Here is a new policy from LIC of India, LIC Bima Account 1. This is a Non-linked insurance plan with certain ‘Guaranteed’ returns. You also don’t have to undergo any Medical checks to be allowed in to this policy. Unlike most insurance plans, the premiums you pay in the policy will be put into an account, exclusively for you (similar to your bank account), after deducting maintenance charges.
Eligibility and policy terms
Minimum and Maximum entry age: 11 (last) and 50 yrs (near) respectively
Minimum and Maximum maturity age: 18 (last) and 57 yrs (near) respectively
Policy term: 5, 6 or 7 years
Yearly: Rs.7000, Half-yearly: Rs.4000, Quarterly: Rs.2000, Monthly (ECS only): Rs.600
Yearly payment: Rs.14000, Half-yearly: Rs.7000, Quarterly: Rs.3500, Monthly (ECS only): Rs.1100
Apart from these regular premiums, you can also make Top-up payments with a minimum sum of Rs.1000 and maximum of ‘Sum to total regular premium paid till date’.
A minimum of 10 times the annual(ized) premium
Maximum Sum Assured can be up to 20 times annual premium if the age of entry is below 35 years (14 times if age is b/w 36 and 45 yrs and 10 times if b/w 46 and 50 yrs).
Your Bima account is also guaranteed to accrue 6% interest through out the policy period.