LIC Bima Acount Statement: LIC Bima Acount 1 (Plan No. 805) is an insurance product without profit for the variable in which the proposals will be accepted under the scheme non-medical. Below this program, there will be an account of the policyholder maintained separately for each policyholder, which consists of two parts;
Policyholder account Premium Regular
Policyholder Premium Top-up account.
Behalf of the insured will earn annual interest of 6% per year provided that the police force and 5% pa if the policy is released. The interest rate will be guaranteed for the entire duration of the contract. LIC could as well announce an further interest rate on the account holder's ordinary police rank Premium for policies based on experience under the LIC Bima has a plan.
LIC Bima an account first
A staffing plan with a guaranteed return
Premium Top Facilities
A plan guaranteed interest of 6% for the full term
A very gamy risk cover
In the small policy (5-7 years)
Available loan after 1 year: 60% of the amount in the account of lessee
Surrender Available after 1 year, but the money will be granted after three years
No redemption fees
ADVANTAGES:
a) Profits payable on death:
In case of end of the aliveness checked during the term of the contract when the police force, the candidate must obtain the insured amount and the balance of the insured.
b) Benefits payable at maturity:
On life assured surviving the maturity date a sum level to the balance in the account of the policyholder is payable.
c) Assured Interest:
Guaranteed interest rate is applicable to the account of the payee and not on the gross premium paid by the insured.
The policyholder is regular account both the policyholder and Premium account
Policyholder Premium Top-up account will earn an annual interest of 6% per year provided that the police force and 5% pa if the policy is released. Interest rates are guaranteed for the entire duration of the contract.
Account during the period Tenant Renewal earn guaranteed interest rate of 5% per annum of the renewal policy, the guaranteed interest rate on the account of the policyholder will again be 6% pa from the date rebirth.
The quantity of interest will be calculable daily on the account balance of the policyholder, after deducting all sums due and shall be credited to the policyholder at the end of each calendar month.
d) Complementary interests:
LIC of India could besides announce an additional interest rate on the account holder's ordinary police rank Premium for policies based on the experience under this plan.
Eligibility and characteristics:
Minimum sum insured: 10 times the annual premium
Maximum totality insured:
20 times the annual premium up to age 35 years
14 times the annual premium for age between 36 to 45 years
10 times the annual premium for age between 46 to 50 years
The maximum sum insured must be submitted to the non-medical maximum limit applicable to life must be ensured.
Marginal Premium:
LIC Bima Premium Account 1
Monthly quarterly semi-annual fashion (ECS)
Min. Rs.600 Rs.2000 Rs.4000 Rs.7000 Premium
Max. Rs.7000 Rs.3500 Rs.1100 Rs.14000 Premium
Annual premiums are payable in several of Rs.1, 000 for all other modes of ECS month. For monthly (ECS), the premium must be a multiple of Rs 100 / -.
Lowest Entry Age: 11 (completed)
Peak Entry Age: 50 (nearest birthday)
Contract Period: 5 to 7 years
Minimum adulthood Age: eighteen (completed)
Peak Maturity Age: 57 (nearest birthday)
Age at entry is to be accepted as the nearest birthday age, except for the minimum age at entry.
Charges subordinate LIC Bima account 1:
First year of 27.5%
2nd year 7.5%
Subsequently, third years: 5%
Premium Top-up: 2.5%
