The LIC’s Bima Nivesh 2005 Plan is a revised version of the famous Bima Nivesh Plan 2004. This plan comes with loyalty additions and guaranteed additions. The Bima Nivesh 2005 Plan offered by the Life Insurance Corporation of India is a single premium plan. For people who don’t have any regular income, the LIC’s Bima Nivesh 2005 Plan can prove to be the ideal investment plan.
In order to be eligible for the LIC’s Bima Nivesh 2005 Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the term of insurance he/she seeks. These conditions are as shown below:
|Parameters||Criteria for Eligibility|
|Minimum age at entry||13 years|
|Maximum age at entry||70 years|
|Maximum age at maturity||75 years|
|Term of the policy||5 years and 10 years|
Sum Assured – It is the amount that the policyholder gets upon maturity of the life insurance policy. In case the policyholder encounters death in an unfortunate event while the plan is still in force, the sum assured is paid out to the beneficiary or legal heir of the insured person. The minimum assured sum under the LIC’s Bima Nivesh 2005 Plan stands at Rs.25,000. However, there is no limit on the maximum sum assured under this particular plan. Sum assured is always in multiples of Rs.5,000 under this policy.
|Minimum sum assured||Rs.25,000|
|Maximum sum assured||No limit|
Premiums – It is the amount that the policyholder pays in order to keep the plan active and running. Under the LIC’s Bima Nivesh 2005 Plan, only single premium mode is allowed. For a sum assured of Rs.1,000, premium for 5 years term stands at Rs.995. Similarly, for a sum assured of Rs.1,000, premium for 10 years term stands at Rs.976.
|Premium payment mode||Single|
|Premium for 5 years term (Sum Assured of Rs.1,000)||Rs.995|
|Premium for 10 years term (Sum Assured of Rs.1,000)||Rs.976|
*Premiums may vary depending upon factors like location, age, term of the plan and applicable taxes/GST.
|Maturity Benefit||Upon maturity of the policy, sum assured along with loyalty additions and accrued guaranteed additions are paid out to the policyholder.|
|Death Benefit||In case the insured person encounters death in an unfortunate event and the policy is still active, the sum assured under the policy along with loyalty additions and accrued guaranteed additions are paid out to the nominee as death benefit.|
|Surrender Value||The GSV or SSV is available after the policy has continued for a minimum of 1 year.|
|Guaranteed Additions||The LIC’s Bima Nivesh 2005 Plan offers Guaranteed Additions at compound rates mentioned below:
|Loyalty Additions||Loyalty additions are declared by the Life Insurance Corporation of India and are payable at the time of policy maturity.|
Additional coverage can be enjoyed by the insured person under the LIC’s Bima Nivesh 2005 Plan. The Term Assurance Benefit Rider can be availed by paying an additional premium amount (Single). In case this rider is chosen by the insured person, the nominee of the insured will get the sum assured as per the rider plan along with the sum assured as per the base plan as death benefit. The maximum amount that can be availed under this rider is Rs.25 lakh. The minimum age at entry for this rider is 18 years and the maximum age at entry stands at 50 years. The minimum sum assured under the rider plan is Rs.1,00,000.
In case the policyholder commits suicide within a period of one year from the commencement of the policy, whether insane or sane, the Term Assurance Benefit Rider will be void and no claims will be entertained by the Life Insurance Corporation of India.
Other Key Features
|Loan||Within the surrender value, loan can be availed by the policyholder under the LIC’s Bima Nivesh 2005 Plan.|
|Cooling-off period||In case the policyholder is not satisfied with the terms and conditions of the policy, he/she can return the policy to the insurer within a period of 15 days from the issuance date of the plan.|
Tax benefits can be availed under the prevailing tax laws with the LIC’s Bima Nivesh 2005 Plan.
LIC or Life Insurance Corporation of India is one of the top insurance solution providers in this country. The plans designed by the Life Insurance Corporation of India comes with great innovation and flexibility. They are tailored to meet the changing needs and requirements of the customers. The claim settlement ratio of LIC stands at 98%.