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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.

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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
      "GOOD"
      0.5 4.0/5 "Great!"
      I am not aware of the name of the policy with the LIFE INSURANCE CORPORATION OF INDIA where i pay the premium for yearly once also i have been using it from last 10 yeas. The policy coverage is for self added on that they provide with the benefits of life coverage till 99 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 07, 2018
    • LIC Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      The name of the policy that i have taken from the LIFE INSURANCE CORPORATION OF INDIA is the MONEY BACK policy where i get the money back for 5 years once added on that the service is very good and i got the bond papers at the beginning on time. It is a good policy.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 07, 2018
    • LIC Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have purchased the life insurance with the LIFE INSURANCE CORPORATION OF INDIA where the service is very good and i have been using it from past 15 years. The premium i have paid 25k for the policy called JEEVAN SURAKSHA. The maturity period is for 20 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 07, 2018
    • LIC Life Insurance
      "Good for Tax saving"
      0.5 4.0/5 "Great!"
      While I taking the LIC policy, the agent is professional and helped me out to generate the life insurance. In fact the agent is my relative whenever I have any quires they helped me out., they provide average benefits after matured, but its best for tax benefits and life cover.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 07, 2018
    • LIC Life Insurance
      "Useful policy"
      0.5 4.0/5 "Great!"
      One of my colleague who is in office has referred me about the life insurance policy with Life Insurance Corporation of India. I used to pay the premium amount of RS. 3000 every quarter. I have to pay the premium amount for next 15 years. 1 year back, i have purchased this policy. This is a tax benefitable policy. I make the payment through online by using my Debit card.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 07, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I am having 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. Premium amount is auto deducted from the salary account. Tenure period for this policy is for 20 years.
      Was this review helpful? 1
      , pune
      Reviewed on Dec 06, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      My endowment plan was taken with Life insurance policy. I have purchased the policy long back ago. I make the payment through online. After the maturity only i can able to get the sum assured amount. One of my friend has referred me about this policy
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Dec 05, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 3.0/5 "Satisfactory"
      My life was insured with Life Insurance corporation of India. I pay the premium amount of Rs. 610 every month. 20 years before i have purchased this Jeevan Mithra Policy. I will get the benefits in 2023. Amount will be deducted through my salary.
      Was this review helpful? 0
      , vellore
      Reviewed on Dec 04, 2018
    • LIC Life Insurance
      "Trustable company"
      0.5 3.0/5 "Satisfactory"
      There is no proper customer service in LIC. I have purchased a Bhima jeevan policy by using the Life insurance corporation of India. Total tenure period of the policy 20 years. Sum assured amount for the policy is 1 lakhs. 15 years back, i have bought this policy.
      Was this review helpful? 0
      , vellore
      Reviewed on Dec 04, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken my life insurance policy before 5 years. I have selected the LIC company, because of the best services. I pay the premium amount of Rs. 48000 in every year. I make the payment in all the mode like cash, cheque, online. I have chosen the endowment policy by myself. They have offered me a sum assured amount of Rs. 5 lakhs. Total tenure period of the policy is 16 years.
      Was this review helpful? 0
      , rewa
      Reviewed on Dec 04, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance policy for my children and it is a child plan. I have this policy from last 12 years and i pay a premium of Rs 1475 every month through ECS and i am convenient with the payment options. I am happy with the returns and benefits of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 03, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have a life insurance policy with LIC from last 4 years and it is a long term policy. I get no claim bonus in this policy. I make my payments through cheque every 6 months. This policy is for Rs 5 lacs and at the end of tenure period i will get Rs 15 lacs. Tenure period for this policy is 15 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 03, 2018
    • LIC Life Insurance
      "Policy is Good"
      0.5 5.0/5 "Blown Away!"
      My life insurance policy taken 3 years before. I have chosen the company called LIC and the plan name was Jeevan Anand. I have chosen the yearly payment mode with the amount of Rs. 37000 approximately. My friend has recommended me about this policy. I'm making the payment through online. I have to pay the premium for next 21 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 03, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My life was insured with Life insurance corporation of India. This is a 15 years term plan policy. I have taken this policy in the year of 2015. I pay the premium amount of Rs. 1600 every month. There is a sum assured amount of Rs. 2 lakhs. This is a tax benefit policy. Bank people has recommended this policy to me. The premium amount is being auto deducted through ECS.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 02, 2018
    • LIC Life Insurance
      "Better policies"
      0.5 5.0/5 "Blown Away!"
      I have 3 life insurance policies with LIC and it was taken through an agent. I am paying annually premium of 30 to 35K for all 3 policies. The payment mode is online. The customer service is better. I am happy with the policy coverage and the benefits.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 02, 2018
    • LIC Life Insurance
      "Trustable company"
      0.5 5.0/5 "Blown Away!"
      LIC is a very safe and secure place for life insurance policies. I will get a money back on my account or i will get cheque. There are so many people are available as an agent here. I have never interacted with the customer care service since i never required it. I can make the payment in a multiple way like paytm, online banking, cash. More than 6 years before, i have purchased this money back policy. I have received a money back to my account. Surety is a must when it comes to LIC.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 02, 2018
    • LIC Life Insurance
      "Good Insurance policy"
      0.5 5.0/5 "Blown Away!"
      I have taken the accidental policy 15 years before Life insurance corporation of India. I have paid the premium amount of Rs. 125 and the maturity amount will be 25000. This is a tax benefits covered policy. I have got the benefits of accidental benefits and death cover. One of my friend who recommended me about this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 02, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have 2 life insurance policy with LIC. I have purchased a long term policies. I am getting good response and service from the customer support. The policy coverage and benefits are average. I pay the premium half yearly around 6500 rupees through online.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 01, 2018
    • LIC Life Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I am using the life insurance policy with LIFE INSURANCE CORPORATION OF INDIA from past where i have been using it from past 29 years. The name of the policy is JEEVAN SREE. The maturity period is for 58 years. The premium i pay on monthly basis.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 01, 2018
    • LIC Life Insurance
      "Good"
      0.5 3.5/5 "Pretty good"
      I am using the LIC service for 4 months, I took a life insurance policy. I have paid 3000 rupees to purchase the policy, I will make the premium once in a 3 months. I have taken Jeevan Anand through an agent. The policy coverage and benefits are good. The payment mode is online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 01, 2018
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