Old Bima Kiran Lic Policy

Old Bima Kiran LIC policy is a low premium term assurance plan. This provides the pre-decided SA during PPT and 50% of Pre-decided SA within 10 years after maturity if LA dies. Else premiums paid excluding extra premiums will be refunded at maturity. Policy loans and surrender value are not available under this plan. The minimum S.A. allowed is 1 Lakh and Max. S.A. allowed is 25 Lakhs. So, in this article let’s learn more about the old Bima Kiran LIC policy.

What is the Old Bima Kiran LIC Policy?

The new Bima Kiran policy is a premium back-term insurance plan that provides financial security in case of death during the term of the plan and returns the premium paid on maturity. The premiums in this plan are payable quarterly, half-yearly, or yearly during the term of the policy. Although LIC calls it a term plan, since it also provides maturity benefits and loyalty bonuses, we can call it a combination of term and endowment plans. 

Old Bima Kiran LIC policy is a non-linked, non-participating individual savings and life insurance plan. On completion of maturity, the premium amount is returned. If something happens during the policy period, the family members will be financially supported.

Generally, the premium amount is not refundable in term policies. In this plan, the insurance is guaranteed at the time of the policy and the premium amount is returned at the time of maturity. Simply put, the policyholders, if they survive the term, get back the entire premium paid under the policy.

Loyalty Bonus:

This is a with-profit plan. In this plan, a part of the benefit is available in the form of a loyalty bonus. A loyalty bonus will be paid in addition to the death benefit or maturity benefit provided the policy is in force and all premiums have been paid. A loyalty bonus will not be available if the policyholder dies in the first four years of the policy.

Death Benefit:

The sum assured and loyalty bonus (if any) are payable in a lump sum at the time of death of the policyholder.

Extended Term Cover:

The extended term cover (without accident benefit) will be available for a period of 10 years after the maturity of the policy term. This cover can range from 20% to 60% of the sum assured depending on the term of the policy.

Maturity Benefit:

An amount equal to the total amount of premiums paid (including accident benefit) will be paid to the life insured on maturity.

Additional Benefits:

This plan has an inbuilt accident benefit cover which can go up to a maximum of Rs. 5,00,000 and is payable in case of accidental death or permanent disability due to an accident.

Who should take it?

Youngsters who want life protection at a low premium.


  • Maximum risk cover (up to 10 lakhs) with minimum premium.
  • Free insurance covers for 10 years after maturity.
  • Built-in accident benefit (limited to 5 lakhs) and loyalty additions.
  • Return of premium on maturity.
  • Free risk cover for 10 years after maturity (depending on the term).

Other Features:

  • The sum assured in this plan is a minimum ₹ 100000 and a maximum ₹ 10,00,000.
  • The entry age in this plan is 18 years to 45 years.
  • The maximum maturity age is 60 years.

The premium payment term can be from 10 years to 30 years.