In the Bima Kiran policy, if the policyholder survives till maturity, he will get back the total premium paid under the policy but this premium will not include any additional premium, rider premium, or tax paid. The Bima Kiran individual savings life insurance plan from LIC is a non-linked, non-participating plan that offers the ideal balance between protection and savings. So, see below Bima Kiran policy features.
Dependents will get this much amount after death:
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If the policyholder dies during the Bima Kiran policy term, then in this case, the basic sum assured, an amount equal to seven times the annual premium or 105 percent of the total premiums paid till then, whichever is higher, is handed over to the dependents of the policyholder.
In case of single premium plan, the nominees will receive 125 percent of the basic sum assured or a single premium, whichever is higher.
What is the maturity period?
Policyholders have the option to receive maturity benefits over a period of five years in a phased manner. In this, policyholders can also choose the option for death benefits payable to their nominees.
The minimum sum assured under the policy, which comes with a period of 10-40 years, is Rs 15 lakh. The minimum EMI is Rs 3,000 under the regular premium option and Rs 30,000 under the single premium version.
Option to add riders
The premiums differ for smokers and non-smokers, with smokers paying a higher premium.
The policy comes with two optional covers like Accidental Death and Disability Benefit Rider and Accident Benefit Rider which strengthen the basic protection offered by the base policy.
Benefits of Maturity
If a policyholder in the LIC Bima Kiran term insurance plan lives out the policy term, they would be eligible to receive a full refund of all premiums paid.
The LIC New Tech Plan
An online term insurance plan called LIC New Tech is provided by LIC. This plan offers both level sum assured and online sum assured, or dual benefits in sum assured.
Bima Kiran Policy Features:
The LIC Term Plan’s features are shown below.
A good ratio of solvency:
A measure of an insurance company’s financial stability and ability to help clients during difficult times is called the solvency ratio. When it comes to insurance market solvency ratios, LIC term plans lead the pack. I.e. – LIC term insurance has a solvency ratio of 1.76 according to the most recent IRDAI report.
Maximum yearly rates:
Customers’ perception of an insurance company’s dependability and trustworthiness is based on the volume of premiums they receive. The highest premiums in the market, $428024.97 cr, were reported by LIC Term Plans.
Ratio of claim settlements:
The assertion The number of claims settled in a given fiscal year is measured by the settlement ratio. The insurance market’s biggest amount of claims—approximately $13,000 crore—was resolved in the same fiscal year, according to LIC Term Plans.
owned by the Indian government
Only a small number of the hundreds of insurance companies offering term life insurance in India are owned by the Indian government. LIC Term Plans comprise such category.
Rider availability:
Customers can choose which of the several riders in the LIC Term insurance plans to purchase based on their individual needs. The available riders are listed as follows:
Unintentional fatalities and serious illnesses Rider. Benefits for Accidents Rider. Benefits for New Critical Illness Rider: Benefit of premium waiver Traveler.
Options for Flexible Premium Payment:
Plans for LIC term insurance include various alternatives for paying premiums. Clients may choose from any of the following options:
- Every month
- Every three months
- Half-yearly
- Every year