LIC Bima Shree 948 is a with-profit, limited premium money back plan for high sum assured buyers, sold from 1 February 2020 to 18 November 2024. It pays two money backs late in the term plus a maturity amount with guaranteed additions. A 30-year-old with ₹10 lakh cover for 16 years pays about ₹89,509 a year for 12 years and receives about ₹16.55 lakh in total.
Bima Shree 948 Premium & Money Back Calculator
Your estimate
money backs + maturity
- Premium per instalment
- ₹89,509
- Premium paying term
- 12 years
- Total premium paid
- ₹10,74,108
- Survival benefits (money back)years 12 & 14, each time
- ₹3,50,000
- Estimated maturity amount30% of sum assured + GA + loyalty
- ₹9,55,000
- Guaranteed additions
- ₹6,35,000
- Loyalty addition (estimated)
- ₹20,000
- Sum assured on deathplus accrued additions; money backs already paid are not deducted
- ₹12,50,000
- Approx. return (IRR)
- 4.68%
- Age at maturity
- 46 years
- Total premium paid₹10,74,10865%
- Net gain₹5,80,89235%
Year-wise money back, additions and death cover
| Policy year | Your age | Premium paid till then | Payout that year | Guaranteed additions accrued | Death benefit in that year |
|---|---|---|---|---|---|
| 1 | 31 years | ₹89,509 | ₹0 | ₹50,000 | ₹12,50,000 |
| 2 | 32 years | ₹1,79,018 | ₹0 | ₹1,00,000 | ₹13,00,000 |
| 3 | 33 years | ₹2,68,527 | ₹0 | ₹1,50,000 | ₹13,50,000 |
| 4 | 34 years | ₹3,58,036 | ₹0 | ₹2,00,000 | ₹14,00,000 |
| 5 | 35 years | ₹4,47,545 | ₹0 | ₹2,50,000 | ₹14,50,000 |
| 6 | 36 years | ₹5,37,054 | ₹0 | ₹3,05,000 | ₹15,20,000 |
| 7 | 37 years | ₹6,26,563 | ₹0 | ₹3,60,000 | ₹15,75,000 |
| 8 | 38 years | ₹7,16,072 | ₹0 | ₹4,15,000 | ₹16,30,000 |
| 9 | 39 years | ₹8,05,581 | ₹0 | ₹4,70,000 | ₹16,85,000 |
| 10 | 40 years | ₹8,95,090 | ₹0 | ₹5,25,000 | ₹17,40,000 |
| 11 | 41 years | ₹9,84,599 | ₹0 | ₹5,80,000 | ₹17,95,000 |
| 12 | 42 years | ₹10,74,108 | ₹3,50,000 | ₹6,35,000 | ₹18,50,000 |
| 13 | 43 years | ₹10,74,108 | ₹0 | ₹6,35,000 | ₹19,05,000 |
| 14 | 44 years | ₹10,74,108 | ₹3,50,000 | ₹6,35,000 | ₹19,05,000 |
| 15 | 45 years | ₹10,74,108 | ₹0 | ₹6,35,000 | ₹19,05,000 |
| 16 | 46 years | ₹10,74,108 | ₹9,55,000 | ₹6,35,000 | ₹19,05,000 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC Bima Shree Plan 948?
LIC Bima Shree Plan 948 (UIN 512N316V02) is a money back policy for buyers who want a large sum assured, with a minimum of ₹10 lakh. It is non-linked, with-profit and limited premium: you pay for four years less than the term. It was launched on 1 February 2020 as the revised version of Bima Shree 848 and withdrawn on 18 November 2024, after which Bima Shree 748 took its place.
If you hold a 948 policy, it keeps running exactly as issued. Use the calculator above to see your premium, the dates and amounts of your money backs and your likely maturity.
Bima Shree 948 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 948 / 512N316V02 |
| Sold | 1 February 2020 to 18 November 2024 |
| Policy term | 14, 16, 18 or 20 years |
| Premium paying term | Policy term minus 4 years |
| Entry age | 8 to 55 (14 yrs), 51 (16 yrs), 48 (18 yrs), 45 (20 yrs) |
| Minimum sum assured | ₹10,00,000, in multiples of ₹1,00,000 |
| Guaranteed additions | ₹50 per ₹1,000 (years 1–5), ₹55 (year 6 to end of paying term) |
| Death cover | Higher of 125% of sum assured or 7× annualised premium |
| Rebates | 2% yearly, 1% half-yearly; small rebate from ₹20 lakh sum assured |
Money back schedule
| Term | Money backs | At maturity |
|---|---|---|
| 14 years | 30% at years 10 and 12 | 40% + additions |
| 16 years | 35% at years 12 and 14 | 30% + additions |
| 18 years | 40% at years 14 and 16 | 20% + additions |
| 20 years | 45% at years 16 and 18 | 10% + additions |
Premium and benefit examples
The calculator uses the source’s premium table for ₹10 lakh at ages 20, 30, 40 and 50, interpolated for other ages.
