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| LIC unveils new variable insurance plans | | | EARLY TIMES REPORT
JAMMU, Feb 2: LIC has launched two new non-linked plans Bima Account I and Bima Account II. These are the first Variable Insurance Plans under the new IRDA regime. The basic structure of the two plans are same and hence the similar names. The plans are very simple, ensure liquidity to the customer, have guaranteed minimum returns, transparent charges and provide ample risk cover. Moreover, in Bima Account I there is no
medical examination.
Under the plans, the premiums paid by the customer, after deduction of charges, will be credited to the policy holder’s Account maintained separately for each policyholder. If all due premiums are paid, the amount held in the Policyholder’s Account will earn an annual interest rate of 6% per annum which will be guaranteed for the whole of the
policy term. In addition to this guaranteed return, if all due premiums are paid, the individual Policyholder’s account may earn an additional return depending upon the experience under the plan. If premiums are not paid within days of grace, the policy will become a paid up policy. The life assured has the option to revive the paid
–up policy within 12 months from date of first unpaid premium. During the revival period the life cover will cease and no mortality charges shall be deducted. The balance in the policyholder’s Account during the period of revival will earn guaranteed interest rate of 5% per annum without debiting any expenses. On revival of policy, the
guaranteed rate of interest on Policyholder’s Account will again be 6% per annum from the date of revival.
The premiums can be paid regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy.
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