Features and Benefits of LIC Bima Account Plan 1 and 2

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 Bema Plan

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
  • PolicyTerm:
  • 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

About Ashish Mohta

An analyst who writes about undiscovered,unknown and untalked topics for people who want to to know more about India and Indians.