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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LIC Bima Nivesh 2005 Plan Reviews

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  • LIC Life Insurance
    "Suitable policy for every family"
    0.5 5.0/5 "Blown Away!"
    Purchased my life insurance policy from LIC. One of friend engaged with insurance business since he approached me, i bought the policy from him. This is a tax benefits policy. I am paying the premium amount of Rs. 4000 every month. In the year of 1996, i have bought the plan and i make the premium through online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Sep 12, 2019
  • LIC
    LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 5 years before. The policy is for 20 years. I am paying premium in the half yearly package. While getting a policy my agent has given an information about the policy details. I use to do payment through an online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 10, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 13 years. The policy is for 20 years and it is jeevan anadha. I am paying premium in the yearly package for the amount of 5 thousands. While getting a policy my agent has given an information about the policy details.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 09, 2019
  • LIC Life Insurance
    "Need to drecrease premium amount"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 10 years. The policy is for more than 15 years and name for the policy is jeevan anadha. I am paying premium in the quarterly package and amount which was paying higher of 3 thousands. While getting a policy my agent has given an information about the policy details.
    Was this review helpful? 0
    , chennai
    Reviewed on Sep 07, 2019
  • LIC Life Insurance
    "Fine Policy"
    0.5 4.0/5 "Great!"
    I have bought a life insurance from Life Insurance Corporation of India. LIC is having a better products. Generally i wont use the customer care and directly i used to visit the branch and the peoples are good. My premium payment has been deducted through ECS. The people are genuine. I'm satisfied with the sum assured amount provided by them. Once the policy is getting matured, directly they will credited the money back to my account.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Sep 07, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent .This policy is very useful .I have got all the required details about the policy through the agent .This policy tenure is for 15years .This policy is still active and i am paying the premium through online and branch .There was no difficulties faced so far .
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 06, 2019
  • LIC Life Insurance
    "Need to improve their servcie"
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in LIC on 10 years before. The policy is for 20 years. I am paying premium in the quarterly package. Before agent given all the details but now days there is no proper update from their end and not sending remainder messages to send so that once I missed to pay so they had charged for 1000 rupees.
    Was this review helpful? 0
    , bangalore
    Reviewed on Sep 05, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent .This policy name is Barathi Jeevan Bhima .I have got all the required details about the policy through the agent .This policy tenureis for 20 years .Thispolicy is still active and i am paying the premium through online and branch .
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 05, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent .The policy name is Jeevan Anand and the tenure is for 18 years.I am paying the premium on half yearly basis .I am paying the premium through online and sometime through agent .While submitting the documents the process was smooth .
    Was this review helpful? 0
    , chennai
    Reviewed on Sep 05, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurance policy directly through LIC agent .This policy tenure is for 17 years and i have paid the premium only for 2 years and the name of the policy is jeevan Anand .The agent failed to inform about the due date and failed to pay the amount and policy got lapsed .I have got all the details about the policy through the agent.
    Was this review helpful? 0
    , bangalore
    Reviewed on Sep 05, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent and this policy is for the tenure of 12 years .This is a policy of child plan and got all the details about the policy through the agent .I have got my policy documents on time and there was no difficulties faced so far . This policy is still active and there was no drawbacks faced so far when availed this policy .
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 05, 2019
  • LIC Life Insurance
    "LIC is Good"
    0.5 4.0/5 "Great!"
    Bought my life insurance policy from Life Insurance Corporation of India. My term plan is Jeevan Anand and i never contacted the customer care service but whenever i have any clarification i used to visit their branch and rectify the same. I am paying the premium amount of Rs. 2500 every month.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Aug 31, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have life insurance policy in my wife's name and another one in my name. The benefits are good and am happy with it. I took the policy for future savings. I am paying the premium close to 15K yearly through ECS. I done the policy long back 2 to 3 years ago and agent enrolled it.
    Was this review helpful? 0
    , kolkata
    Reviewed on Aug 31, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 2 years before. The policy is for 16 years and it is a money back policy. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. I use to pay by my credit card. It covers my whole family.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Aug 30, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC on 12 years before. The policy is for 15 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided documents on time. It covers up to myself.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Aug 28, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have 2 life insurance policies with LIC and its a long term plans. I have not called the customer care but have visited the office directly and the response was good. The benefits are also good. I think, its a JEEVAN TARANG policy and the premium was around 23K quarterly through online.
    Was this review helpful? 0
    , chennai
    Reviewed on Aug 28, 2019
  • LIC Life Insurance
    "Old Insurance company"
    0.5 5.0/5 "Blown Away!"
    Long back, i have purchased the life insurance policy from Life Insurance Corporation of India. My friend has recommended about the policy. Its a long term policy. I am paying the premium amount of Rs. 42000 on a annual basis. Through online, i used to pay the premium.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 27, 2019
  • LIC Life Insurance
    "Recommendable policy"
    0.5 4.5/5 "Excellent!"
    LIC is a Government sector company hence i have chosen the life insurance policy from LIC. LIC has a brand and earlier my elder had a policy with this company and the policy will be a genuine one. I have been paying the premium amount of Rs. 15000 per annum. Its a jeevan anand policy which covers for tax benefits also.
    Was this review helpful? 0
    , chennai
    Reviewed on Aug 27, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 4.5/5 "Excellent!"
    I have taken a life insurance in LIC on 4 years before. The policy is for 20 years and it is a jeevan saral policy though there is an option for money back. I am paying premium in the yearly package for 5 thousands. While getting a policy my agent has given an information about the policy details.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Aug 27, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy with LIC and its name called JEEVAN JOTHI which I need to pay the premium for 15 years. This policy was taken care of my agent. I am paying half yearly 25,000 rupees through cheque. My old friend is agent so have no issues.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 26, 2019
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