LIC's Bima Nivesh 2004

LIC's Bima Nivesh 2004 Plan

1. BENEFITS

1.1. Guaranteed Additions: Policy shall provide guaranteed additions at the compound rate of Rs.40%o Sum Assured per annum for the policy with term of 5 years and at the compound rate of Rs.45%o Sum Assured per annum for the policy with term of 10 years.

1.2. Loyalty Addition: Depending upon the Corporation's experience with regard to mortality, interest and expenses and based on term of the policy, Loyalty addition, if any, as declared by the corporation may be paid on maturity.

1.3. Maturity Benefit: The Basic Sum Assured along with Compounded Guaranteed Additions will be payable. Loyalty addition ,if any will also be added to the benefit.

Death Benefit : In case of death of the Life Assured during the term of the policy Sum Assured along with accrued guaranteed additions will be payable.

Surrender Value: surrender value will be paid after the policy has run at least for one year.

2. LIMITATIONS
Basic Benefit
a. Minimum age at entry - 13 years completed
b. Maximum age at entry - 70 years
c. Maximum age at maturity - 75 years
d. Terms allowed - 5 years and 10 years
e. Mode of premium - Single premium
f. Minimum Sum Assured - Rs.25,000
g. Maximum Sum Assured No limit

3. PREMIUM RATES
Single Premium rates for Rs.1000 Sum Assured are
Rs.995 for 5 years term, and
Rs.976 for 10 years term

4. REBATE
1% of basic premium on the premium in excess of Rs.50,000.
1.5% of basic premium on the premium in excess of Rs.100,000.

5. OPTION
A term Assurance Rider is also available by payment of a single premium at the choice of the proposer. If this option is availed, the Term Assurance Rider Sum Assured is payable on death of the Life Assured before maturity. The eligibility conditions and restrictions are -
Minimum Age at entry : 18 years completed
Maximum Age at entry : 50 years
Minimum Sum Assured Rs.1,00,000
Maximum Sum Assured: Basic Sum Assured on the plan subject to an overall limit of Rs.25,00,000/- taking all Term Assurance Rider sum assured under all plans.

The Term Rider Premium depends on the age nearer birthday and the term of the policy.

6. LOAN
Loan will be available to the policyholders under this plan within the surrender value.

7. EXCLUSIONS:
Suicide: The term assurance provision of the policy, if chosen, is void if the Life Assured commits suicide (whether sane or insane at the time) at any time on or after the date on which the risk on the policy has commenced but before the expiry of one year from the date of the policy and the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party's bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office in which the policy is being serviced, at least one calendar month prior to death.

8. Benefit Illustration
8.1 Statutory warning
"Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. If your policy offers guaranteed returns then these will be clearly marked "guaranteed" in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed investment returns. These assumed rates return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance."





In case Term Assurance Rider is opted for, the death benefit will increase by the Term Assurance Sum Assured the additional premium payable will depend on the age of the life assured.

9. Prohibition of Rebates (Section 41 of INSURANCE ACT ,1938) :
No person shall allow or offer to allow either directly or indirectly as an inducement to any person to (take out or renew or continue) an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or the part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.

Any person making default in complying with the provisions of this section shall be punished with fine, which may extend to five hundred Rupees.