New Bima Kiran Policy

The New Bima Kiran Policy is a premium-backed term assurance plan that offers both a return of premiums paid at maturity and financial protection against death for the duration of the plan. So, let’s know more about the new Bima Kiran policy.


Premiums must be paid on a quarterly, half-yearly, or annual basis for the duration of the policy.

Loyalty Additions:

As a with-profit plan, it shares in the earnings of the company’s life insurance division. It receives loyalty bonuses as a portion of the earnings. As long as the policy is in full effect, the loyalty enhancements will be paid in addition to death benefits or maturity benefits. They are contingent upon the policy’s term and length, as well as the Corporation’s future experience with regard to mortality, interest, and future expenses. If someone dies during the first four policy years, there won’t be any loyalty addition payments.

Death Benefit:

Upon the death of the life guaranteed, a lump sum payment equal to the Sum Assured plus any loyalty additions will be made.

Extended Term Cover:

After the term expires, an extended term policy (without accident benefit) will be offered for ten years at the following rate:

Policy Term Extended Death Cover:

Table of Contents

10 – 14 years 20% of the Sum Assured

15 – 19 years 30% of the Sum Assured

20 – 24 years 40% of the Sum Assured

25 – 29 years 50% of the Sum Assured

30 years 60% of the Sum Assured

Maturity Benefit:

If the life insured survives the term, a payment equal to the whole amount of premiums paid (including the accident benefit premium but excluding other extras) will be made. Additional/Bonus Benefits: The plan includes an integrated accident benefit that pays for both accidental death and total and permanent disability resulting from an accident, up to a maximum of Rs. 5,00,000.

Surrender Value :

Purchasing a life insurance policy requires long-term dedication. On the other hand, surrender value is accessible on the plan in the event that the contract terminates earlier.

Guaranteed Surrender Value:

After the policy has been in effect for three years or longer, it may be relinquished. Thirty percent of the basic premiums paid, less the first year’s premium, is the guaranteed surrender value.

Corporation’s policy on surrenders :

A Special Surrender Value, which is typically greater than the Guaranteed Surrender Value, will be paid in actuality by the Corporation. The discounted value of the reduced claim amount that would be paid at death or at maturity is reflected in the benefit payable upon surrender. The length of the insurance at the time of surrender and the length of time for which premiums have been paid will determine this value.

The surrender value that must be paid in the event of an early insurance termination may not always equal the total amount of premiums paid. The Corporation periodically assesses the surrender value payable under its programs in light of many criteria, including experience and the state of the economy.