LIC BIMA Account 1

LIC BIMA Account 1

LIC Bima Account Summary:

LIC Bima Account 1 (Plan No. 805) is a without profit Variable Insurance Product wherein the proposals will be accepted under Non-medical Scheme only. Under this plan there will be a Policyholder’s Account maintained separately for the individual policyholder, which shall consist of two parts;

  1. Policyholder’s Regular Premium Account
  2. Policyholder’s Top-up Premium Account.

The Policyholder’s Account will earn an annual interest of 6% p.a. provided the policy is in force and 5% p.a. if the policy is paid-up. The interest rate will be guaranteed for the whole of the policy term. LIC may also declare an additional interest rate on Policyholders’ Regular Premium Account for in-force policies based on the experience under the LIC Bima Account 1 plan.

LIC Bima Account 1 at a glance

  • An Endowment Plan with a guaranteed return
  • Premium Top up facility
  • A plan with Guaranteed Interest  of 6% for the Whole Term
  • A very high-Risk cover
  • Short Term policy (5-7 years)
  • Loan Available after 1 Year: 60% of the amount in Policyholder’s account
  • Surrender Available after 1 year but money will be given after 3 years
  • No Surrender Charges

Benefits:

a) Benefits payable on death:
In case of death of the Life Assured during the policy term, when the policy is in force, the nominee shall get the Sum Assured along with the balance in the Policyholder’s Account.

b) Benefits payable on maturity:
On the life assured surviving the date of maturity an amount equal to the balance in the Policyholder’s Account is payable.

c) Guaranteed Interest:
The guaranteed interest rate shall be applicable on Policyholder’s Account and not on the gross premium paid by the Policyholder.

The Policyholder’s Account i.e both Policyholder’s Regular Premium Account and
Policyholder’s Top-up Premium Account will earn an annual interest of 6% p.a. provided the policy is in force and 5% p.a. if the policy is paid-up. The interest rates will be guaranteed for the whole of the policy term.

During the revival period, Policyholder’s Account will earn a guaranteed interest rate of 5% p.a. On the revival of the policy, the guaranteed rate of interest on Policyholder’s Account will again be 6% p.a. from the date of revival.

The interest amount will be calculated on day to day basis on balance in the Policyholder’s Account after deduction of all due charges and shall be credited to the Policyholder’s Account at the end of each calendar month.

d) Additional Interest:
The LIC may also declare an additional interest rate on Policyholder’s Regular Premium Account for in-force policies based on the experience under this plan.

ELIGIBILITY CONDITIONS AND FEATURES:

Minimum Sum Assured: 10 times the annualized premium

Maximum Sum Assured:

  • 20 times the annualized premium up to age 35 years
  • 14 times the annualized premium for age between 36 to 45 years
  • 10 times the annualized premium for age between 46 to 50 years

The maximum Sum Assured shall be subject to the maximum non-medical limit applicable for the life to be assured.

Minimum Premium:

ModeYearlyHalf YearlyQuarterlyMonthly (ECS) 
Min. PremiumRs.7000Rs.4000Rs.2000Rs.600 
Max. PremiumRs.14000Rs.7000Rs.3500Rs.1100 

Annual Premiums shall be payable in multiple of Rs.1,000 for all modes other than ECS monthly. For monthly (ECS), the premium shall be in multiples of Rs. 100/-.

  • 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)
  • Age At the entry is to be taken as age nearest birthday except for the minimum age at entry.

Charges under LIC Bima Account 1:

  • First Year 27.5%
  • 2nd year 7.5% &
  • 3rd Years Thereafter: 5%
  • Top-up Premium: 2.5%

Update: Bima Account 1 Plan No. 805 Has Been Discontinued.


35 thoughts on “LIC BIMA Account 1”

  1. DEVI SHARAN JAISWAL

    Plan no.805/806 is best plan invester whoo has irrgular income.
    Please send me both plan detail in hindi on my Email id

  2. Ples give me the best lic policy i invest 6000 to 7000 p.a my age is 26 year and any policy shot term and garanted amount . @5 to 10 yer plan I am living in kalol panchmahal pin 389330

  3. Ples give me the best lic policy i invest 6000 to 7000 p.a my age is 26 year and any policy shot term and garanted amount . @5 to 10 yer plan

  4. dear sir please inform me that maturity of bima a/c-1 if i pay Rs.7000/- yearly instalment. thanking you

  5. if i invest rs. 7000.00 per year for 7 years. then how much money i will get after 7 years.

  6. Mrs.R.VEERALAKSHMI

    Anybody needs lic policies and details kindly contact me.I will come in person help you with details and assistance.
    My mobile no. is 9941992059.

  7. PLEASE LET ME KNOW ANY INFRACTURE BOND UNDER LIC IS INTRODUCING for the finanancial year 2010-11
    A.K.BORAL
    H.No. MM-2 SECTOR D-1
    LDA COLONY
    KANPUR ROAD LUCKNOW
    MOBILE NO 09415761287
    E-Mail boral26@gmail.com

  8. 1)please update if i invest 14000/-year(5years) how much tax rebate i will i get
    2)what will be my approximate maturity value if do not take any loan etc and keep it paying for five years
    3) unable to understand top up clause
    4)what will be my risk coverage present age 33

  9. dear
    please update me if
    1) i deposite rs 14000/year how much tax rebate i will get
    2)what will bemy risk coverage
    3_unable to understand top up issue

    1. 1. Full tax benefit upto Rs.1 lac
      2. you have the option to choose the risk cover 10 times 20 times etc
      3. Top up premium is depositing extra premium over and above what you commit.

  10. I want to know about a policy having 1. insurance 2. savings & 3. pension plans all in one & that too with a minimum monthly premium.

  11. I want a LIC

    Minimum Premium:
    Premium LIC Bima Account 1
    Mode Quarterly Monthly (ECS)
    Min. Premium Rs.2000 Rs.600

    Age : 28 (completed)
    Policy Term : 5 yrs

    My Contact No is
    09873906913

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