LIC Bima Sandesh Policy Review

 Plan-94

Introduction on LIC Bima  Sandesh Policy 

LIC Bima Sandesh Policy  is a Premium return Back Term Insurance Plan without Profit. Introduced on 01-09-1986 and WithDrawn on 18-2-2002. LIC Bima Sandesh policy is comprehensive term insurance plan with a benefit to refund of total amount of premiums paid excluding accident benefit on survival to the end of the term. Means in case the policyholder survives till the end of the term, he receives the total amount of premium paid(less any additional premium like premium for DAB,health extra). In case of earlier death of the policyholder, the nominee gets full sum assured.

LIC Bima Sandesh Policy Parameters

• Minimum Age at Entry       : 18 years complete
• Maximum Age at Entry      : 50 years nbd
• Maximum Maturity age       : 65 years
• Minimum Policy Term & premium paying term      : 5 years
• Maximum Policy Term         : 25 years
• NMG/NMS not allowed, medical examination will be at life assured’s cost.
• Female cat I & II are allowed.

Sum Assured:  Minimum- Rs.10000 up to 1/5/1998

                                       Rs 50000 from 1/5/1998

Mode of payment : only yearly mode is allowed.

Rebate: Rebate means Discount on premium. There are 2 rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.

1.Mode Rebate: In Bima Sandesh Rebate given based on premium payment mode chosen.

                                             yearly – 1.5%   .

2.Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.

policies issued from 1-5-1998 to 18-2-2002

Value	Rebate per Rs. 1.00 per 1000 Sum Assured
For S.A 5 lakhs & above < 20 lakh	Rs.1.00 per 1000 S.A
For S.A. 20 lakh & above < 50 lakh	Rs.1.50 per 1000 S.A.
For S.A. 50 lakh & above	Rs.2.00 per 1000 S.A.

LIC Bima Sandesh Policy Benefits

MATURITY CLAIM: On Survival premiums paid are refunded excluding accident premium or extra premium means Total amount of the premium will be give,If policyholder survives the term & all premiums have been paid under the policy. If policy is in paid up condition after premiums have been paid for at least 5 years,then only notional paid up value will be payable.

Death Claim 

Bima Sandesh Policy have a Death claim benefit, if death takes place within days of grace,

Full basic sum assured is payable, No bonus is payable.

If policyholder expires after days of grace & premiums have been paid for at least 5

years , then only notional paid up value as explained , will be payable as death claim.

Riders

DOUBLE ACCIDENT BENEFIT/ EPDB COVER:

DAB/EPDB cover is available under BIMA SANDESH plan. The sum assured under this policy will be taken into account while deciding maximum limit of DAB cover.

In case of accidental death,

The increased sum assured with basic sum assured + sum equal to basic sum assured as accident benefit will be payable.

PAID UP VALUE:

In BIMA SANDESH plan No paid up value during first 5 years. If any policy discontinued after paying at least 5 years premiums, notional paid up value will be available .

 paid up value = Total premiums paid excluding any extra premium for DAB/occupation/health.

GUARANTEED SURRENDER VALUE

Policy will not acquire any GSV during the policy term. Only SSV is allowed.

SPECIAL SURRENDER VALUE:

Notional paid up value will be acquired only if at least 5 years premiums have been paid.

plan is without profit, no bonus is payable.

SSV= notional paid up value x S V factor.

Additional Information

BONUS:

        THIS PLAN IS WITHOUT PROFIT.

LOAN:

        No loan is available under this plan.

Revivals:

If a premium under a Policy is not paid within the days of grace, the Policy lapses.If the policy lapses during the first 5 years, for the purpose of revival,

The full Sum Assured will be taken as sum at risk.If the policy has been in force for 5 years, the

sum at risk will be taken as full sum assured – notional paid up value.

Medical report will be required at party’s cost for revival of policy.

Suicide clause:

No amount will be paid if committed suicide before 1 year from date of commencement of policy.After One Year from date of commencement of policy Sum Assured will be given.

