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  • LIC Bima Account 1 Plan

    LIC Life Insurance

    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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