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  • LIC Bima Nivesh 2005 Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Bima Nivesh 2005, a value-added offering by LIC, is a short-term insurance plan that provides liquidity and safety, along with attractive returns. This scheme, which can be availed for either 5 years or 10 years, also offers compound rate for guaranteed and loyalty additions. It is an ideal investment for people with a good periodical income.


    Eligibility Criteria for LIC Bima Nivesh 2005

    The policyholder who wishes to avail the Bima Nivesh 2005 insurance scheme by Life Insurance Corporation (LIC) has to fulfill the following eligibility criteria:

    • The minimum age of entry for the main plan is 13 years (as of last birthday).
    • For the term assurance option, the policyholder should have completed 18 years of age.
    • Maximum age at entry: (Main plan)- 70 years; (Term assurance plan) - 50 years
    • Maximum maturity age: 75 years (Main plan) & 60 years (Term assurance option)

    Key Features of LIC Bima Nivesh 2005

    A few of the important features of the Bima Nivesh 2005 insurance policy offered by LIC are mentioned below:

    Parameters Minimum Maximum
    Sum assured (Main plan) Rs 25,000 No limit
    Sum assured (Term assurance policy) Rs 1,00,000 Rs 25 lakh
    Policy term 5 years and 10 years  
    • The premium rate for the 5 year term is Rs 995 per Rs 1000 sum assured
    • For the 10 year term, premium rate is Rs 976 per Rs 1000 sum assured

    Benefits of LIC Bima Nivesh 2005

    Among the many benefits of availing Bima Nivesh 2005 insurance scheme, a few of the perks have been mentioned below:

    • Guaranteed additions are offered by the policy. Under the basic plan, having term of 5 years, Rs 50 for every Rs 1000 of the sum assured is added. For the policy with 10 years as term, Rs 55 per Rs 1000 of the sum assured is paid. These guaranteed additions are paid at the end of every completed year.
    • On maturity of the policy, basic sum assured and compounded guaranteed additions are paid to the life insured. Loyalty additions, if any and as decided by the Corporation, will be added to the maturity benefit.
    • In case the life assured dies before the end of the policy, the sum assured and the accrued guaranteed addition will be paid to the nominee.
    • Rebate of 1% is paid on the premium if it more than Rs 50,000. When the premium amount exceeds Rs 1,00,000, a rebate of Rs 500 plus 1.5% of the basic premium is paid.
    • Policyholders can avail loan under this insurance scheme, post the completion of 1 year.
    • The policy also comes with surrender value, which will be available to the policyholder, after the term period of one year.

    How LIC Bima Nivesh 2005 Works

    Aged 35 years Mr. Prasad, opts for LIC’s Bima Nivesh 2005, paying a sum assured of Rs 1 lakh for a term of 10 years. He pays around Rs.97,124/- as single premium annually. On maturity of the policy, a sum of Rs 1,70,814 along with the loyalty addition, if any, will be paid to Mr Prasad. In case of of his untimely death before the policy’s end, his nominee will be paid Rs.1 lakh sum assured plus the accrued guaranteed addition.

    Premium Payment

    The premium payment mode for both the main plan and term assurance scheme is single premium, which is done on an annual basis, depending on the policy opted by the life insured.

    Riders

    There is an optional Term Assurance Rider benefit for this LIC Endowment insurance policy. An additional single premium will have to be paid in order to avail this benefit. In case the life insured passes away before the policy term ends, the death benefit along with a sum equal to the term assurance rider is paid to the nominee/legal heir. In order to avail this optional benefit, the following eligibility criteria should be met:

    • Minimum age at entry: 18 years (completed)
    • Maximum age for availing the additional benefit: 50 years
    • Minimum sum assured: Rs 1,00,000
    • Maximum sum assured: Rs 25,00,000. This amount is calculated based on sum assured of all the term assurance rider under policies taken from the Corporation.

