LIC Bima Account Plan 2024: Are you looking for an insurance policy that will give you peace of mind? Then look no further than LIC Bima ! The LIC Bima account plan offers a wide range of benefits and features that are sure to make your life easier. In this blog post, we’ll take a look at the key details of this policy, as well as provide a review of how it has helped others in the past. So if you’re looking for an insurance policy that will cover you in all sorts of ways, be sure to check out LIC Bima !
LIC Bima Account 1 Plan 2024
Bima Account 1 Non-linked life insurance policies are offered by LIC. It is the first time a life insurance firm has disclosed the costs and commissions being taken out in a classic plan, and it gets very positive feedback on simplicity and clarity. In addition, the strategy provides a guaranteed return of 6% of the total investment in the policy holder’s account each year. Depending on the plan’s performance, the policy can return more than this. Mortality rates are also lower. The annual premium is capped at Rs.14,000, and the policy term can only be 5 to 7 years. LIC Bima Account 2 has a 15-year term and is therefore the better choice.
If you’re looking for a life insurance policy, look no further than LIC Bima. The account plan offers a range of benefits that are perfect for you. These include lifelong cover, accidental death cover, and chronic illness cover. The features include 24/7 emergency help, roadside assistance, and global claim support. To find out more about the account plan or to apply online, visit licbima-com/accountplan. Don’t wait any longer – apply today and enjoy peace of mind for years to come!
LIC Bima Account 1 Plan in India 2024
| Name Of Article | LIC Bima Account 1 Plan 2024 |
| LIC Bima Account 1 Plan | Click Here |
| Category | Insurance |
| Official Website | Click Also |
LIC Bima Account 1 Plan
LIC Bima Account 1 is a life insurance policy with guaranteed returns and no linked life. The plan offers a variety of advantages, including adequate life coverage, without necessitating any medical tests.
Click Here Term Insurance Calculator Plan
LIC Bima Account 1 Plan Details
It’s time to take your insurance needs to the next level! LIC Bima account plan has everything you need, and more. With accident insurance and travel medical coverage, you’ll be covered in case of an emergency. Plus, the feature list includes mobile banking, instant fund transfers, 24/7 customer support, and more. We’ve reviewed the LIC Bima account plan in detail, so take the time to read our review before making a decision. It’ll help you make an informed decision about this insurance option that’s perfect for you. So what are you waiting for? Start planning your insurance dreams today!
Eligibility Criteria for LIC Bima Account 1 Plan
| Minimum age at entry | 11 years |
| Maximum age at entry | 50 years at nearest birthday |
| Minimum age at maturity | 18 years |
| Maximum age at maturity | 57 years at nearest birthday |
| Minimum policy term | 5 years |
| Maximum policy term | 7 years |
| Minimum annual premium | Rs. 7,000 |
| Maximum annual premium | Rs. 14,000 |
| Minimum sum assured | 10 times the annualised premium |
| Maximum sum assured | Up to the age of 35 years- 20 times the annualised premium 36 to 45 years- 14 times the annualised premium 46 to 50 years- 10 times the annualised premium |
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Key Features of LIC Bima Account 1 Plan
Licensing is an important part of any business. And when it comes to licensing, nothing beats the power of a LIC Bima account plan. This account plan offers a wealth of benefits that can help your business succeed. Among these benefits are access to all license content, priority access to training and certification events, and discounts on products and services. Plus, 24/7 customer support is always available to help you out. So whether you’re looking to deepen your knowledge of a specific product or just need some extra help getting started, a LIC Bima account plan can be a big boon for your business.
| Type | Non linked insurance plan |
| Basis | Individual |
| Policy terms | 5 to 7 years |
| Premium payment terms | Same as the policy term |
| Premium payment mode | Annually, bi-annually, quarterly and monthly |
| Minimum premium payment | Yearly- Rs. 7,000 Half yearly- Rs. 4,000 Quarterly- Rs. 2,000 Monthly- Rs. 600 |
| Maximum premium payment | Yearly- Rs. 14,000 Half yearly- Rs. 7,000 Quarterly- Rs. 3,500 Monthly- Rs. 1,100 |
| Minimum top up premium | Rs. 1,000 |
| Maximum top up premium | Sum total of all the premiums paid up until then |
| Death benefit | In case of the unfortunate death of the life insured during the policy term, the nominee will be paid sum assured along with the balance in the policyholder’s account. |
| Maturity benefit | Balance in the policyholder’s account will be paid as the maturity benefit on surviving the maturity date of the policy |
| Top up premium | The policyholder can pay top up premium in the multiple of Rs. 1,000 |
| Decrease in benefits | The plan provides the flexibility of reducing the sum assured during the term of the policy (subject to the minimum limit). |
| Free look period | 15 days |
| Grace period | One month (30 days) |
| Guaranteed returns | The guaranteed interest paid is applicable only on the policyholder’s account and not on the gross premium paid by the policyholder. |
| Policy cover | Death benefit, maturity benefit along with guaranteed returns |
| Loan facility | Loan facility is available after successful completion of one year of the policy given that the year’s premiums have been paid completely. |
| Policy revival | The policy can be revived within the first 12 months from the date of the first unpaid premium in case of lapse of the policy |
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Benefits of LIC Bima Account 1 Plan
The LIC Bima account plan is a great way to save on your insurance needs. It offers a low initial deposit and no monthly maintenance fees. You can also choose toadia free insurance for accidental damage up to INR 1 Lac. There are a variety of account options available, including an individual account and a joint account. If you have any questions about the LIC Bima account plan, don’t hesitate to get in touch with our team of experts. We are here to help you make the best choices for your insurance needs.
