Bima Account Plans

8/3/2019 Bima Account Plans

1/19

There are 2 types of Bima Account Plans

1. Bima AccountI , 2. Bima Account - II

It is simple non-linked plans under which the policy holder can becovered without undergoing any medical examination subject tocertain conditions. It provides (1. Simplicity , 2. Liquidity , 3.Guaranteed minimum return(6%) , 4. No medical examination ,

5.Transparent charges , 6. Risk cover) Option to pay Top up premium (Rs 1000 for yearly, half yearly,

quarterlyor Rs 100 for monthly) Loan Facility

It consist 2 accounts ( Regular premium , Top up Premium)

Charges Expense Charge including commission [1st Year(27.5%),2nd & 3rd Year(7.5%), Thereafter(5%)

Mortality Charges , Service Tax Charges(10%+Education Cess) ,Alteration Charges(Flat Rs 50)


2/19

Bima Account IEligibility - Minimum Entry Age(11) , Maximum Entry Age(50)Policy Term(5 to 7 yr.) , Minimum Maturity Age(18), Maximum

Maturity Age(57)

Sum AssuredMinimum (10 times of annual premium )Maximum(20 times upto age 35 , 14 times between age 36 to 45 ,10

times between 46 to 50 years)

Premium PaymentsYearly Half Yearly Quarterly Monthly(ECS)

Minimum 7000 4000 2000 600

Maximum 14000 7000 3500 1100


3/19

Bima Account IIEligibility - Minimum Entry Age(8) , Maximum Entry Age(60) PolicyTerm(10 to 15 yr.) , Minimum Maturity Age(18), Maximum

Maturity Age(70)

Sum AssuredMinimum (10 times of annual premium )Maximum(30 times upto age 35 , 20 times between age 36 to 45 , 10

times between 46 to 60 years)

Premium PaymentsYearly Half Yearly Quarterly Monthly(ECS)

Minimum 15000 8000 4000 1250

Maximum NO LIMIT !!!


4/19

Plan for handicapped dependent

Jeevan VishwasThis is an endowment assurance plan design for the benefits of handicapped

dependents.

Plan Parameters-

-Minimum sum assured- Rs 50,000

-Maximum sum assured- No limit

-Age at entry- Minimum 20 yr. Maximum 65 yr.

-premium paying term- 10 to 25 years

-Mode of payments- Yearly, Half yearly, Quarterly, Monthly.-Accident Benefits- Allowed only for annual premium policies.

-Minimum premium- Rs 800 per annum.

Guaranteed additions-

The policy provides for the Guaranteed additions at the rate of Rs.60 perthousand Sum Assured for each completed policy year.

Death of life assured-

20% of the sum assured is paid immediately to the nominee and the remaining

80% of the sum assured is paid in annuity for 15 years and life thereafter of thehandicapped dependent.


5/19

Contd.

Jeevan AdharJeevan Adhar is a special plan which is offered for handicapped dependents. Thisplan provides life insurance cover throughout the lifetime of the purchaser.

Plan parameters- Minimum sum assured- Rs 50,000- Age at entry- Minimum 22 yr. Maximum 60 yr.- Premium paying term- 10 to 35 years.

-Mode of payments- Yearly, Half yearly, Quarterly, Monthly.

- Minimum premium- Rs 800 per annum.

Guaranteed additions-

The policy provides for the Guaranteed Additions at the rate of Rs.100 perthousand Sum Assured for each completed policy year.

Death of life assured-20% of the sum assured is paid immediately to the nominee and the remaining 80% of

the sum assured is paid in annuity for 15 years and life thereafter of the handicapped

dependent.


6/19

SPECIAL FEATURES

1- Encashment of Survival Benefit as and when needed

2- Flexibility to pay premiums in advance

3- Option to receive maturity proceeds in the form of an annuity

4- Auto Cover

OPTIONAL RIDERS-

A. Critical illness (ci) rider

B. Accident benefit riderC. Congenital disabilities benefit (cdb) rider

ELIGIBILITY CONDITIONS (For Basic Plan):Minimum age at entry : 18 years (completed)

Maximum age at entry : 55 years (nearest birthday)Maximum age at maturity : 70 years (nearest birthday)

Policy term : 15 and 20 years

Minimum Sum Assured : Rs. 50,000/-

Maximum Sum Assured : Rs. 25,00,000/-

(Sum Assured shall be in multiples of Rs.5,000/-)


7/19

SAMPLE PREMIUM RATES FOR BASIC PLAN :Tabular Annual Premium per 1000 SAAGE/TERM 15 2020 79.35 63.9025 79.45 64.1030 79.70 64.5535 80.25 65.4540 81.35 67.0045 83.15 69.5050 86.05 73.50HIGH SUM ASSURED REBATES:Sum Assured (in Rs) Rebate per thousand Sum Assured

1,00,000 to 4, 99,999 Rs 2.005, 00,000 and above Rs 4.00Benefits -For 15 Years Term

20% of the Sum Assured payable at the end of 5 years.20% of the Sum Assured payable at the end of 10 years.60% of the Sum Assured payable together with vested bonus, and Final Additional Bonus, if any, atthe end of 15 years.

