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LIC Bima Account 1

Written By Franklin V on Wednesday, May 4, 2011 | 11:18 AM

LIC Bima Account Summary:

LIC Bima Account 1 (Plan No. 805) is a without profit Variable Insurance Product wherein the proposals will be accepted under Non-medical Scheme only. Under this plan there will be a Policyholder’s Account maintained separately for individual policyholder, which shall consist of two parts;
  1. Policyholder’s Regular Premium Account
  2. Policyholder’s Top-up Premium Account.
The Policyholder’s 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 rate will be guaranteed for the whole of the policy term. LIC may also declare an additional interest rate on Policyholder’s Regular Premium Account for inforce policies based on the experience under the LIC Bima Account 1 plan.

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
BENEFITS:

a) Benefits payable on death:
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:
On life assured surviving the date of maturity an amount equal to balance in the Policyholder’s Account is payable.

c) Guaranteed Interest:
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:
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.

ELIGIBILITY CONDITIONS AND FEATURES:

Minimum Sum Assured: 10 times the annualized premium
Maximum Sum Assured:
  • 20 times the annualized premium up to age 35 years
  • 14 times the annualized premium for age between 36 to 45 years
  • 10 times the annualized premium for age between 46 to 50 years
The maximum Sum Assured shall be subject to maximum non-medical limit applicable for the life to be assured.

Minimum Premium:
Premium LIC Bima Account 1
ModeYearlyHalf YearlyQuarterlyMonthly (ECS)
Min. PremiumRs.7000Rs.4000Rs.2000Rs.600
Max. PremiumRs.14000Rs.7000Rs.3500Rs.1100

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/-.

Minimum Entry Age : 11 (completed)
Maximum Entry Age : 50 (nearest Birthday)
Policy Term : 5 to 7 yrs
Minimum Maturity Age : 18 (completed)
Maximum Maturity Age : 57 (nearest Birthday)
Age At entry is to be taken as age nearest birthday except for the minimum age at entry.
Charges under LIC Bima Account 1:
First Year 27.5%
2nd year 7.5% &
3rd Years Thereafter: 5%
Top-up Premium: 2.5%
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