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LIC Bima Nivesh 2005 Plan

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

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

LIC Bima Nivesh 2005 Plan Reviews

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  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am happy with life insurance of corporation of India I have life insurance corporation of India last four years before my plan is fifteen years almost four years is complete and I payed net banking . This is best customer service provided and response at a time and this is best insurance is all over insurance
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Mar 25, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance through LIC Agent,The agent had clearly explain me about the policy coverage and plan benefits, and even their customer support is good, like they use to response me well,and the premium amount i use to pay via cheque on monthly basis.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Mar 25, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 4.5/5 "Excellent!"
    I have taken Life Insurance policy through LIC. The name the policy is Bhima Kiran it was taken before 12years .The premium is nominal and i am paying the premium through credit card somtime through online .The LIC agent visited home and given details l and taken the policy it was the a tenure of 25years.Not yet faced any difficulties.I have received the policy documents on time .The Bhima Kiran policy was an old policy since launched before 12years .The Overall Service is Good .
    Was this review helpful? 0
    , thiruvananthapuram
    Reviewed on Mar 25, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance though theLIC Agent.The agent visited home and gave all the details of the life insurnace policy and got an idea and taken the policy .I have taken the policy for the tenure 20 years.The preminim was nominal as well.I am paying the premium through yearly basis only. I am doing the payment through online .I have received the policy documents on time .I will be getting the payment due information through message.I have choosed LIC sicne have good service .The Overall Service is Good and Convenient.
    Was this review helpful? 0
    , nagpur
    Reviewed on Mar 25, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA and using it since from last 2 years with this insurance policy. The documentation process was simple and easy. The name of the policy is JEEVAN ANAND and the maturity period for 215 years.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 25, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the JEEVAN ANAND policy with the LIFE INSURANCE CORPORATION OF INDIA and the maturity period is this policy is for 21 years and the premium i have been paying for yearly once with this policy this gives the policy coverage for self. It has the life coverage along with that accidental benefits with this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 25, 2019
  • LIC Life Insurance
    "Very Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance through LIC Agent.The LIC agent visited office and then got the details of the life insurance and taken the policy.The policy tenure is for 15 years.I am paying the premium on monthly basis.The premium is nominal .The premium is deducted through EMI.I have received the policy documents on time.I have not faced any issues on submiting the documents.The agent clearly explained the process .The Overall Service is Good.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Mar 24, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance Policy for the tenure of 25years .The LIC agent directly visited the home and taken policy.The name of the policy is a Jeevan Anand . I a m paying the premium on quarterly basis .I am paying the premium through net banking. The policy documents received on time. The agent clearly explained the process of the life insurance .Processing was simple and neat.
    Was this review helpful? 0
    , pune
    Reviewed on Mar 24, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken LIC Policy directly with LIC agent since visited home .I have this life insurance policy for the tenure of 20 years and i am paying the premium yearly .The agent clearly explained the process of the policy .I have received the policy documents on time.I am payng the premium of Rs.18000.I am paying the premium through debit card and also through cash payment as well.The Overall Service is Good .
    Was this review helpful? 0
    , new delhi
    Reviewed on Mar 22, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA and i have been using it from last 5-6 years. It gives the life coverage for family also the premium i am paying for 3 months once with this policy. I hold the money back plan with this insurance policy.
    Was this review helpful? 0
    , gudivada
    Reviewed on Mar 20, 2019
  • LIC Life Insurance
    "Good plan"
    0.5 4.0/5 "Great!"
    I have taken one life insurance policy with LIC. They are doing good service and have started the policy in the year 2007. Its a Jeevan Anand plan and the tenure is 16 years. I directly visit the branch and am getting good response. The sum assured value is 1L. I am paying half yearly 3600 rupees through cash.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 20, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the MONEY BACK policy with the LIFE INSURANCE CORPORATION OF INDIA and i am using it from last more than 17 years. The maturity period of this policy is for 3 months. The sum assured with this policy has been explained by the customer service.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 20, 2019
  • LIC Life Insurance
    "AVERAGE"
    0.5 2.0/5 "Expected more"
    I have been using the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA since from last 5 years but i am not satisfied with the customer support as the service is pathetic. The premium i am paying for 3 months once and the maturity period is for long term.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 20, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the policies from LIFE INSURANCE CORPORATION OF INDIA and i am using it from last 2012, the maturity period of this policy is long term, and the benefits are explained by the customer support at the beginning. The premium paying for 3 months once.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 19, 2019
  • LIC Life Insurance
    "Good"
    0.5 3.0/5 "Satisfactory"
    This is best customer service provided and response at a time and this is best insurance is all over insurance.I am happy with life insurance of corporation of India I have life insurance corporation of India last four years before my plan is twenty years almost four years is complete and payment mood and I don;t know about plan is good.
    Was this review helpful? 1
    , chennai
    Reviewed on Mar 19, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 3.5/5 "Pretty good"
    I have taken the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA and using it since from last 2 years. I am not aware of the name of the policy but the customer service is good by explaining about the benefits of the policy. It provides the life coverage also the accidental benefits with this policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 19, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am happy with life insurance of corporation of India. This is best customer service provided and response at a time and this is best insurance is all over insurance. I have life insurance corporation of India last twenty years before my plan is twenty five years almost ten years is complete and payment mood and plan is good.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 19, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life insurance through LIC.The agent directly visited home and got the details then applied for Life Insurance.It is a 7year tenure policy and i am paying the premium on yearly basis and the yearly premium is Rs.5000 deducted through EMI .I will be getting the message for the payment due as well.The Overall service is good according to me .
    Was this review helpful? 0
    , guwahati
    Reviewed on Mar 19, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.5/5 "Excellent!"
    I am not sure about the name of the policy that i am using it through the LIFE INSURANCE CORPORATION OF INDIA and i am using it from last 10 years. The maturity period is for long term. The premium i am paying yearly once also the coverage is for self.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 19, 2019
  • LIC Life Insurance
    "GOOD POLICY"
    0.5 5.0/5 "Blown Away!"
    I have purchased the JEEVAN ANAND policy with the LIFE INSURANCE CORPORATION OF INDIA where i am using from last 10 years. The premium paying for once in a year which is 25k added on that the coverage is for family. The sum assured is 10L with this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 19, 2019
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