    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

    LIC Bima Nivesh 2005 Plan Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 10-11 months and it is a long term policy. The name of the policy is Jeevan anand so i pay my premium once in 3 months through online and i am convenient with the payment options. The tenure period for this policy is 15 years.
      Was this review helpful? 1
      , chennai
      Reviewed on Aug 17, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 5 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 6 months by cash and i am convenient with the payment options. The maturity period for this loan is 21 years.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 17, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 8 years and it is a money back policy. I get a money back of Rs 20000 every 5 years. I pay my premium once in 3 months through direct payment and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 17, 2018
    • LIC Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken jeevan anand policy form Life insurance corporation of India . Its been 5 years am making the payment through their office every half yearly. I have chosen this policy based on the good returns after certain years . This policy has 20 years of tenure period with coverage of 55 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 13, 2018
    • LIC Life Insurance
      "GOOD "
      0.5 3.5/5 "Pretty good"
      Not much words about the life insurance because i will be paying it yearly premium, i have started making payments for this life insurance like 7 years ago, at the time of taking the policy the processing also was easy, also they guided well for the same.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 13, 2018
    • LIC Life Insurance
      "Better Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying a premium of 22000 per year. Even after the implementation of the GST the premium still remains the same. SO far there hasn't been any issues with their services.
      Was this review helpful? 1
      , new delhi
      Reviewed on Aug 13, 2018
    • LIC Life Insurance
      "Better Service"
      0.5 4.0/5 "Great!"
      I've got two life insurance policies with the LIC. I am paying a premium of 33000. The premium is paid online. I never had any issues with their services. Being a govt company the security for your investment is guaranteed.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. My father is an employee of the LIC and we're familiar about most of their products. There hasn't been any issues with their services so far. I'd recommend LIC to anyone who is looking for zero risk investments.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 13, 2018
    • LIC Life Insurance
      "Satisfied with the service"
      0.5 5.0/5 "Blown Away!"
      My life insurance is with LIC. I have taken a money back policy. The tenure is for 15 to 20 years. I would also get the bonus every few years. The payments are done online and also through the agent whom I got the policy from. It is a very trustworthy company.
      Was this review helpful? 0
      , korba
      Reviewed on Aug 13, 2018
    • LIC Life Insurance
      "Nice experience"
      0.5 4.0/5 "Great!"
      I have taken my life insurance with LIC. It is a normal policy and the tenure is for 15 years. After the maturity term the benefits are good. The premium is of 636 which is paid on a monthly basis. It is deducted through ECS. The sum assured and the benefits are good.
      Was this review helpful? 0
      , dibrugarh
      Reviewed on Aug 11, 2018
    • LIC Life Insurance
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      My life insurance is with LIC. The customer services are good, they send me messages about my payments. I have taken a Jeevan Anand policy. The tenure is for 15 years, and after the maturity term there is a coverage for life long. I can pay my premium online. The message I get for the payment has a link and through that link I can pay my premium.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 11, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have life insurance policy with LIC from last 10 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months and i am convenient with the payment options. The name of the policy is Jeevan anand and the tenure period is 25 years.
      Was this review helpful? 1
      , chennai
      Reviewed on Aug 11, 2018
    • LIC Life Insurance
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance with LIC. It is a kind of a savings plan. The benefits and the sum assured is good and my child will be the nominee for the same. The tenure is for 20 years and the premium is paid twice in a year. The payment can be done online and it is convenient.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 10, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 7 years and it is a short term policy. I am happy with the returns and benefits of this policy. I pay my premium once in a year through online banking and i am convenient with the payment options. The tenure period for this policy is 10 years.
      Was this review helpful? 1
      , kolkata
      Reviewed on Aug 07, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 9 years and it is a long term policy. The name of this policy is Jeevan anand and the tenure period for this life insurance policy is 20 years. Website is very good and i make my premium through ECS.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Aug 06, 2018
    • LIC Life Insurance
      "Good Service so far"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I am paying a premium of 48000 per year, the policy has got maturity benefits. Considering the premium I pay it is a very good life insurance policy to have. I haven't faced any issues with their services.
      Was this review helpful? 1
      , faridabad
      Reviewed on Aug 04, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying a premium of around 1.8 Lacs per year. The services are good, for some policies I make payments online and for I pay the policy offline. Overall it has been a good experience with the services of LIC.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 04, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 10 years and it is a good policy to use. I pay my premium once in a year for Rs 6000 by cash and i am convenient with the payment options. I have a coverage value of Rs 10 lakhs for this policy and i am happy with the returns.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 31, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 3 years and it is a long term policy. The name of the policy is Jeevan anand. I pay my premium once in 3 months for Rs 18000 by ECS and the payment options are convenient for me. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jul 31, 2018
    • LIC Life Insurance
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken this Life insurance a long time back. The premium amount has been good as well as the payment method also had been easy. I had been making the payments directly and there has not been any hassle made so far. Their customer support and the staff responses also had been helpful at times.
      Was this review helpful? 0
      , noida
      Reviewed on Jul 30, 2018
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