 12, a 16-year policy 35% at 12 and 14, an 18-year policy 40% at 14 and 16, and a 20, 24 or 28-year policy 45% at years 16 and 18, 20 and 22, or 24 and 26.
What is the minimum sum assured in Bima Shree?
₹10,00,000, in multiples of ₹50,000. There is no maximum, subject to LIC's underwriting.
How much does Bima Shree pay at maturity on ₹10 lakh?
On a 20-year term with 16 years of premiums: 10% of the sum assured, ₹1,00,000, plus Guaranteed Additions of ₹50 per ₹1,000 for five years and ₹55 for the next eleven, ₹8,55,000, so ₹9,55,000 before any Loyalty Addition. The two ₹4,50,000 survival payouts in years 16 and 18 come on top.
What is the premium for Bima Shree?
LIC's brochure prints ₹71,050 a year for a 30-year-old on a 20-year term and ₹10 lakh sum assured, excluding taxes, and ₹1,09,270 on a 14-year term at the same age. Premiums are paid for four years less than the term. The calculator above prices other ages and terms from that grid.
What are the entry ages for Bima Shree?
From 8 years completed. The maximum depends on the term: 55 for 14 years, 53 for 16, 51 for 18, 49 for 20, 45 for 24 and 41 for 28, so that the policy matures by age 69.
Is this Bima Shree 748, 948 or 848?
All three are the same product at different times. Plan 848 (UIN 512N316V01) was withdrawn in 2019-20, Plan 948 (UIN 512N316V02) was withdrawn on 18 November 2024, and the current version is Plan 748 (UIN 512N316V03). This calculator prices 748. If your policy document says 948 or 848, its terms are the ones that apply to you.
Can I delay the Bima Shree survival benefit?
Yes. Either or both payouts can be deferred by telling the servicing branch in writing at least six months before the due date. The deferred amount earns interest at the 5-year G-Sec yield less 150 basis points, fixed when you defer, and is paid when you take it or at death, maturity or surrender.
Can the Bima Shree maturity amount be taken in instalments?
Yes, under the Settlement Option, over 5, 10 or 15 years, exercised at least three months before maturity. The death benefit can be set up the same way during the policy term. The minimum instalment is ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly or ₹50,000 yearly, and a smaller claim is paid as a lump sum.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
Related calculators
Plans people usually weigh up against Bima Shree before deciding.
Jeevan Shiromani
No. 947A high net worth money back plan, minimum sum assured ₹1 crore.
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No. 721Four payouts of 15% across 25 years, with the highest money back bonus rate.
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No. 72020% of the sum assured back in years 5, 10 and 15, and the rest at maturity.
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No. 764Guaranteed additions that step up over time, plus two payouts before maturity.
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