LIC Bima Account 2
This plan has been withdrawn by the insurance company and is no longer available for sale.
LIC Bima Account 2 Policy
Bima Account 2 is a traditional life insurance policy from LIC which offers a guaranteed return of 6% every year for all the money held in the policy holder’s account. All premiums paid less the charges are held in this account. Also the plan is very simple to understand and is very transparent. It is the first traditional plan to declare the list of all charges which are applicable. This is a higher version LIC Bima Account 1.
Compare this plan with other Investment Plans
LIC Bima Account 2 - Key Features
LIC Bima Account 2 - Benefits
In case of death of the policy holder, the nominee would receive the Sum Assured + the amount in the policy holders account (net of premiums paid +
On maturity the policy holder would get the amount in the policy holder’s account (net of premiums paid + assured returns + any additions).
Premiums paid towards Life Insurance policies up to Rs.1,50,000 are allowed as a deduction from the taxable income each year under section 80C. The
In Bima Account 2, there is a guaranteed return of 6% of the money held in the policy holder’s account. The policy holder’s accoun
Based on the performance of the policy an additional interest may be declared every year.
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.
Loan can be availed in the Bima Account 2. The maximum loan amount would be 60% of the amount held in the policy holder’s account.
The policy would acquire surrender benefits as soon as the 1st year’s premiums have been paid. The benefits are payable only after 3 yea
You policy would acquire a paid-up value if the premiums are no paid within the grace period. The policy can be revived within 12 months from the d
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 |
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
Eligibility conditions in Bima Account 2 Plan
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 10 x Annualised Premium | For age <= 35
30 x Annualised Premium For age 36 to 45 20 x Annualised Premium For age 46 to 50 10 x Annualised Premium |
| Policy Term (in years) | 10 | 15 |
| Premium Payment Term (in years) | Same as policy term | |
| Annual Premium | Rs.15,000 | No limit |
| Top Up Premium | - | Sum of all regular premiums paid |
| Entry Age of Policyholder | 8 | 60 |
| Age at Maturity | 18 | 70 |
| Single premium | NA | NA |
| Payment modes | Yearly, Half-Yearly, Quarterly and Monthly (ECS) | |
