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  • LIC Bima Nivesh Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility – Who is the LIC’s Bima Nivesh 2005 Plan for?

    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 and Premium Range – What you get and what it costs

    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.

    Plan Coverage – What the LIC’s Bima Nivesh 2005 Plan covers

    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:
    • Rs.50 per Rs.1,000 of sum assured (5 years policy term)
    • Rs.55 per Rs.1,000 of sum assured (10 years policy term)
    Loyalty Additions Loyalty additions are declared by the Life Insurance Corporation of India and are payable at the time of policy maturity.

    Riders / Add-on Plans – Additional coverage under the LIC’s Bima Nivesh 2005 Plan

    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.

    Exclusions – What the LIC’s Bima Nivesh 2005 Plan does not cover

    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 – How you can save under the LIC’s Bima Nivesh 2005 Plan

    Tax benefits can be availed under the prevailing tax laws with the LIC’s Bima Nivesh 2005 Plan.

    Why you should buy the LIC’s Bima Nivesh 2005 Plan from the Life Insurance Corporation of India?

    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%.