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LIC BIMA Account II Policy

Features

 LIC’s Bima Account – II  is a simple non-linked plan which offers you everything you think of an insurance plan should provide:
Simplicity
Liquidity
Guaranteed minimum return
Transparent charges
Risk cover

Under this plan, the premiums paid by you, 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 your 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.

You will also have an option to pay additional (Top-up) premiums without any increase in risk cover.

Loan facility will also be available immediately after first policy anniversary.

1. PAYMENT OF PREMIUMS: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy.

Policyholder’s Account shall consist of 2 parts:
Policyholder’s Regular Premium Account – to which regular premiums, net of charges, shall be credited.
Policyholder’s Top-up Premium Account – to which Top-up premiums, net of charges, shall be credited.

2. ELIGIBILITY CONDITIONS  AND  OTHER  RESTRICTIONS:
(in years)

Minimum Entry Age : 8 (completed)
Maximum Entry Age : 60 (nearest birthday)
Policy Term : 10 to 15
Minimum Maturity Age : 18 (completed)
Maximum Maturity Age : 70 (nearest birthday)

Regular premium:
Mode  Instalment premium

Mode : Instalment premium
Yearly : 15,000
Half-yea:rly 8,000
Quarterly: 4,000
Monthly (ECS) : 1250
Top-up premium : 1000

 Maximum Premium:
Regular premium: No Limit
Top-up premium: Sum total of Regular Premiums paid upto the date of payment of top-up.

Annualized Premiums shall be payable in multiple of `1000 for all modes other than ECS monthly. For monthly (ECS), the premium shall be in multiples of `250/-.

Minimum Sum Assured: 10 times the annualized premium.

Maximum Sum Assured:
30 times of the annualized premium up to age 35 years
20 times of the annualized premium for age between 36 to 45years
10 times of the annualized premium for age between 46 to 60 years

3. CHARGES UNDER THE PLAN:

A) Expense Charge: This is the percentage of the premium appropriated towards charges from the premium received. The balance part of the premium will be credited to the Policyholder’s Regular Premium Account or Policyholder’s Top-up Premium Account, as the case may be.
The expenses charges are as below:

Regular premium:

Expenses charge (including commission)
First Year 2nd & 3rd Years Thereafter
27.5% 7.5% 5%

Top-up Premium: 2.5%

B) Other Charges:

Mortality Charge – This is the cost of life insurance cover which is age specific and will be taken every month from the Policyholder’s Regular Premium Account appropriately. This charge shall depend upon the Sum Assured.

The charges per `1000/- life insurance cover for some of the ages in respect of a healthy life are as under:

Age 20 30 40 50
Rs. 1.25 1.46 2.57 6.56

Service Tax Charge – A service tax charge, if any, shall be levied on Mortality charge deducted from the Policyholder’s Regular Premium Account on a monthly basis as and when the corresponding Mortality charges are deducted.

The level of this charge will be as per the rate of service tax as applicable from time to time. Currently, the rate of Service Tax is 10% with an educational cess at the rate of 3% thereon and hence effective rate is 10.30%.

Alteration Charge – This is a charge levied for an alteration within the contract, such as change in mode of payment to higher frequency and decrease in sum assured and shall be a flat amount of `50/- which will be deducted from the Policyholder’s Account and the deduction shall be made on the date of alteration in the policy.

4. OTHER  FEATURES:

Top-up Premium: You can pay top-up premiums in multiple of `1000/-. The additional premiums paid shall be credited into the Policyholder’s Top-up Premium Account after deducting the expense charge. However, there would not be any increase in the sum assured under the policy. The total of top-up premium at any point of time shall not exceed the sum total of regular premiums paid upto that point of time. Such additional premiums can be paid only if all due premiums have been paid under the policy.

Decrease in benefits: This plan offers you the flexibility of reducing the sum assured during the term of the contract subject to the minimum limit. When the sum assured is reduced, such change will be effective from the policy anniversary coinciding with or next following the date of request.

5. GRACE PERIOD:
A grace period of one-month but not less than 30 days will be allowed for payment of premiums under all modes of premium payment.

6. REVIVAL:
If due premium is not paid within the days of grace, the policy becomes paid-up. A paid-up policy can be revived within 12 months period from the due date of first unpaid premium or before maturity, whichever is earlier. During this revival period, the life cover will cease and no mortality charge shall be deducted.

The revival shall be made on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium without interest.

The Corporation reserves the right to accept the revival at its own terms or decline the revival of a paid-up policy. The revival of a paid-up policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Policyholder.

In case the policy becomes paid-up without payment of at least 2 years’ premium and is not revived during the period of revival, the policy shall compulsorily be terminated on expiry of revival period. No charges shall be deducted and no interest will be credited from the date of compulsory termination. The balance in the Policyholder’s Account shall be refunded on completion third policy anniversary.

In case the policy become paid-up after payment of 2 full years’ premium and is not revived during the period of revival, the policy shall continue.

A policy once surrendered cannot be reinstated.

7. COOLING OFF PERIOD:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days.

Source :http://licindia.in

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115 Responses to LIC BIMA Account II Policy

  1. My policy is manyback policy opendate:27/08/2007 please detail policy status information

  2. krishan kumar garg says:

    Mera policy no 182614661per father ka galat nam likha hua hai aur mujhe abhi tak policy prapt nahi hui hai.

  3. dinesh kumar says:

    +91-22-1251

  4. upendr kumar rajbhar says:

    162869917

  5. my policy no inpoary my policy no 925813438.925813437.925813436

  6. dasmath bàskey says:

    Sir pls give me my policy states my police no-553702305

  7. vijay tiwari says:

    Sir I want to policy state
    policy number 905262630

  8. kamble vilas chaban says:

    Sir…I want to police details.second policy no 864447430.

  9. vilas chaban kamble says:

    Sir…I want to police details.my policpolice nomber 874454158

  10. vilas chaban kamble says:

    Sir… I want to police details.

  11. deepak hora says:

    sir i want to know the status of policy no 500361098

  12. Prem says:

    I WANT TO KNOW MY POLICY STATES.POLICY NO.173713605

  13. jitendra kumar says:

    Jitendra kumar

  14. RAM KISHOR TIWARI says:

    Iwant my polcy status.

  15. malik says:

    Dear sir
    My father has a lic policy under bhartiya jeevan nigam. His surname is wrong in the policy and now all years of payments have been completed. Your people are refusing to pay him saying his surname is wrong. Please tell me what to do now.

  16. vishal kumar pandey says:

    What ie stetas of my policy n.
    29541915,Polcy n.292668502,policy n.296762759

    • 29541915 – lic policy number is not correct
      292668502 – LIC Policy status is normal – premium due on 25-08-2014
      296762759 – LIC Policy status is normal – premium due on 25-05-2014

  17. rajesh kumar says:

    Rajesh kumar s/Bharpoor v.p.o gudana teh ch dadri diste bhiwani haryana pin 127310

  18. pravin londhe says:

    Dear sir my policy no is 634729837
    So I want to know my policy Status
    last three years I have no information about my policy. Please
    given the information emigiataly

  19. Rukmagandha suresh Nivindkar says:

    मैने 2005को पॉलिसी शुरु की थी/कि सी कारण वश अब मै पॉलिसी बंद करना चाहता हू/तो अब मुझे कितने रुपये मिलेंगे ?
    निवेंडकर
    जिल्हा रत्नागिरी

  20. seema says:

    I WANT TO KNOW MY POLICY STATES.POLICY NO.334077700

  21. gunakhar kunwar says:

    I want to know my policy status my policy no-906213232. I donot get money back check which is clear on month of august2009.

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