Finally Bima Sandesh plan is mainly useful for young people, whose income is less but insurance needs are large, this policy is suitable. For businessmen with large borrowings who do not want to pay high premium and would not normally bother about returns and for whom the insurance is the focal point, Bima Sandesh is highly advisable.

Benefits Illustration of LIC Bima Sandesh Policy 

For Example:

If Mr. Karthik, aged 36 years,taken a Bima Sandesh Policy for 20 years for Rs. 1 Lakh Sum Assured.He pays a premium of 1,371/- per year.Mr.Karthik Survives till the end of the term.Then ,he receives Rs.27,420 as maturity benefits 1,371*20).Extra premium paid for DAB, If availed, will not be returned.

Mr.Jagan , aged 36 years, takes a Bima Sandesh policy for 20 years for Rs. 1,00,000 s.a. with a yearly premium of Rs. 1,371. Mr. Jagan expires after 3 years. Then , his nominee receives Rs. 1 LAKH.

TABULAR ANNUAL  PREMIUM   FOR BIMA SANDESH PLAN 94 PER 1000 S. A.

( FOR POLICIES ISSUED FROM  1-12-1987   TO  30/4/1998)

These  rates are  rated as “  P “ in calculating one time increase in Basic sum assured.

	TERM    OF    POLICY
Age(NBD)	5	6	7	8	9	10	11	12	13	14	15
18	30.95	24.75	20.80	18.00	16.00	14.40	13.20	12.20	11.40	10.70	10.15
19	30.95	24.75	20.80	18.05	16.00	14.45	13.25	12.25	11.45	10.80	10.20
20	30.95	24.80	20.85	18.10	16.05	14.55	13.30	12.35	11.55	10.90	10.30
21	31.00	24.85	20.90	18.20	16.15	14.65	13.45	12.45	11.65	11.00	10.45
22	31.15	25.00	21.05	18.30	16.30	14.80	13.55	12.60	11.80	11.15	10.60
23	31.30	25.15	21.25	18.50	16.50	14.95	13.75	12.75	11.95	11.30	10.75
24	31.80	25.40	21.45	18.70	16.70	15.15	13.95	12.95	12.15	11.50	10.95
25	31.90	25.70	21.75	19.00	16.95	15.40	14.20	13.20	12.40	11.75	11.20
26	32.35	26.10	22.10	19.30	17.25	15.70	14.45	13.50	12.70	12.05	11.50
27	32.85	26.55	22.50	19.65	17.60	16.00	14.80	13.80	13.00	12.35	11.80
28	33.40	27.05	22.95	20.05	17.95	16.40	15.15	14.15	13.40	12.75	12.20
29	34.05	27.55	23.40	20.50	18.40	16.80	15.60	14.60	13.80	13.15	12.65
30	34.75	28.15	23.95	21.05	18.90	17.30	16.10	15.10	14.30	13.65	13.15
31	35.50	28.80	24.55	21.65	19.50	17.90	16.55	15.65	14.85	14.20	13.65
32	36.30	29.55	25.30	22.30	20.15	18.55	17.30	16.30	15.50	14.80	14.30
33	37.25	30.45	26.10	23.10	20.95	19.30	18.00	17.00	16.20	15.50	14.95
34	38.40	31.50	27.05	24.05	21.80	20.15	18.85	17.80	16.95	16.30	15.75
35	39.75	32.75	28.20	25.10	22.85	21.10	19.75	18.70	17.85	17.05	16.60
36	41.45	34.20	29.55	26.35	24.00	22.20	20.85	19.75	18.85	18.15	17.55
37	43.40	35.90	31.10	27.75	25.30	23.45	22.05	20.90	20.00	19.25	18.65
38	45.60	37.80	32.80	29.30	26.80	24.85	23.35	22.15	21.20	20.45	19.80
39	48.00	39.90	34.65	31.05	28.40	26.35	24.80	23.55	22.55	21.75	21.05
40	50.65	42.15	36.70	32.90	30.10	28.00	26.35	25.05	24.00	23.10	22.40
41	53.50	44.65	38.90	34.95	32.00	29.80	28.05	26.65	25.55	24.60	23.85

 

