The LIC Bima plus Policy was started in the year 2005 on 15th October. This is unit linked insurance from the LIC. There are three different categories in the investment profiles of the LIC Bima plus Policy.
The different categories are listed below:
- The Secured investment profile
- The Balanced investment profile and
- The Risk investment profile.
Information about duration of the Premium: You can pay the premiums in the multiples of five hundreds to make more units. You can pay the premium either in a single premium payment schemes or you can pay under the yearly premium payment schemes. The premium has a fund of 15.83% in the secured fund, 18.92% in the balanced fund and 26.27% in the risk fund.
Benefits of the Bima plus policy: This policy is considered as the safest one in the stock exchange because the LIC has a leading influence in the stock market movement.
Maximum Insurance Cover – Up: The maximum insurance cover – up in the Bima plus policy of LIC amounts to ten lakhs rupees (Rs 10,00,000/- only).
- Death Benefit: When the insured person dies, the nominee is given the basic amount that he paid along with some percentage of the funds and this percentage depends upon when the policy holder dies (during which premium duration).
- On Maturity: The Policy holder is given the basic amount along five percent bonus to the investment that was made.
- Accident Benefit: When the Policy holder faces an accident, he paid the assured pay along with the funds.
If there is a pre – mature surrender of the policy then there will be a deduction in the amount of the investment according to time of the surrender of the policy. The minimum age of entry is 12 years and the maximum age entry is 55 years.