BIMA NIVESH Table 171 INSURANCE POLICY

BIMA NIVESH INSURANCE POLICY BY LIC (Table.171)

Features of plan: Bima Nivesh 2005 is an investment plan with compound rate of guaranteed additions and loyalty additions. It is a single premium, investment plan for those who have no regular income but good periodical income.

When term assurance rider is not opted for:

• Proposals under Bima Nivesh- 2005 plan will be considered independently without clubbing the sum under consideration (SUC) with previously accepted proposals.
• No special report will be called for irrespective of the sum under consideration (SUC).
• Proposal under Bima Nivesh- 2005 will be considered on the Basic of satisfactory declaration of good health (DGH).
• Age proof standard or non-standard age proofs are acceptable.

When term assurance rider is opted for: the usual underwriting rules for clubbing, calling general and special reports etc. will apply for the term assurance rider S.A. the term assurance rider S.A will be the sum under consideration (SUC).

Plan parameters

Age at entry: Min. 13 yrs. Completed Max 70 yrs.
Maturity age: Min. 75 yrs
Term: 5 & 10 yrs
Sum assured: Min 25,000 Max. No. Limit
S.A in multiples: 5,000
Mode of payment: Single premium
Policy loan: yes
Housing loan: yes
Assignment: yes
Surrender of policy: yes
Term ride: yes

Underwriting conditions

Form no: 300/340
Age proof: std/Non Std
Medical exam: not required for
(When term assurance Rider is not opted for)
Risk coverage: SA + GA
Dating back @ 8%: Allowed

Benefit

Survival benefit: the basic S.A along with compounded G.A will be payable. Note: loyalty addition, if any, will also be added to this benefit.

Death benefit: in case of the unfortunate death of the life assured during the term of the policy, S.A along with the accrued G.A will be payable.

Example: 35 years old Mr. Lalu prasad, opts for bima nivesh 2005, S.A 1 Lac for a 10 year term. He pays Rs.97,124/- as single premium. On maturity, he will get Rs.1,70,814/- + loyalty addition, if any. If he dies before maturity, then his nominee will get Rs.1 Lac S.A along with accrued guaranteed addition.