Hey there! If you’re looking for a simple and easy life insurance plan, you might want to check out LIC’s Bima Account-I (Plan No. 805). It’s a non-linked insurance plan that gives you life coverage without needing a medical exam. That means more people can get it!
This plan 805 is really cool because it’s simple, you can get your money when you need it, and it has guaranteed minimum returns. Plus, it gives you a big risk cover. And the best part? The charges are clear and stay the same for the whole policy term. It’s like a trusted friend looking out for you!
Overview
If you’re curious about Bima Account-I, let me tell you more! It’s a special kind of insurance product from LIC that you can get without taking a medical test. This means it’s easier for more people to get it.
When you get this plan, LIC will keep track of your money in two different accounts. One is called the Regular Premium Account, which holds your main payments after taking out some charges. The other is the Top-up Premium Account, where you can put in extra money if you want.
Key Features
- Simplicity: Bima Account-I is easy to understand. It’s like a simple savings plan.
- Liquidity: You can borrow money from your plan right from the first year. It’s like having a backup when you need it.
- Guaranteed Returns: You’ll get at least 6% returns every year on your money. It’s like a promise from LIC to you.
- No Medicals: You don’t need to take any medical tests to get this plan. It makes things simpler for you.
- Transparency: LIC will tell you clearly about any charges. You’ll know exactly what’s happening with your money.
- Risk Cover: This plan also gives financial protection to your loved ones. It’s like a safety net for them.
Eligibility
The good thing is, Bima Account-I is for many different ages. You can get it if you’re as young as 11 or as old as 50. And you can choose how long you want the plan to last, from 5 to 7 years.
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 11 years | 50 years |
| Policy Term | 5 years | 7 years |
| Premium Modes | Yearly, Half-yearly, Quarterly, Monthly (ECS) | |
| Sum Assured | 10 times yearly premium | 20 times (age <=35), 14 times (age 36-45), 10 times (age 46-50) |
| Maturity Age | 18 years | 57 years |
| Benefits | On Death: Sum Assured + Account Value On Maturity: Account Value | |
Benefits
When you get Bima Account-I, you’re making sure your family is taken care of. If something happens to you while you have the plan, the person you choose will get the sum assured plus all the money in your account.
And when your plan ends, you’ll get all the money that’s in your account. It’s like a reward for saving up! You can use it for big things you’ve been dreaming of.
The really cool part is that LIC promises to give you at least 6% interest every year as long as you keep your plan going. And if LIC’s investments do well, you might even get extra returns. It’s like your money is growing while you’re sleeping!
Unique Features
With Bima Account-I, you can put in extra money anytime you want. It’s called a top-up premium. The best part is, it won’t change your sum assured. It’s just a way to save more if you can.
And if you ever need money fast, you can take a loan from your plan. You can do this right from the first year. It’s like having a backup stash for emergencies.
Another neat thing is that you can lower your sum assured if you need to. Life changes, and LIC understands that. They let you adjust your plan to fit your needs.
Exclusions
Of course, there are a few things that aren’t covered. It’s important to know about them:
- If the worst happens and the policyholder dies by suicide in the first year, the person they chose will only get the account value, not the sum assured. It’s a tough rule, but it’s there for a reason.
FAQs
What is the minimum and maximum premium under this plan?
The lowest premium for Bima Account-I changes based on how you want to pay. If you pay every year, it’s ₹7,000. For half-year and every three months, it’s ₹4,000 and ₹2,000. And if you pay monthly through ECS, you can start with just ₹600. The most you can pay is double these amounts. Oh, and you can also add extra money called top-up premiums, starting from ₹1,000.
How are the premiums invested in this plan?
When you pay your premiums for Bima Account-I, LIC takes out some charges first. Then, the rest of the money goes into your Policyholder’s Account. This account has two parts: the Regular Premium Account for your main payments, and the Top-up Premium Account for any extra money you put in.
Can I take a loan under this policy?
Yes, you can! After you’ve had your Bima Account-I for a year, you can take a loan. You can borrow up to 60% of the money in your account. It’s like having a backup fund when you need it.
How can I revive my policy if I miss paying premiums?
If you forget to pay your premiums, don’t worry. You have 12 months from the date of the first missed payment to get your plan back on track. To do this, you just need to pay all the premiums you missed. And the good news is, even during this time, your account will still earn 5% interest every year. So your savings keep growing, even if you take a little break from paying.