Honest Review of Bima Kiran Policy no 111

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Bima Kiran Policy

Bima Kiran Policy from LIC is a first-class term assurance policy that offers financial safety against demise throughout the policy along with a return amount of premiums rewarded at maturity. You can check the LIC Jeevan Kiran maturity calculator to know more about the maturity amount. 

Its features and advantages are the main facts of the scheme. Understand the details of this life insurance, Maturity Benefit, Death Benefit, special surrender value, and other benefits from the Bima Kiran maturity calculator.

What is LIC Bima Kiran Policy?

LIC Bima Kiran Plan (table 150) is a premium back term insurance plan which offers financial security in case of death during the term of the policy and pays back the premium paid at maturity. People often confuse Jeevan Kiran LIC Plan (policy no 870) with LIC Bima Kiran Policy (Policy No. 111). But both aren’t the same.

LIC Jeevan Kiran Plan is typically a premium back-term insurance plan that offers financial protection for death during the term of the plan along with a reimbursement of the premiums paid at maturity.

If you are still confused between the two policies then you can contact a life insurance advisor. A life insurance advisor will inform you about all the LIC policies-related services to make sure you do not confuse the two policies. The LIC Jeevan Kiran premium calculator lets you calculate the premiums. 

On the other hand, LIC calls LIC Bima Kiran Policy a LIC term insurance plan, but because it also offers maturity benefits and fixes the loyalty bonus, we can call it a mixed form of term and endowment policy. Here are a few key elements of this plan

  1. Basic premiums paid excluding can be yearly, quarterly, and half-yearly throughout the policy term.
  2. Rider Benefit is also available in this plan
  3. Maximum Risk coverage is up to INR 10 lacs with the lowest premium
  4. The death benefit is available for the unfortunate death that occurs
  5. Only free insurance cover is available after 10 years which is the maturity period
  6. The term of the plan is 25 years
  7. Free Risk Cover (based on term) for 10 years after maturity.
  8. Double Accident Benefit is also available. It’s built into installment premium & exclusive of the maximum limit
  9. The assured surrender value of this plan is 30% of your basic premiums paid excluding the very first year’s premium.
  10. LIC Jeevan Kiran 870 premium calculator lets you calculate the premiums. So, to know the premium, use the Jeevan Kiran LIC plan premium calculator.

What Does The Plan Offer?

Jeevan Kiran LIC policy offers a built-in benefit for accidents, free insurance coverage after the maturity of the policy, and also added together with a lower premium rate with high-risk coverage. You can get the Jeevan Kiran LIC policy calculator from the life insurance corporation to estimate your premiums. 

As it’s a Term assurance policy, the individual the sum assured gets paid as the death claim, in case the policy continues as on the date of demise.

Lic Bima Kiran Plan also provides rebates in two categories.

  • Mode rebate
  • Sum assured rebate

Mode rebate
Mode Percentage (%)
Yearly 3%
Half-yearly 1.5%
Quarterly No Rebate
SSS except for Monthly No Rebate

Sum assured rebate

Provides Sum Assured but not a sum assured rebate.

Salient Features Of the Bima Kiran Plan:

  • Free insurance coverage for 10 years after maturity.
  • Maximum risk cover with minimum premium (up to 10 lakhs).
  • Returns of premium at maturity.
  • Built-in accident benefit rider (limited to 5 lakhs) and loyalty additions.
  • Free risk cover for 10 years of maturity (based on duration).

Terms & Conditions Of LIC Bima Kiran Plan

ENTRY AGE
MINIMUM MAXIMUM
18 or above 35 years

POLICY TERM
MINIMUM MAXIMUM
15 years 30 years

SUM ASSURED
MINIMUM MAXIMUM
INR 50,000 & in multiples of INR 10000 INR 3,00,000

MATURITY AGE
MINIMUM MAXIMUM
NIL 60 years

MODE OF PAYMENTS
Yearly Half-yearly Quarterly SSS except for Monthly

Loyalty Bonus Of Bima Kiran Plan

This is a profit-making plan. The policy gets a portion of the profit in the form of a bonus. Such bonuses will be paid in addition to Death Benefit or Maturity Benefit provided the policy is in force and all premiums have been paid. It also provides surrender value.

