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.
Table of Contents
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 |
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 |
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 mode | Installment |
Annually | Rs. 15,000 |
Bi-annually | Rs. 8,000 |
Quarterly | Rs.4,000 |
Monthly | Rs. 1250 |
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.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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