Bima Account 2

The features of this plan are more or less similar to the Bima Account- I plan, this plan provides all the essential benefits an insurance plan is supposed to offer, namely- simplicity, risk cover, liquidity, guaranteed returns, minimum charges, etc. and it is a unit- linked plan.

As per this plan, the premium you pay, shall be credited to the Policyholder’s account after deducting the charges. Each policyholder has a separate Policyholder Account. The risk cover is provided after deduction of mortality charges from this account.

You will earn annual benefits at an interest rate of 6% p.a. which is guaranteed for whole of the policy term. Also, if all the premiums due have been paid, depending upon the experience under this plan, you may earn additional return. There also exists an option to pay additional premiums without having increased the risk cover.

And immediately after the first policy anniversary, loan facility is available.

(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)

Also check another popular plan Bima Account 1


Maturity Benefit:
The balance in the policy holder’s account shall be paid if the life assured survives till the maturity date of the policy term.

Death Benefit:
If the policy holder dies during the term of the policy, the sum assured along with the balance in the policy holder’s account shall be payabe.

Guaranteed Interest:
The guaranteed interest which is payable by the corporation, shall be applicable on the policy holder’s account and NOT on the gross premium paid by the policy holder.

If the policy is in force, an annual interest of 6% p.a. will be earned on the policy holder’s account i.e. policyholder’s regular premium account and policyholder’s top- up account. If the policy is paid- up, the interest earned will be at the rate of 5% p.a.

Interest rates are guaranteed for the whole term of the policy.
In case of revival of policy, an interest rate of 5% p.a. shall be applicable and after revival, the policy holder’s account will gain benefit at 6% p.a.
Interest calculation is done on a day to day basis and this amount is calculated on the balance in the Policy holder’s Account deducting all the due charges. This amount is credited in the policy holder’s account at the end of each calendar month.

Additional Interest:
Based on the experience on the policies in force,  LIC may declare an additional interest rate on policyholder’s regular premium account.


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