42	56.60	47.35	41.30	37.10	34.05	31.70	29.85	28.40	27.20	26.25	25.45
43	59.95	50.25	43.90	39.50	36.20	33.75	31.80	30.25	29.00	27.95	27.10
44	63.60	53.35	46.70	42.00	38.55	35.95	33.90	32.25	30.90	29.80	28.85
45	67.45	56.70	49.65	44.70	41.05	38.30	36.10	34.35	32.90	31.75	30.75
46	71.60	60.25	52.85	47.60	43.75	40.80	38.45	36.60	35.05	33.80	32.75
47	76.00	64.05	56.20	50.70	46.60	43.45	40.95	38.95	37.35	36.00	34.85
48	80.70	68.10	59.80	53.95	49.60	46.25	43.60	41.45	39.75	38.30	37.05
49	85.65	72.35	63.60	57.35	52.75	49.20	46.40	44.10	42.25	40.70	39.40
50	90.85	76.85	67.55	61.00	56.10	52.30	49.30	46.90	44.90	43.25	41.85

TABULAR ANNUAL  PREMIUM   FOR BIMA SANDESH PLAN 94 PER 1000 S. A.( FOR POLICIES ISSUED FROM  1-12-1987   TO 30/4/1998)

These  rates are  rated as “  P “ in calculating one time increase in Basic sum assured.

	TERM    OF    POLICY
Age(NBD)	16	17	18	19	20	21	22	23	24	25
18	9.65	9.25	8.90	8.55	8.30	8.05	7.85	7.60	7.50	7.40
19	9.75	9.35	8.95	8.65	8.40	8.15	7.95	7.80	7.65	7.50
20	9.85	9.45	9.05	8.75	8.50	8.30	8.10	7.90	7.80	7.65
21	9.95	9.55	9.20	8.90	8.65	8.45	8.25	8.10	7.95	7.85
22	10.10	9.70	9.35	9.10	8.85	8.60	8.45	8.30	8.15	8.05
23	10.30	9.90	9.55	9.25	9.05	8.80	8.65	8.50	8.35	8.25
24	10.50	10.10	9.80	9.50	9.25	9.05	8.90	8.75	8.65	8.55
25	10.75	10.35	10.05	9.75	9.55	9.35	9.20	9.05	8.95	8.85
26	11.05	10.65	10.35	10.10	9.85	9.65	9.50	9.35	9.25	9.15
27	11.40	11.00	10.70	10.45	10.20	10.00	9.85	9.75	9.65	9.55
28	11.75	11.40	11.10	11.00	10.60	10.40	10.25	10.15	10.05	9.95
29	12.20	11.85	11.50	11.25	11.05	10.85	10.75	10.60	10.50	10.40
30	12.70	12.30	12.00	11.75	11.55	11.35	11.25	11.10	11.00	10.95
31	13.25	12.85	12.55	12.30	12.10	11.90	11.80	11.65	11.55	11.50
32	13.85	13.50	13.15	12.90	12.70	12.55	12.40	12.25	12.15	12.10
33	14.55	14.15	13.85	13.60	13.40	13.20	13.05	12.95	13.05	12.75
34	15.30	14.90	14.60	14.35	14.10	13.95	13.80	13.65	13.55	13.50

 

35	16.15	15.75	15.45	15.15	14.95	14.75	14.60	14.45	14.35	14.30
36	17.10	16.70	16.35	16.05	15.85	15.65	15.50	15.35	15.25	15.15
37	18.15	17.70	17.35	17.05	16.80	16.60	16.45	16.30	16.20	16.10
38	19.25	18.80	18.45	18.15	17.90	17.65	17.50	17.35	17.20	17.10
39	20.50	20.05	19.65	19.30	19.05	18.80	18.60	18.45	18.30	18.20
40	21.80	21.30	20.90	20.55	20.25	20.00	19.80	19.60	19.45	19.35
41	23.25	22.70	22.25	21.90	21.55	21.30	21.05	20.90	20.70
42	24.75	24.20	23.70	23.30	22.95	22.65	22.40	22.20
43	26.35	25.75	25.25	24.80	24.45	24.15	23.85	–
44	28.10	27.45	26.90	26.40	26.00	25.65	–	–
45	29.90	29.20	28.65	28.10	27.70	–	–	–
46	31.85	31.10	30.45	29.90	–	–
47	33.90	33.10	32.40	–	–
48	36.05	35.15	–	—	–
49	38.30	–	–	–
50	–	–	–

