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Introduction to LIC Bima Account 1

Keywords : LIC India Bima Account Life Insurance LIC Bima Account 

As the name explains ″LIC′s Bima Account-I ″ is a simple non-linked plan under which you can be covered without undergoing any medical examination subject to certain conditions.

LIC Bima Account

This plan offers you everything you think of an insurance plan should provide:
  • Simplicity
  • Liquidity
  • Guaranteed minimum return
  • No medical examination
  • Transparent charges
  • Risk cover

Under this plan, the premiums paid by you, after deduction of charges, will be credited to the Policyholder′s Account maintained separately for each policyholder. The risk cover will be provided by deduction of mortality charges from the Policyholders Account.

If all due premiums are paid, the amount held in your Policyholders Account will earn an annual interest rate of 6% p.a. which will be guaranteed for whole of the policy term. In addition to this guaranteed return, if all due premiums are paid, your account may earn an additional return depending upon the experience under this plan.

You will also have an option to pay additional (Top-up) premiums without any increase in risk cover.

Loan facility will also be available immediately after first policy anniversary.

Policyholders Account shall consist of 2 parts:
      Policyholders Regular Premium Account - to which regular premiums, net of charges, shall be credited.
      Policyholders Top-up Premium Account - to which Top-up premiums, net of charges, shall be credited.

Below is Benefit Chart for LIC Bima Account
Name of the Product: LIC′s Bima Account - I
Amount of Instalment Premium:Rs. 15000
Policy Term :15 Years
Age LA:30 Years
Premium Paying Term:15 Years
Sum Assured :Rs. 150000
Mode of Premium Payment :Yearly
Current Service Tax rate10.30%p.a
Illustrative Account Value on Maturity: Total Account Value of Policyholder at maturity @ 6% p.a (Rs.)333760
Total Account Value of Policyholder at maturity @ 10% p.a (Rs.)437523


LIC Bima Account Benefit Chart


Guaranteed Interest:
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 inforce 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 guaranteed interest rate of 5% p.a. On revival of 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.

Additional Interest:
The Corporation may also declare an additional interest rate on Policyholder′s Regular Premium Account for inforce policies based on the experience.

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