LIC Bima Nivesh 2005 Plan
LIC Bima Nivesh 2005 Plan is a single premium endowment policy.
In this plan, if the Life Insured dies within the policy tenure then his nominee would receive the Sum Assured + accrued Guaranteed Additions. Now, if the Life Insured survives the entire term, then he would receive basic Sum Assured + entire Guaranteed Additions and Loyalty Additions.
This plan is an amazing plan for guaranteed returns along with coverage and suits people who do not want to pay premiums for a long time and yet want good returns and life cover. Along with Term rider benefits, this plan is quite a handful since the protection cover can be significantly enhanced.
Key Features of LIC Bima Nivesh 2005 Plan
§ This plan is a single premium endowment plan
§ Since this plan is an investment driven plan, the premiums does not depend on age of the life insured.
§ The Death Benefit in this plan is the Sum Assured + accrued Guaranteed Additions till date of death
§ The Maturity Benefit in this plan is basic Sum Assured + compounded Guaranteed Additions + Loyalty additions, if any.
§ Optional higher cover through Term Benefit rider
§ This plan offers compound rate of guaranteed additions and loyalty additions
§ No medical tests are required for the basic plan
Benefits you get from LIC Bima Nivesh 2005 Plan
Death Benefit – In case of death of the Life Insured, the nominee receives Basic Sum Assured + accrued Guaranteed Additions
Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + compounded Guaranteed Additions + Loyalty Additions, if any.
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility conditions and other restrictions in LIC Bima Nivesh 2005 Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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25,000
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No Limit
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Policy Term (in years)
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5
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10
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Premium Payment Term (in years)
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Single
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Entry Age of Policyholder
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13
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70
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Age at Maturity
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-
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75
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Payment modes
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Only Single
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Sample illustration of premium of LIC Bima Nivesh 2005 Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000 and Rs 2,00,000 and Rs 5,00,000 and Policy Term = 5 and 10 years respectively.
Additional Features and Benefits of LIC Bima Nivesh 2005 Plan
Rider – There is 1 Additional Rider available:
· Term Benefit Rider
You stop paying the premium – No question about stopping to pay premiums as this is a single premium plan.
You want to surrender the policy – There is a Guaranteed Surrender Value after 1 policy year
You want a loan against your policy – Loan facility is available under this policy
Some Endowment Plans from Other insurance companies
1. Aviva Dhan Vriddhi
2. Bajaj Allianz Super Saver
3. ICICI Prudential Save "n' Protect
Other Endowment Insurance Plans from LIC
1. Endowment Assurance - with profits
2. Endowment Assurance Limited. Payment - with profits
3. Endowment Assurance Policy - with profits
4. Jeevan Saral
5. New Jana Raksha Plan
6. Bima Nivesh 2005 Triple Cover
7. New Jeevan Shree 1
8. Jeevan Pramukh
9. LIC's Jeevan Amrit
10. LIC's Bima Account -I
11. LIC's Bima Account -II
12. LIC's Endowment Plus