For 20 Years Term

20% of the Sum Assured payable at the end of 5 years.20% of the Sum Assured payable at the end of 10 years.20% of the Sum Assured payable at the end of 15 years.40% of the Sum Assured payable together with vested bonus and Final Additional Bonus, if any at theend of 20 years.

B. Death Benefit:In case of death of the life assured during the policy term, the full sum assured is payable irrespectiveof the survival benefits paid earlier. The vested bonuses and Final Additional Bonus, if any are also

payable.


8/19

1. JEEVAN ANURAG2. CDA ENDOWMENT VESTING AT 21

3. CDA ENDOWMENT VESTING AT 18

4. JEEVAN KISHORE

5. CHILD CAREER PLAN

6. KOMAL JEEVAN

7. JEEVAN CHAYA8. CHILD FUTURE PLAN


9/19

Jeevan anurag designed to take care of the educational needs ofchildren.

Benefits:

Are payable at pre specified durations irrespective ofwhether the Life Assured survives or dies during the termof the policy.

Assured benefit:

.Payment of 20% of the Basic Sum Assured at the start ofevery year during last 3 policy years before maturity.

. At maturity, 40% of the Basic Sum Assured along withreversionary bonuses declared from time to time on fullSum


10/19

PREMIUM OPTIONS

sample premium rates for basic plan

AGE 5 10 15 20 25

20 975.45 839.65 718.80 614.20 525.70

25 975.95 840.45 720.80 618.10 532.05

30 975.95 842.40 725.30 625.85 544.15

35 978.45 847.85 735.05 641.35 565.40

40 982.90 858.05 752.90 666.85 598.60

45 990.60 876.05 781.20 705.60 598.60

50 1004.65 904.25 823.75 763.55 -

55 1024.65 944.60886.00

60 1054.60

1006.80


11/19

BENEFITS Grace Period:

A grace period of one month but not less than 30 days willbe allowed for payment of yearly, half-yearly or quarterlypremiums and 15 days for monthly premiums

.15 days Cooling-off period:If you are not satisfied with the Terms and Conditions ofthe policy you may return the policy to us within 15 days.

Paid up Value:If at least three full years' premiums have been paid inrespect of this policy, any subsequent premium be not dulypaid, this policy shall not be wholly void, but the Sum

Assured by it shall be reduced to such a Sum, called thepaid-up value


12/19

ELIGIBILITYAge at entry Age of the Life Assured- 20 to 60 years

Age of the Life Assured at maturity Maximum 70 years

Term

All terms from 10 to 25 years. In case of

single premium mode minimum termshall be 5 Years.

Minimum Sum AssuredRs. 50,000 /-

Maximum Sum assuredNo limit. Sum Assured will be inmultiples of Rs.5,000 /- only.

Mode

Yearly, Half-yearly, Quarterly, Monthly orthrough salary deductions in case ofregular premiums.


13/19

ICICI SMART KID

ICICI SMART KID PREMIERE is a ULIP unliketraditional palns. It is a regular Premium plan in

which you need to invest premiums regularly over aperiod of time.

You can opt to pay for 5,7 or 10 years

Policy term is 10,15,20 or 25 yrs.


14/19

Premium optionsLimited Pay 5 48,000

Limited Pay 7 36,000

Limited Pay 10 18,000

Max premium 1,00,000 p.a


15/19


16/19

BENEFITS Comprehensive protection for childs education

Partial withdrawal

Tax benefits Choice of coverage option

C i E d J J J BIMA


17/19

Comparison Endowment

Plus

Jeevan

Anurag

Jeevan

Bharathi

Jeevan

Vishwas

BIMA

ACCOUNT

PLANS

Purpose Investment

cum

insurance

Educational

needs of

children

Exclusively

for women

For handicap

dependent

Guaranteed

return and

liquidity

Features

Policy

Term(years)

10 to 20 5 to 25 15 and 20 - 5 to 7

Minimum

Premium

1750

p.m./20000

p.a.

Rs. 50,000 /-

Single

600 monthly

Minimum

Entry Age

7 years 20 years 18 years 11 years

Maximum

Maturity

Age

60 years 60 years 55 years 50 years

Benefits Death

Benefit/Matur

ity Benefit

Death

Benefit/Matur

ity Benefit

Death

Benefit/Matur

ity Benefit

Death

Benefit/Matur

ity Benefit

Death

Benefit/Maturit

y Benefit


18/19

COMPARISION

EndowmentPlus

JeevanAnurag

Jeevan Bharathi JeevanVishwas

BIMAACCOUNTPLANSPurpose Investment

cuminsurance

Educational

needs ofchildren

Exclusively for

women coversthe security forCritical Illnessand Disabilities.

For

handicapdependent

Guarantee

d returnandliquidity

Features 1.Payment of

Premiumswith graceperiod2.Guaranteeof interestrate

3. Loan

1. Grace

Period2. Paid up

Value

1. Encashment

of SurvivalBenefit

2. Flexibility topaypremiums inadvance

3. Option toreceivematurityproceeds inthe form ofan annuity

1. Premium

s2. Guarante

edAdditions

3. Loyalty

Additions

1.Simplicit

y2.Liquidity3.Guaranteedminimumreturn


19/19

Bima Account Plans

Documents

Transcript of Bima Account Plans