Death Benefit Of Bima Kiran Plan

The death benefits of the Bima Kiran Plan depend on several factors. If the policyholder dies within the grace period and the term assurance plan is in full force and doesn’t surrender in that case,

Death claim = Loyalty addition + Sum assured

In case the policyholder dies after some time of the grace period and when premiums of 5 full years were paid and 5 years were done as on the death date, in that case, the following happens

Death claim = The Total premiums paid – The Total additional premiums paid

In case the policy view gets lapsed and in case the policyholder dies within 5 years in that case,

Nothing is payable

If the policyholder dies after giving the free life insurance cover, then within 10 years of the maturity date in that case,

Only free insurance coverage will be rewarded as a death claim.

Also Read: Benefits Of Personal Accident Insurance Policy

Extended Period Cover

Extended-term cover (benefit without an accident) will be available for 10 years after the expiry of the term of the lic policy. This cover can range from 20% to 60% of the sum insured as per the term of life insurance and guaranteed surrender value.

Maturity Benefit

Here you will see how much will I get after the maturity LIC policy. An amount equal to the total amount of premium paid (including accident benefits) will be paid to the life insured at maturity. However, In case the policyholder survives till the end of the term assurance plan of LIC and completes all premiums in that case,

Maturity claim = The total premiums paid throughout the policy term – loyalty addition + additional premium

In case premiums paid have not been completed throughout the last term year, then the term was in force for the sum assured then you will get the following on maturity date,

Maturity claim = Full sum assured of the policy + guaranteed add-ons + bonus interest (if any) + reversionary– Unpaid payments of policy premiums with its interest

You Can Also Read: Should I Get Renters Insurance For Fire & Theft Cover

Accident Benefit

In Bima Kiran plan from LIC Double Accident Benefit is obtainable. It’s built into premium paid and also exclusive of the extreme limit of the Double Accident Benefit.

The scheme of lic has an underlying accident benefits cover which can be a maximum of Rs.5,00,000 and is payable in case of accidental death or permanent disability due to an accident.

Revival:

If policies in the LIC Bima Kiran insurance lapse because premium payments stop within the grace period, they may be reinstated within six months of the FUP’s due date by making interest-bearing premium payment modes. No supporting medical data are needed.

FINAL WORDS

So, by this point, everyone among you is familiar with every last detail of this bima. Now it’s up to you all to choose whether or not this Bima is what you require. Please share any questions or concerns about this policy in the comment box.

FAQ:

Q. What is the maturity value of the Bima Kiran Plan?

A. If the policyholder lives to the end of the policy term, they will receive payment for all of their premiums (including accident benefit premiums but excluding other extras), up to and including that point.

Following the term’s completion, an extended-term cover (accident benefit not included) will be offered for a subsequent 10-year period on the following hierarchy:

  • 20% of the Sum Assured for 10 to 14 years
  • 30% of the Sum Assured for 15 to 19 years
  • 40% of the Sum Assured for 20 to 24 years
  • 50% of the Sum Assured for 25 o 29 years
  • 60% of the Sum Assured on 30 years

Q. What is Bima Kiran Plan 111?

A. The LIC Bima Kiran insurance is a premium term assurance insurance that provides death benefits during the policy’s duration as well as a refund of premiums paid at maturity. The primary facts of the system are its benefits and qualities. It is not a single premium plan.

Q. What is Bima Ratna’s policy by LIC of India?

A. A policyholder is entitled to Rs. 50 bonus under this policy for the first five years on every Rs. 1000 in basic sum assured. On every INR 1000 basic sum assured, the person receives a Rs 55 bonus from the sixth to the tenth year and a Rs 60 bonus from the eleventh to the twenty-fifth years.

Q. What is Bima Gold’s policy?

A. A classic money-back policy that provides money-back benefits regularly is called LIC Bima Gold. As a result, the policy offers liquidity via money-back benefits that assist you in meeting your financial obligations. The program also gives loyalty bonuses, which contribute to increasing the benefits you receive.

Q. How To Buy LIC Tech Term Plan?

A. Either contact a LIC agent or go to LIC’s official webpage to buy any LIC policy.

Q. How Much Is An LIC Jeevan Kiran Agent Commission?

A. A commission of 25% to 35% is offered by LIC on the policy premium for the first year, followed by 7.5% for the 2nd and 3rd years, as well as 5% till the maturity of the plan.

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