TABULAR ANNUAL  PREMIUM   FOR BIMA SANDESH PLAN 94 PER 1000 S. A. ( FOR POLICIES ISSUED FROM  1/5/1998  TO  18/02/2002)

These  rates are  rated as “  P’ “ in calculating one time increase in Basic sum assured.

 

	TERM    OF    POLICY
Age(NBD)	5	6	7	8	9	10	11	12	13	14	15
18	28.55	23.05	19.50	16.95	15.10	13.65	12.50	11.60	10.85	10.20	9.70
19	28.60	23.10	19.55	17.00	15.15	13.70	12.55	11.65	10.90	10.25	9.75
20	28.65	23.15	19.55	17.05	15.20	13.75	12.60	11.70	10.95	10.35	9.80
21	28.70	23.20	19.60	17.10	15.20	13.80	12.65	11.75	11.00	10.40	9.90
22	28.75	23.25	19.65	17.15	15.30	13.85	12.75	11.85	11.10	10.50	9.95
23	28.8	23.3	19.7	17.2	15.3	13.9	12.8	11.9	11.2	10.6	10.1

 

	0	0	0	0	5	5	5	5	0	0	0
24	28.85	23.35	19.80	17.30	15.45	14.05	12.95	12.05	11.35	10.70	10.20
25	28.95	23.50	19.95	17.45	15.60	14.20	13.10	12.20	11.50	10.85	10.35
26	29.15	23.70	20.10	17.65	15.80	14.40	13.30	12.40	11.65	11.05	10.55
27	29.45	23.95	20.35	17.85	16.05	14.65	13.50	12.60	11.90	11.25	10.75
28	29.80	24.25	20.70	18.15	16.30	14.90	13.80	12.85	12.15	11.50	11.00
29	30.25	24.65	21.05	18.50	16.65	15.20	14.10	13.15	12.40	11.80	11.30
30	30.75	25.15	21.50	18.90	17.00	15.55	14.40	13.50	12.75	12.15	11.65
31	31.40	25.70	21.95	19.35	17.45	15.95	14.80	13.90	13.15	12.50	12.00
32	32.10	26.30	22.50	19.85	17.90	16.40	15.25	14.30	13.55	12.95	12.45
33	32.85	26.95	23.10	20.40	18.40	16.90	15.75	14.80	14.05	13.40	12.90
34	33.70	27.65	23.75	21.00	19.00	17.50	16.30	15.35	14.55	13.95	13.40
35	34.60	28.45	24.50	21.70	19.65	18.10	16.90	15.95	15.15	14.50	14.00
36	35.60	29.35	25.30	22.45	20.40	18.80	17.60	16.60	15.80	15.15	14.60
37	36.65	30.30	26.15	23.30	21.20	19.60	18.30	17.30	16.50	15.85	15.25
38	37.90	31.40	27.20	24.25	22.10	20.45	19.15	18.10	17.30	16.60	16.00
39	39.35	32.70	28.35	25.35	23.10	21.40	20.10	19.00	18.15	17.45	16.85
40	41.00	34.15	29.70	26.55	24.25	22.50	21.10	20.00	19.10	18.35	17.70
41	42.90	35.80	31.15	27.90	25.50	23.70	22.25	21.10	20.10	19.30	18.65
42	44.95	37.60	32.75	29.40	26.90	24.95	23.45	22.20	21.20	20.40	19.70
43	47.20	39.55	34.50	31.00	28.35	26.35	24.75	23.45	22.40	21.50	20.80
44	49.65	41.65	36.40	32.70	29.95	27.80	26.10	24.75	23.65	22.75	22.00
45	52.30	43.90	38.40	34.50	31.60	29.30	27.55	26.15	25.00	24.05	23.30
46	55.05	46.30	40.50	36.40	33.30	30.95	29.10	27.65	26.45	25.50	24.70
47	58.00	48.80	42.70	38.35	35.15	32.65	30.75	29.20	28.00	27.00	26.15
48	61.10	51.40	44.95	40.45	37.05	34.50	32.50	30.95	29.65	28.55	27.70
49	64.25	54.05	47.35	42.65	39.15	36.50	34.40	32.75	31.35	30.25	29.35
50	67.45	56.85	49.90	45.00	41.35	38.60	36.45	34.65	33.25	32.10	31.15

