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Bima Account 1 from LIC is a traditional non-linked life insurance plan . It scores very high on simplicity and transparency and is the first time that a life insurance company is sharing the charges and commissions being deducted in a traditional plan. The plan also gives an assured return of 6% of the total amount in the policy holder’s every year. The policy may get returns more than this depending on the performance of the plan. The mortality rates too are on the lower side. The policy term can only be 5 to 7 years though and there is a cap of Rs.14,000 on the annual premium. You have L IC Bima Account 2 with higher term of 15 years. Key Features of LIC Bima Account 1 ·          Guarantees a minimum return of 6% of the entire money held in the policy holder’s account ·          Based on the performance additional bonuses may be declared ·          No medical examination ·          Transparent display of charges, which are on the lower side Benefits you get fr

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LIC's New Bima Bachat is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified duration during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility. 1. BENEFITS: a) Death benefit: On death during the first five policy years: Sum Assured. On death after completion of five policy years: Sum Assured along with Loyalty Addition, if any. b)Survival Benefits: Payable as given below in case of Life Assured surviving to the end of the specified durations: For policy term 9 years: 15% of the Sum Assured at the end of each of 3rd & 6th policy year For policy term 12 years: 15% of the Sum Assured at the end of

Anmol Jeevan II from LIC is a protection plan designed to offer financial protection to the family of an insured individual in the event of his/her unfortunate demise. While life in itself is invaluable, not securing it could have harmful repercussions, which is where this plan comes into play, ensuring that the lives of our loved ones are not impacted in the event of an unfortunate circumstance. Eligibility Criteria for LIC Anmol Jeevan II Individuals who wish to protect their interests under this plan need to satisfy the basic eligibility criteria. ·          Minimum entry age – The minimum entry age to stay protected under this scheme is 18 years. ·          Maximum entry age – The maximum entry age to participate in this scheme is 55 years. ·          Maximum maturity age – The maximum maturity age is 65 years. ·        Minimum sum assured – Individuals can avail benefits of a minimum of Rs 6 lakhs under this scheme. Features of LIC Anmol Jeevan II Some of

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Maturity benefits refers to the amount received by a policyholder or nominee when a policy matures. A tem insurance policy needs to be active or in force to avail these maturity benefits. Term life insurance policies may include the followings as maturity benefits: ·          The basic sum assured. ·          Accrued guaranteed additions and vested simple reversionary bonuses (if any). ·          Terminal bonus (if applicable). Term Insurance With Maturity Benefit India The term life insurance plans with maturity benefits are slightly different form the traditional life insurance plans. Normally, a traditional term insurance policy does not offer any direct maturity benefits to the policyholder. They only provide death benefits when a policyholder dies within the policy term. So, if any buyer/policyholder wants to have maturity benefit, he/she can opt for a TROP (Term Return of Premium) plan. A term return of premium plan provides income replacement and refun

A great way to help and protect your loved ones, is with Life Insurance which can be a huge investment as well. A lower premium paid can yield to a good amount of savings over a period of few years. Life insurance premiums are based on a number of factors, and it can be quite tedious for a few people to understand why and what the charges are, and why they pay a rate that may not be the same as another. There are some factors that many insurance companies consider when pricing their policies, there factor may not be within your control. But the life choices you make, can also lead to the factors that can affect your Life Insurance premium. The factors that affect your premium towards Life Insurance are: 1.       Age: This is an obvious and not surprising factor that affects your Life Insurance premium, the age of the policyholder. If you’re young the rates will be lower in comparison to someone older. The possibility of a young individual contracting a life threatening d

There are different types of Whole Life Insurance Policies available in the market, each of which is designed to cater to specific requirements. Read about each of these to find out more about which one may suit your needs. 1.       Non-Participating Whole Life Insurance: A non-participating whole life policy has a level premium and face amount during your entire life. The advantages of such a policy are its fixed costs and relatively low out-of-pocket premium payments. Since the policy is non-participating it does not pay you any dividends. 2.       Participating Whole Life Insurance: The defining feature of a participating whole life policy is that it pays dividends. Payment of dividends essentially indicates that the excess earnings which the company has accumulated via investments, savings from expenses and favorable mortality of the organization. There is no guarantee that policy holders will receive dividends. However, if dividends are paid, they will be paid in t

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A traditional insurance plan pays out a lump sum assured in the event of the death of the policyholder. The beneficiaries/dependents/nominees of the life insured receive a benefit (called a death benefit) if the worst should come to pass for the insurance holder. An endowment plan works the same way, but has an additional clause that states that a lump sum payment will be made to the insurance holder if he or she survives till the end of a specified period known as the “maturity period”, “endowment policy term” or “survival term”. There are variations to the payout clause in endowment policies – some companies have a lump sum payout on the detection of a critical illness, or other life changing events. Key Features of Endowment Policies: ·          Sum assured in an endowment policy is payable either on survival to the term or on death occurring within the term. ·          Endowment policies are available as ‘With Profit’ and ‘Without Profit’ plans. ·          Under Endow

What is a Money Back Insurance policy? A traditional insurance plan pays out a lump Sum Assured in the event of the death of the life insured. The beneficiaries / dependants / nominees of the life insured receive a benefit (called a death benefit) if the worst should come to pass for the insurance holder. A money back insurance plan pays out the same maturity benefits in the form of several guaranteed “survival benefits" which are staggered evenly throughout the course of the policy. So, a money back insurance policy is an endowment plan with the benefit of regular liquidity. Why You Need To Buy a Money back Policy? A money back policy provides periodic pay-outs, ensuring a steady source of income to help policyholders meet expenses at different stages during the policy duration. Moneyback policie s provide the benefits of an insurance policy as well as an investment, ensuring that the policy earns the policyholder an income instead of just merely providing a