• 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.

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    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
      "best policy"
      0.5 4.0/5 "Great!"
      I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. They also provided a personal accidental policy as complementary.Product name is jeevan anand policy. My annual premium is Rs. 17,000/- which is very reasonable and i can prefer for online payments to renew my policy with in the due date.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 18, 2018
    • LIC Life Insurance
      "best policy"
      0.5 4.0/5 "Great!"
      I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. Product name is jeevan anand policy. My annual premium is Rs. 60,000/- which is very reasonable and i can prefer for online payments to renew my policy with in the due date. They also provided a personal accidental policy as complementary.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 18, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a life insurance policy with LIC 15 years back, the premium of this policy gets auto deducted from the salary account. I have a coverage of Rs 1 lakh for this policy which is satisfactory. This is a long term policy with the tenure of 20 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 18, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a long term policy with LIC from last 8-9 years, i am happy with the coverage and returns of this policy. The tenure of this life insurance policy is 20 years. I pay my premium once in 6 months through net banking and i am convenient with the payment options of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 18, 2018
    • LIC Life Insurance
      "good policy"
      0.5 4.0/5 "Great!"
      I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. Product name is money back policy. My annual premium is Rs. 13,000/- which is very reasonable and i can prefer for online payments to renew my policy with in the due date.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 18, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      Having the Jeevan anand life insurance policy from the LIC and I got this policy around 4 years ago. The customer support service is good with the LIC and I pay the premium through online cheque and via cash. The LIC agents will come and collects the premium amount on time.
      Was this review helpful? 0
      , noida
      Reviewed on Apr 18, 2018
    • LIC Life Insurance
      "Good money plan "
      0.5 4.0/5 "Great!"
      I use the Life insurance policy from the LIC for the past 4 years and this Money back policy has the tenure of 10years. The plan benefits and the coverage is good with the money policy. I pay the premium amount of Rs,6000 per year and I am satisfied having the Money back policy from the LIC.
      Was this review helpful? 0
      , noida
      Reviewed on Apr 18, 2018
    • LIC Life Insurance
      "Jeevan Laksh with LIC"
      0.5 3.0/5 "Satisfactory"
      I have taken Jeevan Laksh life insurance from LIFE INSURANCE CORPORATION OF INDIA. The premium which i am paying is 25000 annually. I have to pay for 20 years and after 20 years i will get the sum assured and the interest. There is no money back in between.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Apr 18, 2018
    • LIC Life Insurance
      "Good money plan"
      0.5 5.0/5 "Blown Away!"
      The Money back life insurance policy is good to use and I have got this policy from LIC around 18years ago. The customer support service and the response is good with the LIC . This policy has the tenure of 20years only 2 years left for the maturity.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 18, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      Got the life insurance policy from the LIC around 7 years ago. The jeevan saaral has good plan benefits and the policy coverage . This policy has the tenure of 20 years. The premium amount of Rs,40,000 I need to pay to this LIC Jeevan saaral policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 18, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 10-15 years and it is a long term policy. I make my premium payment directly to the office and it is paid once in a year. I am happy with the coverage and returns of this policy. The maturity period of this policy is 20-25 years.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Apr 18, 2018
    • LIC Life Insurance
      "good policy"
      0.5 4.0/5 "Great!"
      I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. My product name is Lic Saral. I can prefer for online payments to renew my policy with in due date. It is a good product among all lic products.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 17, 2018
    • LIC Life Insurance
      "best experience"
      0.5 4.0/5 "Great!"
      I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. My annual premium is Rs, 3000/- which is very reasonable and i can prefer for online payments to renew my policy with in the due date.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 17, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 4-5 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in 3 months by cheque and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 17, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I have a life insurance policy with LIC from last 7-8 years and it is a long term policy. The tenure of this policy is 15-20 years. I pay my premium once in 3 months by cash and i am convenient with the payment options. I am happy with the coverage and returns of this poilicy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 17, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      Life Insurance Corporation of India service is good. The customer service is good with Life Insurance Corporation Of India. The payments where through online. The new schemes and offers are good they use to update me regularly. It was an good experience with Lic.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 17, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I have a Life Insurance with Lic. The service is good with Lic. I have two policy's with Lic,the tenure period is for 15 years. It was been eight years completed I have taken the service from Lic. The new schemes and offers are good with Lic. The payments where through online. It was an good experience with Lic.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 17, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      The life insurance service is good with the LIC and I have the Jeevan life insurance policy for the past 4 years. This policy has the tenure of 20years and I pay the premium amount of Rs,3000 in every 3 months once. The plan benefits and the policy coverage is good with this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 17, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      The life insurance policy is good to use from the LIC and I hold it for the past 2 years. The customer support service is good with the LIC . I have paid the premium amount just for a year but at present I am not paying the premium for this Life insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 16, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      LIC policy is one of the best life insurance policy to use, i am using LIC from last 4 years and it is a long term policy. I pay my premium every month through ECS and the payment options are convenient for me. The tenure period of this life insurance policy is 20 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 16, 2018
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