BIMA KIRAN

WITH OUT PROFIT - PLAN NO- 111

TERM ASSURANCE PLAN
INTRODUCED ON – 15/07/1994 WITHDRAWN ON- 18/02/2002
CO/ACT/1540 DT 27/6/1994 AND CO/ACT/1541 DT 19/7/1994

A unique low cost life insurance plan, specially designed keeping in view the need of young
men and women.
This plan is an extension of Bima Sandesh plan no 94 where premium is low, high risk cover
and maturity claim is defined as refund of premiums paid. Under this new plan of Bima
Kiran, along with low insurance premium with high risk cover, some new features have
introduced like in built and exclusive accident benefit cover, loyalty addition and free
insurance cover after maturity.
Under this plan, premium rates are given for death cover. Sum assured under this plan is
termed as death cover. Maturity claim is refund of premium less any extra premiums paid.

Being term insurance plan, if policy kept in force as on date of death, then only full sum
assured is payable as death claim. If death occurs after days of grace, death sum assured is
not payable.

A) SYNOPSIS OF PLAN

1) AGE AT ENTRY  Minimum 18 yrs completed

Maximum 35 yrs NBD

2) MAXIMUM MATURITY AGE  60 YRS nearer birthday.

3) POLICY TERM  Minimum  15 yrs

Maximum  30 yrs

4) SUM ASSURED  Minimum  50,000 & in multiple of 10000

Maximum  3,00,000

5) REBATES  MODE REBATE Yearly 3%

Half-yearly 1.5%

 SUM ASSURED  NO REBATE IS ALLOWED.

6) MODE OF PAYMENT  YEARLY, Half-yearly,Quarterly, SSS

Monthly-ord is not allowed.

7) UNDERWRITING DETAILS- 
EMR upto class III is allowed. If proposal is accepted up to sub-standard lives up to EMR
class VI with minimum sum assured of Rs. 2 lakh is allowed. Reinsurance is required.
Female category of I and II are allowed.
Only NMS allowed, NMG is not allowed.
Major female students allowed up to sum assured of Rs. 2 lakhis allowed pursuing
degree/post graduate course in engineering /medical/ CA/MBA.
B) PAID UP VALUE

Being term assurance plan and as per policy condition no paid up value is available.
However, notional paid up value equal to (total premiums paid – total extra premiums paid
under the policy) which is used to calculate maturity claim, death claim and special
surrender value.

C) GUARANTEED SURRENDER VALUE

As per policy conditions of policy, plan do not acquire GSV( guaranteed surrender value) .

D) SPECIAL SURRENDER VALUE

As per circular dt. 18/7/1998 ref: co/act/1653/4, policy will not acquire any special
surrender value during first 5 years of policy.
However, if after paying at least 5 full years premiums and after completing 5 policy years,
if further premiums are discontinued, then SSV will be as follows:
1) Calculate notional paid up value which is equal to total premiums paid – total extra
premiums paid under the policy.
2) As per co/crm/BIMA KIRAN dt. 7/4/2006 While calculating notional paid up value,
DAB premium at the rate of Rs.1/-is to be deducted. Further as per co/crm/637 dt.
27/2/2008, It has been clarified that while calculating GSV , DAB premium @ Rs.1/-
will not be deducted. As per clarification dt.17/5/2008 Ref: co/crm/PS/BIMA KIRAN ,
while calculating special surrender value also (SSV) DAB premium @ Rs.1/- is not to
be deducted.
3) Surrender value factors are applicable from table no 1A of SV booklet.
4) No loyalty addition is payable.
5) SSV = (notional paid up value) x SV factor.

E) MATURITY CLAIM

1) IN FORCE OR PREMIUMS PAID FOR PREMIUM PAYING TERM On surviving up to the

end of policy term by life assured and provided all premiums have been paid, sum equal to
(total amount of premiums paid during the term- extra premium + loyalty addition) will be
paid as maturity claim. NO NEED TO DEDUCT DAB PREMIUM.
Kindly, note that there is difference in death cover and maturity claim. Death cover is not
refunded as maturity claim.
No discounted value of maturity claim in last policy year is allowed.
As per co/crm/726/23 dt 30/1/2009, the procedure to grant free Insurance cover under
above plan is as follows:-
1. As per valuation circulars issued , while making payment of maturity claims under a
policy, if no premiums have been paid during the last policy year, but the policy was
in force for full sum assured on the policy anniversary prior to the maturity date,
claim should be paid for full sum assured on the date of maturity date along with
guaranteed additions, reversionary and interim bonus(if any) subject to the
deductions of the unpaid instalments of premium with interest, if any, for the last
policy year of the policy. Such policies will also be eligible for payment of loyalty
additions for full sum assured if other qualifying conditions are satisfied.