Example 1: age 30, ₹10 lakh, 16-year term. Premium ₹89,509 a year (₹7,611 a month) for 12 years, ₹10,74,108 in total. Money backs of ₹3,50,000 at years 12 and 14, maturity about ₹9,55,000. Total benefits ₹16,55,000, a return of about 4.7% a year.
Example 2: age 35, ₹20 lakh, 20-year term. Premium ₹1,40,195 a year for 16 years after the high sum assured rebate. Money backs of ₹9,00,000 at years 16 and 18, maturity about ₹19,50,000, total ₹37,50,000 against ₹22,43,120 paid.
Receipts from before 22 September 2025 include GST (4.5% in year one, 2.25% later). Since then no GST is charged on individual life policies.
Tip: most of a 948 policy’s value arrives in the last four to six years. Surrendering during the paying term gives up the money backs and most of the additions, so take a policy loan for short-term needs instead.
Death benefit
On death during the term the nominee gets the sum assured on death (the higher of 125% of sum assured or 7 times the annualised premium), guaranteed additions accrued so far and, after five years, the loyalty addition. Money backs already received are not deducted. On a ₹20 lakh policy the base is ₹25 lakh.
Loan, surrender and tax
A loan is available against the surrender value once the policy qualifies, and a paid-up option applies if you stop paying after the minimum period. Before surrendering, check the figure with our surrender value calculator. Premiums qualify under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old regime), and money backs, maturity and death claims are generally tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) when the premium is within 10% of the sum assured.
Bima Shree 948 vs 848 vs 748
Plan 948 changed the minimum death cover from 10 times to 7 times the annualised premium and trimmed premium rates slightly compared with 848. Plan 748 keeps the same schedule and additions for the 14 to 20-year terms, adds 24 and 28-year terms and follows the 2024 surrender rules, but its premiums are a little higher than both older versions. For a 30-year-old with ₹10 lakh for 16 years, our calculators show ₹91,336 (848), ₹89,509 (948) and ₹92,071 (748).
How to use this calculator
- Enter the age at entry and policy term from your bond.
- Enter the sum assured and premium mode.
- Keep the loyalty addition estimate or set it to 0 for guaranteed values only.
- Read the premium, money backs, maturity, total returns and the year-wise table. Figures are estimates; your policy bond and LIC’s records are final.
Frequently asked questions
Is LIC Bima Shree 948 still available?
No. LIC withdrew Bima Shree 948 (UIN 512N316V02) on 18 November 2024. Existing policies continue with the same money backs, guaranteed additions and loyalty addition rules until maturity. New buyers can look at the current version, Bima Shree 748.
When will I get the money back in Bima Shree 948?
It depends on your term: 30% of sum assured at years 10 and 12 (14-year term), 35% at years 12 and 14 (16 years), 40% at years 14 and 16 (18 years) or 45% at years 16 and 18 (20 years). The balance is paid at maturity.
How much maturity will I get from Bima Shree 948?
Maturity is the remaining 10% to 40% of sum assured plus guaranteed additions and any loyalty addition. On ₹10 lakh for 16 years, that is about ₹9.55 lakh at maturity (assuming a ₹20 per ₹1,000 loyalty addition), on top of two money backs of ₹3.5 lakh each.
What guaranteed additions does Bima Shree 948 give?
₹50 per ₹1,000 sum assured for each of the first five years and ₹55 per ₹1,000 from year six until the premium paying term ends, provided premiums are paid. For a ₹20 lakh, 20-year policy that adds up to ₹17.1 lakh.
What is the death benefit in Bima Shree 948?
The nominee receives the higher of 125% of the basic sum assured or 7 times the annualised premium, plus accrued guaranteed additions and, after five years, the loyalty addition. Money backs already paid are not deducted, and the claim is at least 105% of premiums paid.
Was GST charged on Bima Shree 948 premiums?
Yes, until 21 September 2025 LIC charged 4.5% GST in the first year and 2.25% after that. From 22 September 2025 individual life policies are GST-exempt, so the premium you now pay is the base premium only.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.