LIC Bima Account 2 Plan: As the world grows increasingly digitized, more and more people are looking for ways to secure their financial future. One of the best ways to do this is through the use of a lic bima account – an account that offers numerous benefits and features. Now, in this blog post, we’ll be discussing all the important details about the Lic Bima Account 2 plan, eligibility, features, and summary. After reading this article, you’ll be able to make an informed decision about whether or not this plan is right for you!
LIC Bima Account provides more than just life insurance coverage with its traditional non-linked insurance plan. Life insurance policies issued by LIC provide liquidity, guaranteed minimum returns, and a variety of other benefits in addition to life coverage. Protection and guaranteed returns are both included in the proposal.
LIC Bima Account 2 Plan 2023
- 1 LIC Bima Account 2 Plan 2023
- 2 LIC Bima Account 2 Plan Details in India 2023
- 3 Eligibility Criteria for LIC Bima Account 2
- 4 LIC Bima Account 2 Features
- 5 LIC Bima Account 2 Benefits
- 6 Charges Bima Account 2
- 7 Premium payment for LIC Bima Account 2
- 8 LIC Bima Account 2 Plan Review
- 9 Conclusion
- 10 Frequently Asked Questions
The Bima Account 2 is a classic life insurance policy from LIC that pays out a guaranteed 6% return on the money deposited in the account each year. This account holds all of the premiums you’ve paid less the costs. The concept is also understandable and transparent, making it easy to follow. The list of all charges that apply is the first traditional plan to be published. LIC Bima Account 1 is the upgraded version.
When it comes to life insurance, it’s important to have options and choose the right plan for your needs. LIC Bima Account 2 is a life insurance plan that offers multiple benefits and features. The main benefit of this account is the retirement saving feature, which allows you to save for your future in a tax-advantaged way. Other features include investment options, roadside assistance, and extended warranty coverage. To make the most of this account, it’s important to review the details so you can decide if it’s the right plan for you!
LIC Bima Account 2 Plan Details in India 2023
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Eligibility Criteria for LIC Bima Account 2
Lic Bima Account 2 is an insurance plan that helps members protect their assets. This plan is available to individuals who are aged 21 and over, and has a minimum coverage of $250,000 per person. Some of the benefits of this account include aid for medical expenses and death benefits. To find out more information about the LIC Bima Account 2 Plan 2023, or to apply online, please visit their website!
|Minimum age at entry||8 years|
|Maximum age at entry||60 years|
|Minimum age at maturity||18 years|
|Maximum age at maturity||70 years|
|Minimum policy term||10 years|
|Maximum policy term||15 years|
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LIC Bima Account 2 Features
Lic Bima Account 2 Plan is a great way to stay connected and stay on top of your life. With benefits like up to P2,000 worth of credit and debit card reloads every month, unlimited talk, text, and data, priority treatment for airtime and internet services, and discounts on select online stores, this plan has it all. Some of the features available with Lic Bima Account 2 Plan 2023 include: the ability to stay connected anywhere in the world without roaming charges or contracts, automatic account renewal – no need to worry about cancelling before your monthly bill arrives, and the ability to manage your account from anywhere in the world. So what are you waiting for? Sign up for Lic Bima Account 2 Plan today!
|Type||Traditional non linked plan|
|Policy terms||10 to 15 years|
|Premium payment terms||Same as the policy term|
|Premium payment mode||Annually, bi-annually, quarterly and monthly|
|Death benefit||Sum assured + balance in the policyholder’s account will be paid as death benefit|
|Maturity benefit||Balance in the policyholder’s account will be paid as the maturity benefit on surviving the maturity date of the policy|
|Free look period||15 days|
|Grace period||One month (30 days)|
|Guaranteed returns||6% p.a. Guaranteed returns|
|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|
|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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LIC Bima Account 2 Benefits
For busy professionals who want to manage their finances and investments more effectively, a Lic Bima Account 2 is a great option. With enhanced security and access to more features, this account offers a number of benefits that are valuable in today’s competitive marketplace. Additionally, the increased security is valuable as it helps protect your information from theft and other cyber-attacks. If you’re interested in signing up for a Lic Bima Account 2, be sure to read the details first!
