LIC Bima Account 2 (Table No.806) is a simple non-linked plan. Its similar to Bima Account 1 with some minor term differences. Its a unique plan with Insurance and investment with guaranteed return.
LIC Bima Account 2 features:
- Simple endowment plan
- High Liquidity
- Guaranteed minimum return
- Transparent charges
- High Risk cover
- Term 10 to 15 years
Under LIC Bima Account, (Plan No. 806) 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:
Loan facility will be available immediately after first policy anniversary.
Top-up Premium:
You will also have an option to pay additional (Top-up) premiums without any increase in risk cover.
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:
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 2:
Minimum Entry Age: 8 (completed)
Maximum Entry Age: 60 (nearest birthday)
Policy Term: 10 to 15
Minimum Maturity Age: 18 (completed)
Maximum Maturity Age: 70 (nearest birthday)
Minimum Premium:
Yearly Rs.15,000
Half-yearly Rs.8,000
Quarterly Rs.4,000
Monthly (ECS) Rs.1250
Top-up premium: Rs. 1000
Minimum Sum Assured: 10 times the annualized premium.
Maximum Sum Assured:
- 30 times of the annualized premium up to age 35 years
- 20 times of the annualized premium for age between 36 to 45years
- 10 times of the annualized premium for age between 46 to 60 years
Expense charges:
| Expenses charge (including commission) | ||
| First Year | 2nd & 3rd Years | Thereafter |
| 27.5% | 7.5% | 5% |
Expense charge for top-up Premium: 2.5%
