LIC Bima Account 1 Plan

LIC Bima Account 1 is a non-linked life insurance policy that offers life cover along with guaranteed returns. The policy does not require any medical examinations and offers a wide range of benefits along with adequate life cover.

Eligibility Criteria for LIC Bima Account 1 Plan

Minimum age at entry 11 years
Maximum age at entry 50 years at nearest birthday
Minimum age at maturity 18 years
Maximum age at maturity 57 years at nearest birthday
Minimum policy term 5 years
Maximum policy term 7 years
Minimum annual premium Rs. 7,000
Maximum annual premium Rs. 14,000
Minimum sum assured 10 times the annualised premium
Maximum sum assured Up to the age of 35 years- 20 times the annualised premium 36 to 45 years- 14 times the annualised premium 46 to 50 years- 10 times the annualised premium

Key Features of LIC Bima Account 1 Plan

Type Non linked insurance plan
Basis Individual
Policy terms 5 to 7 years
Premium payment terms Same as the policy term
Premium payment mode Annually, bi-annually, quarterly and monthly
Minimum premium payment Yearly- Rs. 7,000 Half yearly- Rs. 4,000 Quarterly- Rs. 2,000 Monthly- Rs. 600
Maximum premium payment Yearly- Rs. 14,000 Half yearly- Rs. 7,000 Quarterly- Rs. 3,500 Monthly- Rs. 1,100
Minimum top up premium Rs. 1,000
Maximum top up premium Sum total of all the premiums paid up until then
Death benefit In case of the unfortunate death of the life insured during the policy term, the nominee will be paid sum assured along with the balance in the policyholder's account.
Maturity benefit Balance in the policyholder's account will be paid as the maturity benefit on surviving the maturity date of the policy
Top up premium The policyholder can pay top up premium in the multiple of Rs. 1,000
Decrease in benefits The plan provides the flexibility of reducing the sum assured during the term of the policy (subject to the minimum limit).
Free look period 15 days
Grace period One month (30 days)
Guaranteed returns The guaranteed interest paid is applicable only on the policyholder's account and not on the gross premium paid by the policyholder.
Policy cover Death benefit, maturity benefit along with guaranteed returns
Loan facility Loan facility is available after successful completion of one year of the policy given that the year's premiums have been paid completely.
Policy revival The policy can be revived within the first 12 months from the date of the first unpaid premium in case of lapse of the policy

Benefits of LIC Bima Account 1 Plan

Listed below are the benefits of the LIC plan.

  • Death Benefit- The policy offers death benefit in case of the unfortunate death of the insured. The sum assured along with the remaining balance in the policyholder's account will be paid as death benefit to the nominee.
  • Maturity Benefit- In case of survival until the maturity date of the policy, the nominee will be paid the balance in the policyholder's account as maturity benefit.
  • Loan Benefit- One can avail loan under the policy once they've completed one year into the policy with all the premiums paid completely.
  • Surrender Benefit- The policy will acquire surrender benefit as soon the first premium is paid. But the surrender benefit is payable only after the policy completes three years.
  • Low premium
  • The policy can be purchased online

How does the Plan Work?

Consider the example of Mr. Satish, a 30 year old professional who opts for LIC Bima Account 1 for a policy term of 7 years and an annual premium of Rs.10,000. By the end of the 7th year, the total account value of policyholder at maturity will be Rs.78,938, considering the return is paid at 6% p.a.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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