- Maturity Benefit- They’ll be paid the remaining amount in their account as maturity benefit if the life assured is still alive at the end of the policy term.
- Death Benefit-Sum assured along with balance in the insured’s account will be paid as death benefit to the nominee in case of unfortunate death of the life insured.
- Guaranteed Interest-There are guaranteed returns on the plan. The policyholder’s account receives the stated interest, but the gross premium paid does not receive it. The insured’s ordinary premium account and top up premium account are combined to form the policyholder’s account, which will earn 6% interest every year. Only if the policy is in effect and pays 5% p.a. will the guaranteed interest be paid. The policy has been paid in full.
- Surrender Benefit- The policy qualifies for surrender benefit only after completion of third policy year. Balance in the policyholder’s account will be paid as the surrender benefit in case of surrender of the policy on or after the third year.
- Loan Benefit- Only after the one-year policy term has passed will a loan benefit be provided, and all of the premiums for that year have been paid. Up to 60% of the value in the policyholder’s account may be borrowed. Life Insurance Corporation will determine the rate of interest charged on the loan.
- The policy offers double benefit of life cover as well as guaranteed returns.
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Charges Bima Account 2
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|
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Sample illustration of premium amount in Bima Account 2
Age = 35 years
Policy Term = 15 years
Annual Premium = Rs.15,000
Total Premiums paid in 7 years = Rs.2,250,000
How does the Plan Work?
The total account value at the end of the tenth year will be Rs. 1,87,943, which will also be the surrender value if you choose LIC Bima Account 2 and pay an annual premium of Rs. 15,000 for a policy term of fifteen years. At the end of fifteen years, the total account value will be Rs. 3,33,760.
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Premium payment for LIC Bima Account 2
|Premium payment mode||Installment|
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LIC Bima Account 2 Plan Review
If you’re looking for comprehensive insurance coverage for your family, look no further than LIC Bima Account 2 Plan. The plan offers a range of benefits and features to protect you and your loved ones. Some of the key benefits of the plan include hospitalization, surgery, childbirth, maternity care, and more. In addition to this, the plan also offers disability benefits for people who have an accident or illness that causes them to lose work time. To learn more about the details of the plan and review its benefits, please visit our website today!
After reading this blog, you will know everything you need to know about the Lic Bima Account 2 plan. This account offers a range of benefits and features that are perfect for your needs, so make sure to get registered now! In addition, our team of experts will be happy to answer any questions that you may have about the plan. So, what are you waiting for? Start planning your life with a Lic Bima Account 2 today!
Frequently Asked Questions
How will I be charged for my use of the LIC Bima Account 2 Plan?
The account holder will be charged for their monthly use of the account in arrears on the account's anniversary date. There is no cap on the amount that the account holder can be charged each month, and this applies to both voice calls and data usage. The account holder will not be penalized for exceeding their monthly data limit, as long as they abide by LIC Bima's Fair Usage Policy when using the account.
Can I cancel or change my plan at any time?
Yes, you can cancel or change your LIC Bima account 2 p but For a minimum of three years, the premium has to be paid. The surrender value will be about 30% of the premiums paid until date if you surrender after three years.
How much LIC will I get after maturity?
If three or more years' premiums have been paid, but less than four years' premiums, 80% of the Maturity Sum Assured is assured; if four or more years' but less than five years' premiums have been paid, 90% of the Maturity Sum Assured is assured.
Which is better LIC or FD?
Short- and medium-term investments are best served by fixed deposits, whereas long-term investments are served by life insurance plans. Unlike a life insurance policy, where you have to invest for at least ten years, you may invest for a period as short as seven days in fixed deposits.