Life Insurance Corporation launched two new non linked plans – Bima Account I and Bima Account II.
LIC’s Bima Account – I is a simple non-linked plan under which offers an insurance plan without undergoing any medical examination subject to certain conditins.
LIC’s Bima Account – II is a simple non-linked plan under which offers an insurance plan with medical examination.
Under both the plans, the premiums paid by policyholder, after deduction of charges, will be credited to the Policyholder’s Account maintained separately for each policyholder. The risk cover will be provided by deduction of mortality charges from the Policyholder’s Account.
If all due premiums are paid, the amount held in Policyholder’s Account will earn an annual interest rate of 6% p.a. which will be guaranteed for whole of the policy term. In addition to this guaranteed return, if all due premiums are paid, your account may earn an additional return depending upon the experience under this plan.
Policyholder will also have an option to pay additional (Top-up) premiums without any increase in risk cover.