LIC Bima Nivesh Insurance Plan

To cope with the growing needs of the insurance seekers, The Life Insurance Corporation of India has come up with Bima Nivesh Insurance policy. LIC Bima Nivesh Insurance policy is a single-premium traditional endowment plan. As it is a non-participating plan, Bima Nivesh does not offer any bonus facilities.

How the Plan Works

As it is a single premium endowment plan , the one-time premium is needed to be paid up front. In case of premature demise of the insured within the tenure of the policy, the beneficiary would receive the sum assured amount plus guaranteed additions. Moreover, if the insured survives during the entire tenure of the policy, then he/she would receive the basic sum assured along with the guaranteed loyalty additions.

If you want a good return on investment and a substantial life cover, without getting into the hassles of paying premiums at regular intervals, then an endowment plan will be your best bet. LIC Bima Nivesh, hence, is a great option for you as it offers guaranteed returns along with life coverage. 

Key Features of LIC Bima Nivesh

• LIC Bima Nivesh is a single premium endowment plan.
• The premiums do not depend on the age of the insured.
• The death benefit offered to the nominee is the sum assured+ accrued guaranteed addition till the date of death.
• In case of survival of the insured, the maturity benefits paid is the basic sum assured + compounded guaranteed addition + loyalty addition, if any.
• Through term benefit rider, the plan provides optional higher cover.
• This plan offers the compound rate of guaranteed additions and loyalty additions.
• For the basic plan, no medical test is required. 

Benefits of LIC Nivesh Plan

Death Benefit

In case the policyholder dies during the tenure of the policy, then the nominee of the policy receives the basic sum assured + accrued guaranteed additions.

Maturity Benefit

If the policyholder survives during the entire tenure of the policy till the date of policy maturity, then maturity benefits are paid to the life insured as the basic sum assured + compounded guaranteed addition+ loyalty addition.

Income Tax Benefit

The plan also provides income tax benefits to the insured. The life insured can save bundles on their tax under section 80C and 10(10D) of Income Tax Act on the premium paid and maturity proceeds.

The eligibility criteria of the plan are pretty simple and for the understanding of our customers, we have shown the eligibility criteria in a tabular form below:

Along with the basic life cover, the plan can also provide add-on benefit as term benefit rider. The plan also offers guaranteed surrender value after 1 policy year. According to your choice and suitability, the insured can also avail loan facility under the plan.

Apart from all these, the policyholder has an option of the free-look period under which he/she can cancel the policy within 15 days of buying the policy if they are not pleased with the terms and conditions of the policy.

Although LIC Bima Nivesh policy has been discontinued now, this is a very beneficial policy from the investment point of view and is profitable for those who had already invested in this plan. In order to achieve your financial goals, you can compare different plans online and choose the most beneficial plan according to your own affordability. 

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