| Age at Entry | |
|---|---|
| Policy Term | |
| Sum Assured | |
| Premium Rate | |
| Gross Single Premium | |
| Applicable Rebate | |
| Net Premium Payable |
| Guaranteed Addition Rate | |
|---|---|
| Guaranteed Addition Per Year | |
| Total Guaranteed Additions |
| Basic Sum Assured | |
|---|---|
| Total Guaranteed Additions | |
| Loyalty Addition | Extra, if declared by LIC; not included. |
| Estimated Maturity Value |
| Basic Sum Assured | |
|---|---|
| Accrued Guaranteed Additions | |
| Loyalty Addition | If applicable; not included. |
| Estimated Death Benefit |
Important Notes:
- Minimum Sum Assured: ₹25,000 | Maximum Sum Assured: ₹50,00,000
- Entry Age: 18–70 years | Maximum Maturity Age: 75 years
- Guaranteed Additions: 60% per year for the 5-year term | 65% per year for the 10-year term
- High Premium Rebate: 1% on premiums above ₹25,000 | 1.5% above ₹50,000 | 2% above ₹2,00,000
- Premium Rate per ₹1,000 Sum Assured: ₹952 for 5 years | ₹863 for 10 years
- Loyalty additions may be payable separately and are not included in the basic calculation.
- Calculator results are approximate. For an exact premium quotation, policyholders should consult LIC.
What is LIC New Bima Nivesh Plan?
The LIC New Bima Nivesh Plan (UIN: 512N203V01) was a single-premium endowment insurance plan offered by Life Insurance Corporation of India. The plan was designed for people looking for a combination of life insurance protection and assured savings through a one-time premium payment.
One of its main attractions was the provision of guaranteed additions, which made the plan suitable for conservative investors who preferred predictable benefits.
Key Features of LIC New Bima Nivesh
Single Premium Payment
The complete premium is paid only once at the beginning of the policy. There are no regular or limited premium payments under this plan.
Guaranteed Additions
The policy provides fixed guaranteed additions every year during the selected policy term, helping increase the maturity amount.
Life Insurance Protection
The plan provides financial protection to the nominee in the event of the policyholder’s death during the policy period.
Simple Enrollment
The enrollment process was relatively straightforward, with limited documentation requirements, particularly for lower Sum Assured amounts.
Flexible Policy Terms
Policyholders could select between two available policy durations:
- 5 years
- 10 years
Launch and Withdrawal Dates
The New Bima Nivesh plan was introduced after the earlier Bima Nivesh product launched in 2001 and remained available for a period of time.
According to LIC’s withdrawn-plan listings for 2012–13, New Bima Nivesh (UIN: 512N203V01) had been withdrawn before the end of that financial year.
Like several older LIC endowment products, the plan was eventually withdrawn or replaced as regulatory requirements and market conditions evolved.
For confirmation regarding withdrawn products, users should refer to LIC’s official product information.
How LIC New Bima Nivesh Calculator Works
The LIC New Bima Nivesh Calculator is a useful calculation tool for estimating the main financial benefits associated with the plan.
It can help determine:
- The single premium required for a selected Sum Assured.
- Guaranteed additions accumulated throughout the policy term.
- Estimated maturity amount.
- Possible loyalty additions, if declared by LIC.
Steps to Use the Calculator
1. Enter the Required Details
Provide the Sum Assured you want to select.
2. Select the Policy Term
Choose either:
- 5 years
- 10 years
3. Enter the Age
Provide the policyholder’s age at the time of entry.
4. View the Results
The calculator can then display:
- Applicable single premium
- Guaranteed additions
- Estimated maturity value
5. Compare Different Scenarios
You can change the Sum Assured or policy duration to compare different combinations and determine which option best matches your financial objectives.
LIC New Bima Nivesh Plan Structure
| Policy Feature | 5-Year Term | 10-Year Term |
|---|---|---|
| Minimum Sum Assured | ₹25,000 | ₹25,000 |
| Maximum Sum Assured | ₹50,00,000 | ₹50,00,000 |
| Entry Age | 18–50 years | 18–50 years |
| Maximum Maturity Age | Up to 75 years | Up to 75 years |
| Guaranteed Addition | ₹60 per ₹1,000 Sum Assured/year | ₹65 per ₹1,000 Sum Assured/year |
Premium Payment: Only a single premium is payable at the beginning of the policy.
Guaranteed Additions
The guaranteed addition depends on the policy duration selected.
5-Year Policy
The guaranteed addition is ₹60 per ₹1,000 Sum Assured every year.
10-Year Policy
For the 10-year option, the guaranteed addition is ₹65 per ₹1,000 Sum Assured every year.
These additions are accumulated throughout the policy period and contribute toward the maturity benefit.
Maturity Benefit
At the completion of the selected policy term, the policyholder receives:
- Basic Sum Assured
- Accumulated guaranteed additions
- Loyalty addition, if applicable
The loyalty addition is dependent on the applicable declaration and is not guaranteed in advance.
