LIC's Bima Plus

LIC's BIMA PLUS

This is a life insurance unit-linked product that provides financial protection against death over the 10 year term of plan. The final value of the benefits payable is linked to the value of units in the Unit Fund Account.

The premium(s) paid, after deduction of certain charges, shall be used to purchase units in policyholder's Unit Fund Account. The value of the units in the Unit Fund Account may increase or decrease, depending on the investment return of the assets representing the Fund.

1. Premiums : Premiums are payable half-yearly or yearly throughout the term of the policy. A single premium may also be paid.

2. Benefits :

A) Death Benefit:

On death during term (other than accidental death) :

For policies up to and including 2 lakh Sum Assured:

On death during first 6 months : 30% of Sum Assured plus cash value of units
On death during next 6 months : 60% of the Sum Assured plus cash value of units
On death after first year : Full Sum Assured plus cash value of units
On death during the 10th year : Full Sum Assured plus cash value of units plus 5% of total premiums paid provided all 10 years' premiums are paid.

For policies more than 2 lakh Sum Assured:

In case of death while the policy is in force, an amount equal to the sum assured and bid value of the policyholder's unit account on the date of death, will be payable to the nominee/legal heir.

On death during the 10th year : Full Sum Assured plus cash value of units plus 5% of total premiums paid provided all 10 years' premiums are paid.

B) Maturity Benefit
5% of the total premiums paid along with the cash value of units is payable.

3. Options:
Accident Benefit Option:

Accident Benefit can be availed of as an optional Rider benefit by paying an additional premium of Rs.0.50p for every Rs.1000/- of the Accident Benefit Sum Assured per policy year by cancellation of appropriate number of units out of the Policyholder's Unit Account. On Accidental death of the Policyholder during the term of the policy, a sum equal to the Accident Benefit Sum Assured will become payable, provided the Accident Benefit cover is opted for and is in force. The Accident Benefit will be available up to the Sum Assured under the Basic Plan, subject to an overall limit of Rs.25 lakh under all policies of the Policyholder with the Corporation taken together.