• LIC Bima Nivesh 2005 Plan

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    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 5.0/5 "Blown Away!"
      Life Insurance Corporation Of India is a Government handling policy for customers ,Everything is good with LIC nowadays the on line facilities are provided with this insurance recommended for customers to pay the money in on line itself so we no need to call the customer care were everything is done through the on line using our Mobile itself , I have been paying the policy money since from 2007 which is running successfully still now,Overall this insurance is good to use.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance policy from LIC. It is a cash back policy. I have taken this policy through agent. The representative explained about the benefits clearly. The policy coverage and plan benefits are satisfactory. I pay 4500 rupees quarterly through cash or net banking.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Excellent policy to use"
      0.5 5.0/5 "Blown Away!"
      I have got the Life insurance policy for my child and it was started from the month April. This policy has the tenure of 21years. I pay the premium amount of Rs,2700per month. The plan benefits and the policy coverage is better with this policy .
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Better Jeevan anand policy "
      0.5 5.0/5 "Blown Away!"
      Holding the Jeevan anand Life insurance policy for more than 2 years from the LIC. The customer support service is good with the LIC and they have better plan benefits and the payment options. I pay the premium amount through ECS which is easy and helpful.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have a Life insurance service from Lic, I have four policy's with Lic. The schemes and offers are good with Lic and they use to update me regularly regarding their new schemes and offers. The payments are generally through online,it is a average service from Lic.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Average service"
      0.5 3.5/5 "Pretty good"
      The service of Lic is good, I have taken three policy with Lic. It was been very long time I have taken the life insurance service from Lic. But I am disappointed that sometime there is no online payment option is available. I am also not interested about the new schemes and offers,it is totally a average service from Lic.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I took 2 to 3 life insurance policies from LIC. These policies are taken directly from the office. I have cash back and long term policy. I have never contacted the customer service but not faced any issues. The online portal was very easy to do the payments. I pay annually around 60 to 80K .
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      Life Insurance Corporation is Good service for customers my LIC policy tenure period is till 20 years but I have already done with 5 years remaining 15 years is left with me to pay the insurance.The payments and the Amount given is affordable to pay, Since the service is rendered from the Government Of India this LIC policy is a Better one.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 19, 2018
    • LIC Life Insurance
      "Looters"
      0.5 0.5/5 "Unacceptable"
      LIC is just looting common indian people in the name of life insurance. With LIC you can't invest your money in your way. Worst ever customer service. Their staff will behave as if you borrowed something from them. Please avoid it as much as possible.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Feb 19, 2018
    • LIC Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the Life Insurance Corporation of India and the customer service is good one with them. I would like to say that the overage value is good one with the Life Insurance Corporation of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 17, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,the premium amount is 3800.i make direct payments at the branch.The policy coverage amount is one lakh, i feel its very less.The policy is for 15 years,I submitted documents via an agent.Plan name is Jeevan anand.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with LIC.The premium amount is 13800 in a year.The policy coverage is three lakhs,I make direct payments at the branch.I have no claim experience,its been nine years since i have taken this policy.The policy is for 15 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Very Good"
      0.5 4.0/5 "Great!"
      Taken a life insurance policy with LIFE INSURANCE CORPORATION OF INDIA. Its an attractive insurance policy. They have given very good benefits and its a right policy. I would end up saying that it is a very good with LIFE INSURANCE CORPORATION OF INDIA.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good to invest"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance policy from LIC. I am using the service for a very long time. I never contacted the customer service. It was taken through an agent. The policy coverage and the plan benefits. I believe its a cash back policy. I am paying monthly 8K through net banking.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,the policy is for 21 years ,the plan name is Endowment policy,I pay a premium amount of 15,000.I get a policy coverage of three lakhs,I make payments directly at branch,the executives are good and had explained the policy in detail.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,the policy is for 8 years ,the plan name is Endowment policy,I pay a premium amount of 10,000.I get a policy coverage of two lakhs,I make payments directly at branch,the executives are good and had explained the policy in detail.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the Life Insurance Corporation of India. I have felt that the customer service is good one with them and there is no hidden cost in it. I am happy with the Life Insurance corporation of India.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have a Life insurance service from Life insurance corporation of India,for the term period of 15 years. I have six policy's with Life insurance corporation of India. The payments where through cheques,they never update me with any offers or schemes. It is a average service from Life insurance corporation of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the Life Insurance Corporation of India. I have felt that the customer service is good one with them and there is no hidden cost in it. I am happy with the Life Insurance corporation of India.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India. Customer service is good and the response is fine one for me with them. Coverage value is also fine one with the Life Insurance Corporation of India of India.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 16, 2018
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