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India’s largest life insurer has launched two new products this week. LIC’s two new products Bima Account 1 and Bima Account 2 are first variable Insurance Plans under new IRDA regime. 

Both these plans are non-linked insurance products. Bima Account 1 a simple non-linked plan under which you can be covered without undergoing any medical examination subject to certain conditions. Bima Account 2 is which offers everything you think of insurance plan. 

These plans are simple in nature. It provides liquidity to the insured and provides guaranteed minimum returns which provide security. Bima Account 1 and Bima Account 2 which comes with transparent charges and does provide enough life cover to customers.

In these plans if all due premiums are paid, the amount held in your Policyholder’s Account will earn an annual interest rate of 6% p.a. which will be guaranteed for whole of the policy term. In addition to this guaranteed return, if all due premiums are paid; your account may earn an additional return depending upon the experience under this plan.

You will also have an option to pay additional (Top-up) premiums without any increase in risk cover.

Loan facility will also be available immediately after first policy anniversary.

The entry age for the Bima Account I is from 11 years to 50 years while it is 8 years to 60 years for Bima Account II.

Bima Account 1: Minimum Sum Assured: 10 times the annualized premium. Maximum Sum Assured: 20 times of the annualized premium up to age 35 yearsBima Account 2: Minimum Sum Assured: 10 times the annualized premium. Maximum Sum Assured: 30 times of the annualized premium up to age 35 years 

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. 

On the Life Assured surviving the maturity date of the contract, balance in the Policholder’s Account is payable. In case of unfortunate death of the life Assured during the policy term, where the cover is in full force, the Sum Assured along with the balance in Policyholder’s Account shall be payable. 

Life Insurance Corporation of India (LIC) which is the largest country in India and always comes up with new innovative products; Bima 1 and Bima 2 are two new products which can cater the needs of customers and will help them to secure financial future. 

Click here to buy life insurance plans of LIC. 

Know more about Life Insurance Products in India.