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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
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have purchased the policy of my life insurance with LIFE INSURANCE CORPORATION OF INDIA for long years because of brand value.i have been paying my premium per year for 1900 rupees i have paid first my premium through agent after that i directly pay through on line only.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 15, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken jeevan anand policy from life insurance corporation of India . I pay half yearly the premium amount with tenure period of 10 years . This policy covers benefits like accidental benefits and critical illness benefits too. Overall am satisfied with my policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 15, 2018
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have purchased the life insurance policy with LIFE INSURANCE CORPORATION OF INDIA the reason is that because it is a tradition company. The premium for this policy i pay for yearly once 12k and it gives the policy coverage of 1lakhs also it gives the life coverage too.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 15, 2018
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have purchased the policy of life insurance with LIFE INSURANCE CORPORATION OF INDIA before 3 years because of the brand value. I am holding the money back policy where the premium i am paying for monthly one as 15k. This gives the coverage for me and my spouse.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 15 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 through direct payment. The maturity period for this policy is for 25 years.
      Was this review helpful? 0
      , kochi
      Reviewed on Oct 11, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 15 years and it is a money back policy. I get money back after every 5 years. I pay my premium once in 6 months through direct payment and i am convenient with the payment options. The tenure period for this policy is 20 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 11, 2018
    • LIC Life Insurance
      "VERY GOOD"
      0.5 4.5/5 "Excellent!"
      I have purchased the life insurance policy with LIFE INSURANCE CORPORATION OF INDIA and using from last 10 years. The maturity period is for 15 years i get 4 years once money back. The coverage is for my family the premium i pay for 3 months once i pay through offline. The service is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 11, 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. I am happy with the returns and benefits of this policy. I pay my premium once in 6 months through direct payment. The maturity period for this policy is for 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 11, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 13 years and it is a money back policy. The maturity period for this policy is 16 years. I pay my premium once in 3 months through online payments and i am convenient with the payment options. I get money back after every 3 years.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Oct 11, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have take my life insurance policy from Life insurance corporation of India. the policy cover with all benefits like illness coverage, i use to pay my premium through credit card or debit card, i am happy with the benefit they have provide me i use to pay premium in every 4 quarterly month , and premium they charge me is 3000 rupee.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 10, 2018
    • LIC Life Insurance
      "Average policy"
      0.5 3.0/5 "Satisfactory"
      I have taken life insurance jeevan policy from Life insurance corporation of India . This policy cover with accidental coverage and critical illness coverage . This is good policy with good benefits . Overall am satisfied with customer service and response .And making the payment half yearly through on-line net banking.
      Was this review helpful? 1
      , new delhi
      Reviewed on Oct 10, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken jeevan anand policy form Life insurance corporation of India . 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 good tenure period with good coverage
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 10, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I took this life insurance from life insurance company, its been always safer side as this insurance company belongs to govt. and i do my payment through on line and the premium per year they charge me is 7 thousand .this policy cover good benefits.
      Was this review helpful? 1
      , kolkata
      Reviewed on Oct 09, 2018
    • LIC Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I took life insurance jeevan beema policy from Lic insurance company mainly because of the good returns, the payment am doing through Ecs quarterly . There customer service and customer response is good .This policy covers accidental and critical illness coverage .
      Was this review helpful? 1
      , thane
      Reviewed on Oct 09, 2018
    • LIC Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I took this Life insurance Money back policy from Lic insurance company mainly , Its been always safer side as this insurance company belongs to govt . I make the payment through online banking where the amounts get auto debited . I have chosen good tenure period .
      Was this review helpful? 0
      , thane
      Reviewed on Oct 09, 2018
    • LIC Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken Jeevan suraksha policy from the life insurance corporation of India .I have chosen this policy based on the benefits . It has good returns . Their customer executive was my cousin who explained the policy very well . I make the payment quarterly through on Line payment . Am very much satisfied with this policy coverage.
      Was this review helpful? 0
      , thane
      Reviewed on Oct 09, 2018
    • LIC Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken Jeevan anand policy from the life insurance corporation of India . It has coverage of accidental and critical illness benefits . Am satisfied with the premium amount which am making yearly , I make the payment through online banking . I have chosen this policy based on the benefits and features . Overall am satisfied with this policy .
      Was this review helpful? 0
      , thane
      Reviewed on Oct 09, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken life insurance policy form Life insurance corporation of India . Its been 15 years am making the payment through online yearly have chosen this policy based on the good returns after certain years . Overall am satisfied with the policy
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 09, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 4.5/5 "Excellent!"
      I hold a life insurance policy with LIC since 1991 and it is a long term policy. I am happy with the returns and benefits of this insurance policy. I pay my premium once in a year and i am convenient with the payment options. The tenure period for this policy is 25 years.
      Was this review helpful? 1
      , navi mumbai
      Reviewed on Oct 08, 2018
    • LIC Life Insurance
      "Average policy"
      0.5 3.0/5 "Satisfactory"
      I took this Life insurance Money back policy from Lic insurance company mainly , Its been always safer side as this insurance company belongs to govt . I make the payment through online banking where the amounts get auto debited . I have taken this policy 1992 and i have to pay till 2020 .
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 06, 2018
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