LIC Bima Nivesh 2005 Plan

LIC Bima Nivesh 2005 Plan

LIC Bima Nivesh 2005 Plan is a Single Premium Non-Participating Endowment Policy. Thus it is a Traditional Plan without Bonus facility.

How it works – In this plan, premium needs to be paid upfront under Single Premium facility. Now, 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

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

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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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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:

1. Term Benefit Rider
    

What happens if?

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