BIMA PLUS

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BIMA PLUS

'BIMA PLUS' provides life insurance cover, along with the prospect of high growth. Uder this scheme, a portion of the premiumis invested in equity and debt instruments in the capital market where scope for high growth exists. The extent of the money invested in these instruments depends upon the type of Fund you choose under the scheme. Bima Plus gives you the option of three Funds-Secured Fund, Balanced Fund and Risk Fund. Within the term of the policy you can also switch from one fund to another. In this way the scheme provides a choice between the possibility of high returns and relative security, along with the indispensable life insurance cover. It provides investment facility besides getting tax benefits. It offers unmatched package of benefits. They are (1) Life Insurance Cover (2) Accident Benefit Cover (3) Maturity Bonus (4) Returns (5) Tax rebate @20%

Salient Features

Provides low cost term life insurance cover for 10 yrs. for the sum assured selected.
Scheme provides for switching over from one fund to another type twice during the term of the plan, subject to a minimum gap of two years, at a cost of 2% of the current bid value of the fund.

Benefits

Death Benefit:
- During first six months, 30% of the sum assured along with bid value of the fund units.
- During 2nd six months of the first year of policy (if policy is in force) 60% of the Sum Assured with bid value of fund units.
- On death after 1st year (if policy is in force) : Sum Assured along with bid value of fund units.
- On death during 10th year, provided all the premium under the policy have been paid bonus at 5% of Sum Assured along with Sum Assured and bid value of the fund units.
- An additional amount equal to the Sum Assured is payable if death is due to accident occurring any time during the policy period of 10 years.
Maturity Benefit: Bid value of the Fund Units along with maturity bonus at 5% of sum assured.

Restrictions

Minimum age at entry : 12 years (completed)
Maximum age at entry : 55 years
Term Allowed : 10 years only
Mode of premiums : Yearly, Half-Yearly and Single Premium
Renewal Premium : 30 days of grace period is available from the due date fro Yearly and Half-Yearly
Dating Back : Not Allowed
Housing Loan : Not Allowed
Revival : Policy can be revived within one year from the due date of the first unpaid premium by submitting a declaration of good health.
Minimum Sum Assured : Rs.50,000/- if premiums are paid Yearly, Half yearly and Rs.20,000/- in case of single premium plan
Maximum Sum Assured : Rs.2,00,000/-
Premium to be in multiples of Rs.500/- for yearly mode ; Rs. 250/- for Half yearly mode, and Rs.5000/- for single premium plan.
Policy holder can pay additional premium in multiple of Rs. 5000/- total to obtain more units provided such contributions do not exceed the S.A. This payment will not under any circumstances increase the S.A.