Listed below are the benefits of the LIC plan.
- Death Benefit- The policy offers death benefit in case of the unfortunate death of the insured. The sum assured along with the remaining balance in the policyholder’s account will be paid as death benefit to the nominee.
- Maturity Benefit- In case of survival until the maturity date of the policy, the nominee will be paid the balance in the policyholder’s account as maturity benefit.
- Loan Benefit- One can avail loan under the policy once they’ve completed one year into the policy with all the premiums paid completely.
- Surrender Benefit- The policy will acquire surrender benefit as soon the first premium is paid. But the surrender benefit is payable only after the policy completes three years.
- Low premium
- The policy can be purchased online
How does the Plan Work?
Consider the example of Mr. Satish, a 30 year old professional who opts for LIC Bima Account 1 for a policy term of 7 years and an annual premium of Rs.10,000. By the end of the 7th year, the total account value of policyholder at maturity will be Rs.78,938, considering the return is paid at 6% p.a.
Charges in LIC Bima Account 1
Expense Charges (which includes the commission charge paid to agents)
| 1st Year | 2nd & 3rd year | 4th to 7th Year | |
| For regular Premiums | 27.5% | 7.5% | 5% |
| Top Up Premiums | 2.5% of the top-up amount | ||
Mortality Charges (for every Rs.1000 of Sum Assured)
| Entry Age | Upto 20 years | 20 to 30 years | 30 to 40 years | 40 to 50 years |
| Per Rs. 1000 of SA | 1.25 | 1.46 | 2.57 | 6.56 |
Sample illustration of premium amount in LIC Bima Account 1
Age = 35 years
Policy Term = 7 years
Annual Premium = Rs.10,000
Total Premiums paid in 7 years = Rs.70,000
Additional Features and Benefits of LIC Bima Account 1 Policy
Guaranteed Returns: A guaranteed return of 6% of the money held in the policy holder’s account is provided in Bima Account 1. All premiums paid minus charges, as well as the guaranteed interest earned each year, are included in the policy holder’s account.
Additional Interest: Based on the performance of the policy an additional interest may be declared every year.
Top Up: You can top up your policy to an amount equal to the sum of all regular premiums paid. This can be done only after the 1st policy year. There is no increase in the Sum Assured based on the top-up paid and it does not form part of the policy holder’s account. So the guaranteed 6% returns would not apply to the Top-Up amount paid.
Loan facility: Bima Account 1 may be used to obtain a loan. The amount in the policy holder’s account would be capped at 60% of the maximum loan amount. The policy would be cancelled and no money would be paid to the customer if the debt amount plus interest exceeded the policyholders’ account at any time.
Surrender Benefits: Once the first year’s premiums had been paid, the policy would be eligible for surrender benefits. Only after three years will the benefits be paid. There would be no extra charge on the account and no credit would be given to the account if you surrendered the policy before paying three years of premium. The amount held in the policy holder’s account would be payable if you surrender after paying three-year premiums.
Non-payment of Premiums: If the premiums are not paid during the grace period, your policy would have a paid-up value. From the date of the first unpaid premium, the policy may be renewed within 12 months. During the revival phase, no life insurance is offered. Until it is renewed, the amount in the policy will continue to earn 5% interest.
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LIC Bima Account Plan Review
If you’re looking for insurance that’s both affordable and comprehensive, LIC Bima is the right option for you. The account plan offers a variety of benefits that will suit your needs, including personal accident coverage, vehicle insurance, and 24/7 customer support. You can also take advantage of the account’s feature-rich nature, such as the ability to manage your insurance policy online. To sum it all up, check out LIC Bima account plan review for all the details. Plus, get started saving today by enrolling in the account plan!
Conclusion
Thank you for reading our blog post. In this article, we will be discussing LIC Bima Account Plan 2024. LIC Bima is one of the leading life insurance companies in India. They offer a variety of account plans that can benefit your life insurance needs. In this post, we will be discussing LIC Bima Account Plan 2024 in detail. So, stay tuned and keep reading!
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