Summary of Bima Account:
LIC’s Bima Account 1 (Plan No. 805) is a without profit Variable Insurance Product. Under this life insurance policy there will be a Policyholder’s Account maintained separately for individual policyholder, which shall consist of two parts;
LIC Bima Account 1 at glance
a) Benefits payable on death: Bima Account 1:
In case of death of the Life Assured during the policy term, when the policy is inforce, the nominee shall get the Sum Assured along with the balance in the Policyholder’s Account.
b) Benefits payable on maturity – Bima Account 1:
On life assured surviving the date of maturity an amount equal to balance in the Policyholder’s Account is payable.
c) Guaranteed Interest – Bima Account 1:
Guaranteed interest rate shall be applicable on Policyholder’s Account and not on the gross premium paid by the Policyholder.
The Policyholder’s Account i.e both Policyholder’s Regular Premium Account and
Policyholder’s Top-up Premium Account will earn an annual interest of 6% p.a. provided the policy is inforce and 5% p.a. if the policy is paid-up. The interest rates will be guaranteed for the whole of the policy term.
During the revival period Policyholder’s Account will earn guaranteed interest rate of 5% p.a. On revival of policy, the guaranteed rate of interest on Policyholder’s Account will again be 6% p.a. from the date of revival.
The interest amount will be calculated on day to day basis on balance in the Policyholder’s Account after deduction of all due charges and shall be credited to the Policyholder’s Account at the end of each calendar month.
d) Additional Interest – Bima Account 1:
The LIC of India may also declare an additional interest rate on Policyholder’s Regular Premium Account for inforce policies based on the experience under this plan.
Premium:
Annual Premiums shall be payable in multiple of Rs.1,000 for all modes other than ECS monthly. For monthly (ECS), the premium shall be in multiples of Rs. 100/-.
Charges under LIC Bima Account 1:
First Year 27.5%
2nd year 7.5% &
3rd Years Thereafter: 5%
Top-up Premium: 2.5%
LIC’s Bima Account 1 (Plan No. 805) is a without profit Variable Insurance Product. Under this life insurance policy there will be a Policyholder’s Account maintained separately for individual policyholder, which shall consist of two parts;
- Regular Premium Account
- Top-up Premium Account.
LIC Bima Account 1 at glance
- An Endowment Plan with guaranteed return
- Premium Top up facility
- A plan with Guaranteed Interest of 6% for Whole Term
- A very high Risk cover
- Short Term policy (5-7 years)
- Loan Available after 1 Year : 60% of amount in Policyholder’s account
- Surrender Available after 1 year but money will be given after 3 years
- No Surrender Charges
a) Benefits payable on death: Bima Account 1:
In case of death of the Life Assured during the policy term, when the policy is inforce, the nominee shall get the Sum Assured along with the balance in the Policyholder’s Account.
b) Benefits payable on maturity – Bima Account 1:
On life assured surviving the date of maturity an amount equal to balance in the Policyholder’s Account is payable.
c) Guaranteed Interest – Bima Account 1:
Guaranteed interest rate shall be applicable on Policyholder’s Account and not on the gross premium paid by the Policyholder.
The Policyholder’s Account i.e both Policyholder’s Regular Premium Account and
Policyholder’s Top-up Premium Account will earn an annual interest of 6% p.a. provided the policy is inforce and 5% p.a. if the policy is paid-up. The interest rates will be guaranteed for the whole of the policy term.
During the revival period Policyholder’s Account will earn guaranteed interest rate of 5% p.a. On revival of policy, the guaranteed rate of interest on Policyholder’s Account will again be 6% p.a. from the date of revival.
The interest amount will be calculated on day to day basis on balance in the Policyholder’s Account after deduction of all due charges and shall be credited to the Policyholder’s Account at the end of each calendar month.
d) Additional Interest – Bima Account 1:
The LIC of India may also declare an additional interest rate on Policyholder’s Regular Premium Account for inforce policies based on the experience under this plan.
Premium:
| Mode | Yearly | Half Yearly | Quarterly | Monthly (ECS) | |
| Min. Premium | Rs.7000 | Rs.4000 | Rs.2000 | Rs.600 | |
| Max. Premium | Rs.14000 | Rs.7000 | Rs.3500 | Rs.1100 |
Charges under LIC Bima Account 1:
First Year 27.5%
2nd year 7.5% &
3rd Years Thereafter: 5%
Top-up Premium: 2.5%
