The LIC’s Bima Account - II Plan is a non linked insurance policy. This plan offers simplicity, guaranteed minimum return, liquidity, transparent charges and adequate risk cover. Loans can be availed under the LIC’s Bima Account - II Plan after completing the first policy year. Optional top-up premiums can also be paid under this particular plan. The premiums that are paid by the policyholder under the LIC’s Bima Account - II Plan are credited to his/her account after necessary deductions.
In order to be eligible for the LIC’s Bima Account - II Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:
|Parameters||Criteria for Eligibility|
|Minimum age at entry||8 years completed|
|Maximum age at entry||60 years|
|Term of the policy||10 years to 15 years|
|Minimum age at maturity||18 years completed|
|Maximum age at maturity||70 years|
Sum Assured - It is the amount that the policyholder gets upon maturity of the insurance policy. In case of death of the policyholder while the plan is still active, the sum assured is received by the nominee or beneficiary of the insured person. The minimum sum assured that can be availed under the LIC’s Bima Account - II Plan is ten times the annualised premium. The maximum sum assured for 35 years is 30 times the annualised premium. For 36-45 years, the maximum sum assured stands at 20 times of annualised premium and for 46-60 years, the maximum sum assured is 10 times of annualised premium.
|Minimum sum assured||Ten times the annualised premium|
|Maximum sum assured for 35 years of age||30 times the annualised premium|
|Maximum sum assured for 36-45 years of age||20 times of annualised premium|
|Maximum sum assured for 36-45 years of age||10 times of annualised premium|
Premiums - It is the amount paid by the policyholder in order to keep his/her policy active and running. Under the LIC’s Bima Account - II Plan, the premium paying modes that can be availed are monthly (ECS), quarterly, half-yearly and yearly. Under regular premium, there is no limit on the maximum premium that can be paid by the policyholder.
|Premium payment modes||Monthly (ECS), quarterly, half-yearly and yearly|
|Minimum premium for yearly mode||Rs.15,000|
|Minimum premium for half-yearly mode||Rs.8,000|
|Minimum premium for quarterly mode||Rs.4,000|
|Minimum premium for monthly (ECS) mode||Rs.1,250|
|Maximum premium (Regular Premium)||No limit|
|Maximum Premium (Top-up)||Summation of all the regular premiums that are paid up to the payment date of the top-up|
*Premiums may vary depending upon factors like term of the plan, location, age and applicable taxes/GST.
|Maturity Benefit||In case the policyholder survives till the maturity date of the LIC’s Bima Account - II Plan, the account balance is paid out as the maturity benefit to the policyholder.|
|Death Benefit||In case the policyholder encounters death in an unfortunate event and the policy is still in force, the nominee or beneficiary of the insured individual will get the death benefit payable.|
|Guaranteed Interest||This rate of interest is applicable on the account of the policyholder and not on gross premium that is paid by the insured.|
No riders or add-on plans can be availed under the LIC’s Bima Account - II Plan by the policyholder.
Suicide Exclusion - In case the policyholder commits suicide within a period of one year from the date of issuance of the LIC’s Bima Account - II Plan, whether insane or sane, no benefits shall be payable by the Life Insurance Corporation of India. The policy shall stand terminated thereafter.
Other key Features
|Loan||Loans can be availed under this policy after the policyholder has paid premiums for an entire year.|
|Grace period||For payment of premiums, the insurer offers a grace period of 30 days. During this period, benefits under the plan remain unaffected.|
|Revival||The LIC’s Bima Account - II Plan can be revived within a period of 12 months from the date of first unpaid premium. Revival of the policy will only take place after the policyholder proof of the continued insurability for LIC’s satisfaction.|
|Cooling-off period||In case the insured person is not satisfied with the terms and conditions of the Bima Account - II Plan offered by the Life Insurance Corporation of India, he/she can return the policy document and cancel the plan within a period of 15 days from the issuance of the policy.|
Tax benefits are available under the prevailing tax laws under the LIC’s Bima Account - II Plan.
Life Insurance Corporation of India is one of the leading insurance service providers across India. The insurance solutions offered by LIC come with great flexibility and innovation.The policies are tailored as per the needs of the customers. LIC has been serving the insurance needs of people in India for a very long time. The claim settlement ratio of LIC stands at 98%.