To cope with the growing needs of the insurance seekers, The Life Insurance of India has come up with an insurance investment insurance policy. LIC Bima Investment Insurance Policy is a single-premium traditional endowment plan. Since it is a non-participating plan, the insurance investment does not provide any bonus facilities.
How the plan works
Since this is a single premium endowment plan, a one-time premium needs to be paid. In case of premature death of the insured within the tenure of the policy, the beneficiary will receive the sum assured as well as the guaranteed additions amount. Moreover, if the insured survives the entire tenure of the policy, he/she will receive the Basic Sum Assured along with Guaranteed Loyalty Additions.
If you want good returns on investment and adequate life cover without the hassle of paying premiums at regular intervals, an endowment plan would be your best idea. Therefore, LIC insurance investment is the best option for you as it offers guaranteed returns along with life coverage.
Key Features of LIC Insurance Investment:
1. LIC Bima Nivesh is a single premium endowment plan.
2. The premiums depend on the age of the insured.
3. The death benefit provided to the nominee is the sum assured + guaranteed addition received till the date of death.
4. In case of survival of the insured, the maturity benefits paid are Basic Sum Assured + Compounded Guaranteed Addition + Loyalty Addition, if any.
5. Through the Term Benefit Rider, the plan offers optional high cover.
6. This plan offers a compound rate of guaranteed additions and loyalty additions.
7. For the basic plan, no medical tests are required.
Benefits of LIC Investment Plan
Death Benefit
If the policyholder dies during the tenure of the policy, the nominee of the policy receives the Basic Sum Assured + Guaranteed Additions received.
Maturity Benefit
If the policyholder survives during the entire term of the policy till the date of policy maturity, the maturity benefits are paid to the life insured in the form of Basic Sum Assured + Compounded Guaranteed Addition + Loyalty Addition.
Income Tax Benefit
The plan also provides income tax benefits to the insured. The life insured can save on premium payment and maturity benefits under the Income Tax Act 80C and 10(10D) of his tax bundles.
