BIMA PLUS PLAN

BIMA PLUS PLAN (T.No.140).


Further to our circular no.Actl./1742/4 dated 2/2/2001, we have been receiving queries seeking clarifications regarding method of cancellation of units and CEIS rebate under Bima Plus plan. We have also been receiving requests for allowing revival of lapsed policies even after one year from the date of first unpaid premium (FUP) which is not allowed as per our introductory circular.

We hereby give following clarifications :

1. Under CEIS cases, no commission is required to be paid to agents and no credit is to be given to the Development Officers. In such cases, the commission charge will not be charged either from regular premium or from single premium or from additional premium under Bima Plus policies. The amount allocated to the unit fund will therefore be more compared to that allocated in cases introduced through agents and hence more number of units will be allotted in CEIS cases. It is also clarified that under single premium CEIS cases, no commission charge will be charged by canceling units on renewal dates.

2. Cancellation of units from the unit fund, for whatever reason, will be at bid price and bid-offer spread of such cancelled units should be credited to non-unit fund.


It has also been decided, with immediate effect, to allow revival under Bima Plus plan within 5 years from the date of FUP. Revival can be done by paying upto date arrears of premium without any interest on submission of satisfactory DGH or appropriate medical/special reports. Other conditions of revival will remain unchanged.