non-linked insurance plans Life Insurance Corporation of India LIC launches : Chennai: Two new non-linked plans named as Bima Account I and Bima Account II have been launched by Life Insurance Corporation of India (LIC), which, under the new IRDA regime, are the first variable insurance plans. The reason of both the plans having similar names is the same basic structure of the two plans.
A guarantee of liquidity, minimum returns and ample risk cover is always provided to the customer. There is no medical examination required in Bima Account I. According to the plans, the premiums that are paid by the customer, after all deduction of charges are credited to the policy holder's account. An annual interest rate of 6 percent per annum can be earned by the policy holder if there are no premiums due. Also, if all the due premiums are paid, then the individual policyholder's account may earn an additional return depending upon the experience under the plan.
The policy can become a paid-up policy if the premiums are not paid within the days specified. The life assured has the option to revive the paid-up policy within 12 months from date of first unpaid premium.An individual should have completed 11 years and by the time he/she turns 50 years old, he is eligible for the Bima Account I. In case of Bima Account II, th age limit is from 8-60 years. The minimum premium is 600 per month under ECS mode for Bima Account I, while it is 1, 250 under Bima Account II.
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