Death Benefit
If the policyholder dies during the policy term, the nominee receives the applicable:
- Sum Assured
- Accrued guaranteed additions
- Loyalty addition, if applicable
The benefit is paid as a lump sum according to the policy terms.
Loyalty Addition
LIC may provide a loyalty addition at maturity or in the event of death, depending on the applicable bonus declaration and policy conditions.
Unlike guaranteed additions, loyalty additions are not assured for every policy year and depend on the relevant performance and bonus rates.
Eligibility Criteria
- Minimum Entry Age: 18 years completed
- Maximum Entry Age: 50 years
- Maximum Maturity Age: 75 years
- Minimum Sum Assured: ₹25,000
- Maximum Sum Assured: ₹50,00,000
Premium Rates
The approximate single-premium rates mentioned for every ₹1,000 of Sum Assured are:
- 5-year term: ₹952
- 10-year term: ₹863
Only the single-premium payment mode is available under this plan.
Other Important Features
Medical Examination for Lower Sum Assured
For Sum Assured amounts up to ₹10 lakh, a medical examination may not be required if the health declaration meets the applicable requirements.
Loan Facility
A loan facility is available after the specified period, subject to the terms and conditions applicable when the policy was issued.
Employee Rebate
Certain premium rebates may have been available to LIC employees according to the rules and notifications applicable during the product’s lifetime.
Agent Commission
Standard agent commission rules applicable to LIC were followed during the period when the plan was active.
Advantages of LIC New Bima Nivesh
Safety
The plan was backed by LIC and offered a structured insurance and savings arrangement.
Simple Structure
Because the entire premium was paid upfront, policyholders did not have to manage recurring premium payments.
Guaranteed Additions
The fixed yearly additions helped increase the maturity amount during the policy term.
Tax Benefits
The plan may qualify for tax benefits under Section 80C and Section 10(10D), subject to the tax rules applicable at the relevant time. Current tax treatment should be verified with a qualified tax advisor.
Sample Calculation
Consider a 5-year policy with the following details:
- Sum Assured: ₹1,00,000
- Approximate Single Premium: ₹95,200
- Guaranteed Addition per Year: ₹6,000
- Total Guaranteed Addition for 5 Years: ₹30,000
The estimated maturity amount would therefore be:
₹1,00,000 + ₹30,000 = ₹1,30,000
Any applicable loyalty addition would be extra if declared.
The same calculation approach can be adjusted for different Sum Assured amounts and policy terms.
How to Apply for LIC New Bima Nivesh If Reintroduced
Since the plan has been withdrawn, it cannot currently be purchased as a new policy. However, if a similar product is introduced again, the general process would involve:
- Check Eligibility: Confirm age, Sum Assured, and health requirements.
- Contact LIC: Visit an LIC branch or contact an LIC representative to confirm product availability.
- Complete the Proposal Form: Provide personal and nominee information.
- Pay the Single Premium: Make the required one-time premium payment.
- Receive the Policy Document: Carefully review the terms, conditions, and benefits.
When Should You Use the Calculator?
The calculator can be useful when you want to:
- Compare the premium required for 5-year and 10-year terms.
- Check maturity amounts for different Sum Assured levels.
- Estimate guaranteed additions.
- Understand the potential value of the policy.
- Compare different financial scenarios before making a decision.
Frequently Asked Questions
What is LIC New Bima Nivesh Plan?
LIC New Bima Nivesh is a single-premium endowment plan that combines life insurance protection with guaranteed additions over a selected policy term. It was designed for individuals seeking a lump-sum investment with assured benefits.
Is LIC New Bima Nivesh still available for purchase?
No. LIC New Bima Nivesh (UIN: 512N203V01) has been withdrawn. Existing policyholders can continue their policies according to the original terms, but new enrollments are not accepted.
What is the purpose of the LIC New Bima Nivesh Calculator?
The calculator helps estimate the required single premium, accumulated guaranteed additions, and maturity value based on details such as Sum Assured, policy term, and age.
What policy terms were available?
The plan offered two policy durations:
- 5 years
- 10 years
What are the guaranteed additions?
For the 5-year term, the guaranteed addition was ₹60 per ₹1,000 Sum Assured per year.
For the 10-year term, it was ₹65 per ₹1,000 Sum Assured per year.
Conclusion
LIC New Bima Nivesh was a straightforward single-premium endowment plan intended for individuals who wanted life insurance protection along with guaranteed additions without the need for recurring premium payments.
The LIC New Bima Nivesh Calculator makes it easier to estimate the single premium, guaranteed additions, and potential maturity amount for different Sum Assured levels and policy terms.
Although the plan has been withdrawn, understanding its structure can still be useful for existing policyholders and for people comparing older LIC products with similar savings and protection plans.
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