LIC has launched Bima Account Plan which in short is non-linked plan under which you can be covered without undergoing any medical examination subject to certain conditions. Below is a summary of the plans which I received from my LIC Agent. It is also called as without profit variable insurance plans.
LIC Bima Account I & II at a Glance :
- An Endowment Plan with guaranteed return
- Premium Top up facility
- A plan with Guaranteed Interest of 6% for Whole Term
- A very high Risk cover
- i) Bima Account : 1(5-7 years)
- ii) Bima Account : 2(10-15 years)
- Loan Available after 1 Year: 60% of amount in
- Policyholder’s account
- Surrender Available after 1 year but money will be given after 3 years
- No Surrender Charges
Features of Bima Account 1 & 2:
In Bima Account — plan 1 & 2 a Policyholder’s Account maintained separately for individual policyholder, which consist in two parts:
- Policyholder’s Regular Premium Account
- Policyholder’s Top-up Premium Account.
Guaranteed annual interest of 6% p.a. for in-force policy and 5% p.a. if the policy is paid —up (for the whole of the policy term). An additional interest rate for in-force policies may declared. The guaranteed interest payable on net premium.
Benefits of Account 1 and 2 :
- On Maturity : an amount equal to balance in the policyholder’s Account is payable.
- On Death: The Sum Assured and the balance in the policyholder’s Account payable to nominee.
Read more details about this Bima Account 1 and Bima Account 2