LIC Bima Account 2 Plan

LIC Bima Account is a traditional non linked insurance policy that offers more than just life cover. This particular life insurance policy by LIC not only offers life cover but also offers liquidity, guaranteed minimum returns and many other benefits. The plan offers double benefit in the form of protection and guaranteed returns.

Eligibility Criteria for LIC Bima Account 2

Minimum age at entry 8 years
Maximum age at entry 60 years
Minimum age at maturity 18 years
Maximum age at maturity 70 years
Minimum policy term 10 years
Maximum policy term 15 years

Key Features of LIC Bima Account 2

Type Traditional non linked plan
Basis Individual
Policy terms 10 to 15 years
Premium payment terms Same as the policy term
Premium payment mode Annually, bi-annually, quarterly and monthly
Death benefit Sum assured + balance in the policyholder's account will be paid as death benefit
Maturity benefit Balance in the policyholder's account will be paid as the maturity benefit on surviving the maturity date of the policy
Free look period 15 days
Grace period One month (30 days)
Guaranteed returns 6% p.a. Guaranteed returns
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
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 2

  • Maturity Benefit- In case of survival of the life assured for the entire policy term, they will be paid the balance in their account as maturity benefit.
  • Death Benefit-Sum assured along with balance in the insured's account will be paid as death benefit to the nominee in case of unfortunate death of the life insured.
  • Guaranteed Interest-The plan comes with guaranteed returns. The guaranteed interest offered is applicable only on the policyholder's account and not on the gross premium paid. The policyholder's account consists of the insured's regular premium account and top up premium account and a guaranteed interest of 6% will be paid as interest on the same. The guaranteed interest is paid only if the policy is in force and 5% p.a. of the policy is paid up.
  • Surrender Benefit- The policy qualifies for surrender benefit only after completion of third policy year. Balance in the policyholder's account will be paid as the surrender benefit in case of surrender of the policy on or after the third year.
  • Loan Benefit- Loan benefit will be granted under the policy only after completion of one year of the policy term given that all the premiums for that one year have been paid. One can avail a loan up to 60% of the amount in the policyholder's account. The rate of interest charged on the loan will be determined by Life Insurance Corporation.
  • The policy offers double benefit of life cover as well as guaranteed returns.

How does the Plan Work?

If you opt for LIC Bima Account 2 and pay an annual premium of Rs. 15,000 for a policy term of fifteen years, then the total account value at the end of the tenth year will be Rs. 1,87,943 which will also be the surrender value. The total account value at the end of 15 years will be Rs. 3,33,760

Premium payment for LIC Bima Account 2

Premium payment mode Installment
Annually Rs. 15,000
Bi-annually Rs. 8,000
Quarterly Rs.4,000
Monthly Rs. 1250

Riders for LIC Bima Account 2

There are no additional riders under this policy. The policy however offers a Top-up premium option which will allow you to pay additional premium in multiples of Rs.1,000.

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

 0.0 / 5.0   by 0 users
Used this product? Write a review >>

Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.