Lic Plans for Lic Ado Exam
BIMA ACCOUNT PLANS LIC’s Bima Account – I As the name explains “LIC’s Bima Account – I ” is a simple non-linked plan under which you can be covered without undergoing any medical examination subject to certain conditions. This plan offers you everything you think of an insurance plan should provide: 1. Simplicity Liquidity 2. 3. Guaranteed minimum return 4. No medical examination 5. Transparent charges 6. Risk cover Under this plan, the premiums paid by you, after deduction of charges, will be credited to the Policyholder’s Account maintained separately for each policyholder. The risk cover will be provided by deduction of mortality charges from the Policyholder’s Account. If all due premiums are paid, the amount held in your Policyholder’s Account will earn an annual interest rate of 6% p.a. which will be guaranteed for whole of the policy term. In addition to this guaranteed return, if all due premiums are paid, your account may earn an additional return depending upon the experience under this plan. You will also have an option to pay additional (Top-up) premiums without any increase in risk cover. Loan facility will also be available immediately after first policy anniversary. PAYMENT OF PREMIUMS: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy. Policyholder’s Account shall consist of 2 parts: 1. Policyholder’s Regular Premium Account - to which regular premiums, net of charges, shall be credited. 2. Policyholder’s Top-up Premium Account - to which Top-up premiums, net of charges, shall be credited. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS: (in years) 1. Minimum Entry Age : 11 (completed) 2. Maximum Entry Age : 50 (nearest birthday) 3. Policy Term : 5 to 7 4. Minimum Maturity Age : 18 (completed) 5. Maximum Maturity Age : 57 (nearest birthday) Minimum Premium: 6. Regular premium: Instalment premium Mode Yearly ` 7,000 Half-yearly ` 4,000 Quarterly ` 2,000 Monthly