LIC Bima Account 1 is a simple non-linked plan under which you can be covered without undergoing any medical examination. Its a unique plan with Insurance and investment with guaranteed return.
LIC Bima Account 1 features:
- Simple endowment plan
- High Liquidity
- Guaranteed minimum return
- No medical examination required
- Transparent charges
- High Risk cover
Under LIC Bima Account, (Plan No. 805) the premiums paid by you, after deduction of charges, will be credited to the the Bima Account.
Policyholder’s Account will consist of 2 parts:
- Bima account Regular Premium Account
- Top-up Premium Account
Your regular premiums will be credited in your regular account and if you top up your account it will be credited to your top up account.
Loan facility will be available immediately after first policy anniversary.
6% guaranteed Interest:
Bima Account will earn an annual interest of 6% p.a. provided the policy is in force and 5% p.a. if the policy is paid-up. These interest is guaranteed for whole policy term. In addition to this guaranteed return, if all due premiums are paid, your account may earn an additional return depending upon the experience under Bima account plan.
Benefits payable on death:
In case of death of the Life Assured during the policy term, when the policy is inforce, the nominee will get the Sum Assured along with the balance in the Policyholder’s Account.
Benefits payable on maturity:
On life assured surviving the date of maturity an amount equal to balance in the Bima Account is payable.
Eligibility conditions and terms of Bima account 1:
Minimum Entry Age: 11 (completed)
Maximum Entry Age: 50 (nearest birthday)
Policy Term: 5 to 7
Minimum Maturity Age: 18 (completed)
Maximum Maturity Age: 57 (nearest birthday)
Monthly (ECS) Rs. 600
Top-up premium: Rs.1000
Minimum Sum Assured: 10 times the annualized premium.
Maximum Sum Assured:
- 20 times of the annualized premium up to age 35 years
- 14 times of the annualized premium for age between 36 to 45years
- 10 times of the annualized premium for age between 46 to 50 years
Regular premium charges:
|Expenses charge (including commission)|
|First Year||2nd & 3rd Years||Thereafter|
Expense charge for top-up Premium: 2.5%