 

TABULAR ANNUAL  PREMIUM   FOR BIMA SANDESH PLAN-94, PER 1000 S. A. ( FOR POLICIES ISSUED FROM  1/5/1998  TO  18/02/2002)

These  rates are  rated as “  P’ “ in calculating one time increase in Basic sum assured.

 

	TERM    OF    POLICY
Age(NBD)	16	17	18	19	20	21	22	23	24	25
18	9.25	8.85	8.50	8.20	7.95	7.75	7.55	7.35	7.20	7.05
19	9.30	8.90	8.55	8.30	8.00	7.80	7.60	7.45	7.30	7.15
20	9.35	8.95	8.65	8.35	8.10	7.90	7.70	7.50	7.35	7.25
21	9.45	9.05	8.75	8.45	8.20	7.95	7.80	7.60	7.45	7.35
22	9.55	9.15	8.80	8.55	8.30	8.10	7.90	7.75	7.60	7.45
23	9.65	9.25	8.95	8.65	8.40	8.20	8.05	7.85	7.75	7.60
24	9.75	9.40	9.05	8.80	8.55	8.35	8.20	8.05	7.90	7.80
25	9.90	9.55	9.25	8.95	8.75	8.55	8.35	8.20	8.10	7.95
26	10.10	9.75	9.45	9.15	8.95	8.75	8.55	8.40	8.30	8.20
27	10.35	9.95	9.65	9.40	9.15	8.95	8.80	8.65	8.55	8.45
28	10.60	10.20	9.90	9.65	9.45	9.25	9.05	8.95	8.80	8.70
29	10.90	10.50	10.20	9.95	9.75	9.55	9.40	9.25	9.10	9.00
30	11.20	10.85	10.55	10.30	10.05	9.90	9.70	9.55	9.45	9.35
31	11.60	11.20	10.90	10.65	10.45	10.25	10.10	9.95	9.80	9.70
32	12.00	11.65	11.35	11.05	10.85	10.65	10.50	10.35	10.20	10.10
33	12.45	12.10	11.80	11.50	11.30	11.10	10.95	10.80	10.65	10.55
34	12.95	12.60	12.30	12.00	11.80	11.60	11.40	11.25	11.15	11.05
35	13.55	13.15	12.85	12.55	12.30	12.10	11.95	11.80	11.70	11.60
36	14.15	13.75	13.40	13.15	12.90	12.70	12.50	12.40	12.25	12.15
37	14.80	14.40	14.05	13.75	13.50	13.30	13.15	13.00	12.90	12.80
38	15.50	15.10	14.75	14.45	14.20	14.00	13.85	13.70	13.55	13.45
39	16.30	15.90	15.50	15.20	14.95	14.75	14.60	14.45	14.30	14.20
40	17.20	16.75	16.35	16.05	15.80	15.60	15.40	15.25	15.10	15.00
41	18.10	17.65	17.25	16.95	16.70	16.45	16.25	16.10	16.00	–
42	19.15	18.65	18.25	17.95	17.65	17.40	17.25	17.10	–	–
43	20.25	19.75	19.35	19.00	18.70	18.45	18.25	–
44	21.40	20.90	20.45	20.10	19.80	19.55	–	–
45	22.65	22.10	21.65	21.30	21.00	–
46	24.00	23.45	23.00	22.60	–
47	25.45	24.85	24.40	–	–
48	26.95	26.35	–
49	28.60	–
50	–