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.
Key Features
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
Benefits
In case of death of the Life Insured, the nominee receives Basic Sum Assured + accrued Guaranteed Additions
At the maturity of the policy, the insured will get Sum Assured + compounded Guaranteed Additions + Loyalty Additions, if any.
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)
There is 1 Additional Rider available:
- Term Benefit Rider
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.
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.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 25,000 | No Limit |
| Policy Term (in years) | 5 | 10 |
|
Premium Payment Term (in years) |
Single | |
| Entry Age of Policyholder | 13 | 70 |
| Age at Maturity | - | 75 |
| Payment modes | Only Single | |
FAQs
What happens if you stop paying the premium?No question about stopping to pay premiums as this is a single premium plan.
What happens if you want to surrender the policy?There is a Guaranteed Surrender Value after 1 policy year
What happens if you want a loan against your policy?Loan facility is available under this policy
