LIC Bima Account Plan Unveiled
By Arnab Ghosh, Gaea News NetworkWednesday, February 2, 2011
DELHI, INDIA (GaeaTimes.com)- LIC which is the leading insurance service provider in India has unveiled a couple of new Non linked plans named Bima Account I and Bima Account II. These are the first Variable Insurance Plans offered under new IRDA regime. The schemes are based on similar structures. The plans offer liquidity to the customer and comes with the assurance of Guaranteed minimum returns. The risk coverage like all LIC plans is ample. The benefit in the Bima Account I is that it does not require the policy holders to undergo any medical examination. As per these plans, the premiums paid by the customer gets credited to the account of the policy holder post deduction of charges. If the policy holder pays all premiums the amount kept in the LIC Policyholder’s Account draws a 6 percent yearly interest rate. This is valid for the entire policy term.
Apart from the guaranteed return, the LIC Bima Account policyholder may get an additional return if all premiums are cleared. In case the premiums are not paid timely, the policy gets converted into a paid up policy. It can henceforth be revived within a year of first unpaid premium date. However, in the revival period the life cover will not be there. After the first year the policyholder can avail of the loan facility. The policy premiums can be paid at half yearly, yearly, monthly and quarterly intervals.
For LIC’s Bima Account I the entry age is 11 years to 50 years. For Bima Account II the age range is 8 to 60 years. The policy duration is 5 to 7 years and 10 to 15 years for these policies respectively.
