LIC Bima Account 2

LIC Bima Account 2

LIC Bima Account 2 Summary:

LIC Bima Account 2 (Plan No. 806) is similar to Bima account 1. Bima account 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 and
  2. Policyholder’s Top-up Premium Account.

LIC Bima Account 2 at glance:

  • An Endowment Plan with a guaranteed return
  • Premium Top facility
  • A plan with Guaranteed Interest  of 6% for the Whole Term
  • A very high-Risk cover
  • Medium Term policy (10-15 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:
Sum Assured along with the balance in the Policyholder’s Account.

b) Benefits payable on 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 the 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 Corporation 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 of Bima Account 2:

(a) Minimum Sum Assured:
10 times the annualized premium

(b) Maximum Sum Assured:
30 times the annualized premium up to age 35 years
20 times the annualized premium for age between 36 to 45years
10 times the annualized premium for age between 46 to 60 years

(c) Minimum Premium:

Yearly Rs.15,000
Half-yearly Rs.8,000
Quarterly Rs.4,000
Monthly (ECS) Rs.1,250
Top-up premium: Rs.1,000

(d) Maximum Premium: No Limit

Top-up premium: Sum total of Regular Premiums paid upto the date of payment of top-up.

(e) Minimum Entry Age : 8 (completed)
(f) Maximum Entry Age : 60 (nearest Birthday)
(g) Policy Term : 10 to 15
(h) Minimum Maturity Age : 18 (completed)
(i) Maximum Maturity Age : 70 (nearest Birthday)

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

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


Update: LIC Bima Account 2 Plan no.806 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.

20 thoughts on “LIC Bima Account 2”

  1. Respected sir,I am policy holder of bima account ll my yearly plan
    is 20000. for ten years how much accout will retun?

  2. Respected sir,iam policy holder of bima account|| my early plan is 48000. for ten years, after 10 years how much amount will return?

  3. Vedd Parkash Sharma

    Sir,

    I have policy i.e. BIMA ACCOUNT and use to subscribe a premium of Rs. 20000/- per year. I would like to know that how much I shall be getting on maturity of this policy.

    Thanks & Regards,

    Ved Parkash sharma

  4. i want some clearification regarding bima account 2. First of all, non-standard age accepted for bima account 2, secondly can a widow take this policy if she has non standard age proof.

  5. today all life insurance company introduce a ULIP plans. ulip is not a insurance product. its a mutual fund. and its not future provision of humans its only investment, and its change insurance concept. everyone attracts a ULIP and surrender policy 5-6 yrs. kindly change our view of insurance, and accept long term insurance.

    1. Long term insurance is still hot selling product.

      ULIPs are not mutual funds but its almost same.

      In ULIP you also get Insurance along with Mutual fund benefits. 🙂

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