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BIMA NIVESH TRIPLE COVER

'BIMA NIVESH TRIPLE COVER' is introduced on 1st July 2002. The plan is a short-term, single premium life insurance scheme. This plan is suitable for people who are looking for an investment product providing attractive returns with insurance protection.

Salient Features

  • It is a single premium plan.
  • As it shows from the name of the plan, it provides three times the sum assured on death with in the term.
  • Full sum assured along with Compounded Guaranteed Additions @Rs.60/- per Rs.1000/- are paid on survival to maturity. In addition to above Loyalty Additions are paid on maturity date. However Loyalty Additions depend on the performance of the LIC.
  • Medical examination are required for all proposals.
  • Rebates are available for higher Sum Assured.
  • No loan is available under this plan. However, the policy can be assigned to other financial institutions as collateral security.
  • Premiums paid under the policy are eligible for tax exemption under Section 88 of the Income Tax Act.
Benefits
  • Death Benefit: Thrice the Basic Sum Assured will be payable on death of the policyholder during ther term of the policy. No Guaranteed Addition or Loyalty Addition are payable.
  • Guaranteed Addition: There will be a Guaranteed addition at a compound rate of Rs.60/- per Rs.1000/- Basic Sum Assured per annum accruing at the end of each policy year during thr term of the policy which will be payable on maturity.
  • Loyalty Addition: On the Life Assured surviving the stipulated date of maturity, Loyalty Addition may be paid at such rates and on such terms as may be declared by the Corporation.
  • Maturity Benefit: Basic Sum Assured along with compounded Guaranteed Addition will be payable. Loyalty Addition, if any will also be payable.

Restrictions

  • Minimum age at entry :18 years (completed)
  • Maximum age at entry : 50 years
  • Maximum age at maturity : 65 years
  • Term Allowed : 10 years only (Fixed term)
  • Mode of premiums : Single Premium
  • Minium Sum Assured : Rs.25,000/-
  • Maximum Sum Assured : Rs.10,00,000/-
  • Sum Assured will be in multiples of Rs.5,000/- only.
  • Only standard age proof will have to be submitted.
  • No loan can be availed of under the plan.

Exclusions

Suicide : This policy is void if the Life Assured commits suicide (whether sane or insane at the time) at any time on or after the date on which the risk on the policy has commenced but before the expiry of one year from the date of the policy and the Corporation will not entertain any claim by virtue of the policy except to the extent of a third party's bonafide interest acquired in the policy for valuable consideration, of which notice has been given in writing to the Office in which the policy is being serviced, at least one calendar month prior to death.

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