Bima Nivesh 2005 (A Single Premium Policy with Attractive Returns)

Bima Nivesh 2005

Table No.  171

(A Single Premium Policy with Attractive Returns)

The Life Insurance Corporation of India has always believed in providing value-added service and products. In tune with the changing economic scenario it offers multi-benefit schemes to fulfill the varied financial needs of the public. Its latest offering, 'BIMA NIVESH 2005', is a short term, single premium life insurance scheme that also provides safety, liquidity and attractive returns.

Benefits

Ø  Maturity Benefit

ü  Sum Assured + Guaranteed Addition at compounded rate + Loyalty Addition, if any, is given

ü  Guaranteed Addition for a 5 year policy is at Rs. 50/- per 1000/- S.A., compounded annually.

ü  Guranteed Addition for a 10 year policy is at Rs. 55/- per 1000/- S.A., compounded annually.

Ø  Death Benefit

ü  Sum Assured along with accrued guaranteed additions will be payable. If Term Assurance Rider  has been taken, then the term assurance amount is also payable in addition.

Ø  Premium Rebate

ü  1.0 % of the tabular premium in excess of Rs. 50,000 upto Rs. 1,00,000.

ü  Rs. 500 + 1.5 % of the tabular premium in excess of Rs.1,00,000/-

Ø  Term Assurance Rider

ü  A term Assurance Rider benefit payable by single premium will be available at the choice of the proposer. The restrictions and eligibility conditions are:

Minimum Sum Assured	Rs. 1,00,000
Maximum Sum Assured	Sum Assured Under The Main Plan, Subject to Maximum Of Rs. 25,00,000
Minimum Age At Entry	18 Years Completed
Maximum Age At Entry	50 Years Completed
Maximum Age At Maturity	60 Years

ü  On Maturity of the policy the  sum assured along with the guaranteed additions and loyalty additions, if any, will be paid on the expiry of the stipulated term.

Ø  Compound Guaranteed Addition :

ü  There will be Guaranteed Additions at compound  rate of Rs. 50 per thousand p.a.  in case of 5 Years Term policy and Rs.55 per thousand p.a. in case of 10 years term policy. In other words, the guaranteed addition at the end of each policy year will be based on the basic  sum assured and accrued guaranteed additions at the rates mentioned.

Ø  Loyalty addition : On the life assured  surviving the stipulated date of maturity, Loyalty Addition may be paid at such rates and on such terms as may be declared by the Corporation.

Features

Ø  A short term, single premium life insurance scheme

Ø  Minimum Sum Assured - Rs. 25,000/-

Ø  Maximum Sum Assured - No Limit

Ø  Term          -  5 years and 10 years

Ø  Minimum age at entry - 13 years Completed

Ø  Maximum age at entry  -  70 years

Ø  Maximum age at maturity- 75 years

Ø  Premium Rates -   Rs.995 per 1000 S.A   (for 5 year term)

        Rs. 976  per 1000 S.A (for 10 year term )

Ø  Modes Allowed - Single Premium

Ø  Policy  loan available.