Lic Plans for Lic Ado Examination Essay

BIMA ACCOUNTS PLANS LIC's Bima Bank account – I actually As the name talks about " LIC's Bima Accounts – I ” is a simple non-linked prepare under which you can be protected without going through any medical examination subject to certain conditions. This plan offers you everything you imagine an insurance plan should certainly provide: 1 ) Simplicity Fluid 2 . three or more. Guaranteed minimal return four. No medical examination your five. Transparent fees 6. Risk cover Beneath this plan, the premiums paid out by you, after discount of expenses, will be credited to the Policyholder's Account preserved separately for every single policyholder. The chance cover will be provided by deductions of mortality charges through the Policyholder's Account. If most due premiums are paid, the amount saved in your Policyholder's Account will earn an annual interest rate of 6% s. a. which will be guaranteed pertaining to whole of the policy term. In addition to this assured return, if perhaps all thanks premiums will be paid, your account may gain an additional come back depending upon the ability under this course of action. You will also offer an option to shell out additional (Top-up) premiums without any increase in risk cover. Mortgage facility can also be available right after first policy anniversary. REPAYMENT OF RATES: You may pay premiums frequently at every year, half-yearly, quarterly or regular monthly (through ECS mode only) intervals in the term in the policy. Policyholder's Account shall consist of two parts: 1 . Policyholder's Frequent Premium Account -- to which standard premiums, net of costs, shall be a certain amount. 2 . Policyholder's Top-up Premium Account - that Top-up rates, net of charges, will be credited. MEMBERSHIP CONDITIONS AND ALSO OTHER RESTRICTIONS: (in years) 1 ) Minimum Admittance Age: 10 (completed) 2 . Maximum Entrance Age: 55 (nearest birthday) 3. Plan Term: five to six 4. Bare minimum Maturity Grow older: 18 (completed) 5. Maximum Maturity Grow older: 57 (nearest birthday) Minimal Premium: 6. Regular premium: Instalment high grade Mode Annually ` six, 000 Half-yearly ` some, 000 Quarterly ` two, 000 Month-to-month (ECS) ` 600 Top-up premium: ` 1000 1 . Maximum Premium: Regular high quality: Mode Instalment premium Yearly ` 14, 000 Half-yearly ` 7, 000 Quarterly ` 3, 500 Monthly (ECS) ` 1100 Top-up premium: Final amount of Regular Premiums paid upto the date of payment of top-up. Annualized Payments shall be payable in multiple of `1000 for all settings other than ECS monthly. Intended for monthly (ECS), the premium shall be in multiples of `100/-. 1 ) Minimum Quantity Assured: ten-times the annualized premium. 1 . Maximum Quantity Assured: twenty times of the annualized high quality up to grow older 35 years 14 times of the annualized high quality for era between 36 to 45years 10 times of the annualized superior for era between 46 to 5 decades The maximum Sum Assured shall be subject to optimum non-medical limit applicable for the life to ensure. CHARGES WITHIN THE PLAN: A) Expense Impose: This is the percentage of the superior appropriated towards charges from your premium received. The balance portion of the premium will probably be credited for the Policyholder's Regular Premium Account or Policyholder's Top-up Premium Account, since the case could possibly be. The expenses charges happen to be as beneath: Regular premium: Expenses impose (including commission) First Season 27. 5% 2nd & 3rd Years 7. five per cent Thereafter 5%

Expense demand for top-up Premium: installment payments on your 5% B) Other Charges: 1 . Fatality Charge – This is the cost of life insurance cover which is era specific increase in taken every month from the Policyholder's Regular Account premium appropriately. This charge shall depend upon the Sum Certain. The charges every `1000/- insurance coverage cover for a few of the ages in regards to a healthy your life are because under: Age group Rs. 1 ) 20 1 ) 25 31 1 . 46 40 2 . 57 55 6. 56

Service Duty Charge -- A service tax charge, in the event any, will be levied on Mortality demand deducted in the Policyholder's Standard Premium Account monthly as and when the related Mortality charges are subtracted. The level of this kind of charge will be as per the rate of assistance tax as applicable every once in awhile....



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