LIC India Bima Nivesh 2005 Table 171

LIC India Bima Nivesh 2005 Table 171

W.e.f.  21-03-2005

General Conditions:

Min. age at entry:  13 years completed.

Max. age at entry:  70 years.

Min. S.A.: Rs. 25000.

Max. SA.: Any Amount.

SA in multiples: Rs. 5000.

Max. Maturity age: 75 years.

Modes Allowed: Single premium.

Terms Allowed: 5 and 10 years.

Requirements in writing:

Risk Coverage:  SA + GA

Age proof: Std./Non-Std

Form Number:  300/340

Dating Back @ 8%: Allowed

Medical Exam (when TAR is not opted): Not required for any SA

Note: It is an Investment plan suitable for persons who can invest lump sum amount and who do not have regular income and expect reasonable return.

When Term Assurance Rider is NOT opted for:

(a) Irrespective of the Sum Under Consideration, no special reports will be called.

(b) On the basis of Satisfactory Declaration of Good Health (DGH), proposal will be considered. The proposal should be referred to CUS and FMR if DGH is not satisfactory.

(c) Without clubbing the Sum Under Construction with previously accepted proposals, this plan will be considered independently.

When Term Assurance Rider is opted for:  The Term Rider SA will be the Sum Under Consideration. The usual underwriting rules for clubbing, calling general, and special reports etc. will apply for the Term Rider SA.

Death Benefits: Accrued Guaranteed Addition along with SA will be paid if the policy holder dies before maturity of the policy. Term Assurance SA amount will be paid if Term Assurance Rider has been taken.

Maturity Benefits: At Rs. 50 & 55 per 1000 SA, Gtd. Addition is payable, compounded annually for 5 & 10 years term respectively.  SA + Compounded GA + LA, if any, is given.

Loyalty Addition: Depending upon Corporation’s experience with regard to mortality, interest & expenses & based on term of the policy ], LA, if any, is paid only at maturity.

Example:

Mr. Sad takes a 5 year term Bima Nivesh 2005 policy for Rs. 1 lakh SA. On maturity, he will receives Rs. 1,27,628 (Rs. 1,00,000 SA+ Rs 27628 being guaranteed Addition @ Rs 50 per 1000 SA compounded annually). In addition, he is also eligible to received loyalty Addition, if any, declared by LIC. In case, he dies before maturity, his nominee will receive Rs. 1 lakh SA + accrued GA at Rs 50 per 1000 SA per annum.

High Premium Rebate:

(a) Up to & including 50000  :-  Nil

(b) Rs 50001 to 1 lakh :-  1.0% of premium in excess of Rs 50000.

(c) Above Rs 1 lakh  :- Rs 500 + 1.5% of premium in excess of Rs 1 lakh.

It does not apply for Term Assurance Rider, if opted for. This rebate is applicable to the basic plan only.

Gtd. Surrender Value:

(a) GSV is equal to 90% of Single Premium paid* for 5 years Term Policy.

(b) GSV is equal to 80% of Single Premium paid* for 10 years Term Policy.

(c) Payable if policy has run for atleast 1 year..

*Excluding all extra premiums and the premium for the Term Assurance Rider.

Term Rider Condition:

Min. age at entry : 18 years (completed).

Max. age at entry:  50 years.

Max. maturity age: 60 years.

Min. Sum Assured: Rs. 1 lakh.

SA in multiples of:  5000.

Max SA: SA under the basic plan is subject to an overall limit of 25 lakhs on SA under Term Assurance Riders under all policies of the Life Assured with LIC taken together..

Special surrender value will be paid based on completed quarter years.

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