Life Insurance Corporation of India (LIC) launched 2 new non linked guaranteed return plan on Wednesday. These are the first Variable Insurance Plans under the new IRDA regime. Bima account offers 6% guaranteed minimum return over your investment.
- Bima Account 1
- Bima account 2
The new LIC Bima account plans are very simple and offers liquidity.
Both the plans are similar and only few terms are changed. There is no medical examination required in Bima account 1.
Entry age for the Bima Account I is 11 years(completed) to 50 years(nearest birthday) while it is 8 years(completed) to 60 years(nearest birthday) for Bima Account II.
The policy term for Bima Account I is 5 to 7 years, while it is 10 to 15 years for Bima Account II.
The minimum premium is Rs 600 per month under ECS mode for Bima Account I, while it is Rs 1,250 under Bima Account II, it said adding that the minimum yearly premium for Bima Account I is Rs 7,000 and Rs 15,000 for Bima Account II.