Wednesday, 2 February 2011

LIC BIMA ACCOUNT 1 offer an assured minimum interest of 6% Plus

Life Insurance Corporation of India introduced a new type of policy called Bima Account 1 which offer an assured minimum annual interest of 6% per year .It is a non medical scheme. The LIC of India maintains separate account for each policy holder which has two parts named Regular premium Account and Top-up Premium Account.

This Bima Account 1 plan is an Endowment Plan with Guaranteed return of minimum 6%interest for the whole term of the policy with Premium Top up facility. It is a short term policy from 5 year to 7 year and the policy holder can take loan of around 60% of the account balance after One year. You can surrender the policy after one year with free of surrender charge, but the money can withdraw only after three years.

Death Benefit of Bima Plus Account 1 The Nominee will get the sum assured and the Account balance of the policy holder, when the policy holder expired within the policy term.

Maturity Benefit The amount left in the policy holders account will be paid at the maturity, if the policy holder survives at maturity.

Guaranteed Interest is provided for the amount in the policy holder’s account, not for the gross premium paid. The policy holder’s account means the Regular Premium Account and Top-up premium account. 6% interest will be paid for the account balance and 5% interest, if the policy is paid up. The Policy Guarantees minimum 6% interest for the amount.

At the revival period of the policy, 5% of interest per annum is payable for the Policyholder’s Account and again the revived policy can earn 6% p.a. from the date of revival for the policy holder’s account. All the interest will be calculated on daily basis after all charges deducted from the account and the interest will be accounted at the end of each month.
Additional Interest An additional interest rate may be declared for the Policyholder’s Regular Premium Account as per the performance of the policy.

Minimum and Maximum Sum Assured The minimum sum assured for the policy is 10 times of the annualized premium, and the Maximum sum assured is 10 times of the premium, if the age of the policy holder is between 46 to 50 years, 14 times of the annualized premium for the age between 36 years to 45 years and 20 times of the annualized premium of the age up to 35 years. But the maximum sum assured is subject to the applicable non medical limit.

Minimum Premium and Maximum Premium The minimum amount of Rs. 7000, Rs. 4000, Rs. 2000 and Rs. 600 respectively for   Annual, Hal yearly, Quarterly and Monthly (ECS) premium and Maximum amount of Rs. 14000, Rs. 7000, Rs. 3500 and Rs. 1100 (ECS) premium respectively for Annual, Half yearly, Quarterly and Monthly (ECS) payment options.

The Multiple of Rs. 1000 can be payable as additional premium for all payment modes other than monthly ECS mode. Additional premium for monthly ECS mode is Rs. 100.

Minimum and Maximum Age of Entry

Minimum Entry Age : 11 (completed)
Maximum Entry Age : 50 (nearest Birthday)
Policy Term : 5 to 7 yrs
Minimum Maturity Age : 18 (completed)
Maximum Maturity Age : 57 (nearest Birthday)

Related Posts
Various Investment Methods for Investors
Following are some investment options which are helpful for new investors or beginners. These are not only for beginners but for all investors. But this is given for the information of beginners in investment field. These are only a brief … Continue reading ?

LIC Pension plus a Guaranteed Unit linked Pension Plan
LIC Pension Plus offers you 3% Guaranteed minimum rate of interest and the maximum interest is 6%. This rate of interest is allowed to gross premium and also offer the growth opportunity as a Unit Linked Insurance Plan (ULIP). The … Continue reading ?

3 comments :

  1. is Lic Bima Account policy is profitable for public? If it is then how?

    ReplyDelete
  2. kya lic ka a plan chalega? isme investment karne jaisa he? aisae bhi lic goverment he is liye galat to nhi hone wala...pls reply me soon.....

    ReplyDelete
  3. Nitin Kumar Verma4 February 2011 at 02:31

    Please give me full detail not only some view

    Thanks
    Nitin Verma

    ReplyDelete