| Plan 142 - New Bima Nivesh 2002 |
| Insurance Type |
Single Premium |
| Min/Max age |
18/70 years |
| Maximum maturity age |
75 years |
| Minimum sum assured |
Rs 25,000 + in multiples of Rs 5,000 |
| Term |
5 years and 10 years |
| Payment Mode |
Single Premium |
| Policy loan |
Nil |
| Tax Benefits |
Under Section 88 and Section 10 (10d) |
Features
- Guaranteed Additions: 60% sum assured per year for policy with 5 years term
65% sum assured per year for policy with 10 years term
- Maturity Benefit: Sum assured along with guaranteed additions and loyalty additions if any on surviving date of maturity
- Death Benefit: Basic sum assured along with accrued guaranteed additions during the term. If term assurance rider has been taken, then term assurance sum assured is also payable
No loyalty addition will be payable in case policy is surrendered or on death before maturity
- High Premium Rebate:
1% of Basic premium on premium in excess of Rs 25,000
1.5% of Basic premium on premium in excess of Rs 50,000
2% of Basic premium on premium in excess of Rs 200,000
In addition: 5% VRS (employed persons of age 50 and above) and senior citizens of age 60 and above.
2% of the tabular single premium to LIC employees
- Term Assurance Rider: Yes. Available
- Internal Rate of Return:
7.26% and after Section 10(10d): 10.60% for 5 years
8.18% and after Section 10(10d): 11.94% for 10 years
Bima Nivesh Triple Cover with Compound rate of guaranteed additions and loyalty addition is also available.
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