2. This provision will also be applicable to policies issued under Bima Kiran plan no 111
and 150. This means, if premiums have not been paid of last policy year only, then
the same should be deducted with interest up to date of maturity from amount of
claim payable. Where ever maturity claim is settled as above after deducting the
premiums with interest, free term insurance cover for a period of 10 years will also
be available to the policyholder under the policy.
 3. If all premiums have been paid / recovered as above, then on maturity of the policy,
status of policy will be moved to fully paid –up ( code 32). On expiry of free term
insurance cover, status of policy will be moved as ‘expiry of term assurance cover’
(code – 72). Under other cases, where premiums have been paid for at least 5 yrs
under plan-111 and paid for at least for 3 years under plan 150, and further
premiums have been discontinued on the expiry of policy term, the status will be
moved to maturity claim paid (code - 83).
4. After settlement of maturity claim where premiums have been paid/ recovered fully
for the policy term, policy document duly endorsed as per endorsement given below
should be returned to the policyholder with proper covering letter.

LIFE INSURANCE CORPORATION OF INDIA

………………….DIVISIONAL OFFICE
…………………BRANCH OFFICE CODE NO………..

Policy no……………………………

Consequent upon payment of Maturity claim under above policy on……………. of

Rs……………… In terms of policy condition, a free term insurance cover of
Rs……………………granted for next 10 years which shall be available from……………to
…………...Hence forth, policy will be free from payment of any premiums. Maturity claim/
surrender/ loan/ Accident Benefit cover will not be available during this free term
insurance cover.

DATE: p.SR/CHIEF/ BRANCH MANAGER

Kindly, fill up the amount of sum assured available as ‘free term assurance cover’ and the
period of cover in above endorsement correctly.
For example- date of commencement of policy – 15/7/1994, plan and term-111/15, death
sum assured- 3,00,000, date of Maturity – 15/7/2009. Then free term assurance cover equal
to 30% of death sum assured i.e Rs.90000 will be available from 15/7/2009 to 14/7/2019.

5. Policy dockets where free Term Insurance cover is granted should be scanned. There
is no need for scanning dockets in lapsed/ paid up condition and where no free term
insurance cover have been granted.

LOYALTY ADDITION


Provided policy is in full force as on date of maturity or premiums have been paid fully for
premium paying term following minimum loyalty addition is payable along with maturity
claim:-
ORIGINAL POLICY TERM SUM PAYABLE AS LOYALTY ADDITION AS % OF THE
(TOTAL PREMIUMS PAID – EXTRA PREMIUM)
15 TO 19 YRS 25%
20 TO 24 YRS 35%
25 TO 29 YRS 45%
30 YRS 55%

FREE INSURANCE COVER 

On life assured surviving the original term of the policy and provided policy kept in force as
on date of maturity, free term insurance cover as given below shall be available for a
period of 10 years from date of maturity. During these 10 years after date of maturity,
policyholder need not pay any premiums. No DAB & EPDB is available during free insurance
cover period.
ORIGINAL POLICY TERM % OF MINIMUM FREE INSURANCE COVER OF
BASIC DEATH COVER
15 TO 19 YRS 30%
20 TO 24 YRS 40%
25 TO 29 YRS 50%
30 YRS 60%
2) PAID UP  As per co/act/1653/4 dt 18/7/1998, after paying at least 5 years premiums,
if further premiums are discontinued and life assured is alive as on date of maturity, then
notional paid up value which is equal to (total premiums paid – total extra premiums paid)
is payable as maturity claim.
Loyalty addition is not payable. Also free insurance cover as stated above is not applicable

F) DEATH CLAIM

1) POLICY IN FORCE (DEATH BEFORE FUP OR WITHIN DAYS OF GRACE)



If policy is in full force and death of life assured occurs prior to date of FUP or within days
of grace, then death claim will be = full sum assured i.e death cover as shown in policy +
loyalty addition as shown below is payable.
NO OF POLICY YEARS SUM PAYABLE AS LOYALTY ADDITION AS % OF THE
COMPLETED AS ON DATE OF (TOTAL PREMIUMS PAID – EXTRA PREMIUM)
DEATH
15 TO 19 YRS 25%
20 TO 24 YRS 35%
25 TO 29 YRS 45%
30 YRS 55%

Kindly, note that Basic /Extended claim concessions are not applicable to this plan. Hence
after expiry of days of grace, policy will be treated as lapse. Hence, full death sum assured
is not payable as death claim.
If life assured expired within first 14 years from date of issue of policy, no loyalty addition
is payable. If life assured expired after 15 yrs of policy duration, then only loyalty addition
is payable as % of sum payable of the premiums paid – any extra premium paid?
Rate of loyalty addition will depend on no of policy years completed as on date of death.

2) POLICY LAPSED
If life assured expired after days of grace and if at least 5 full years premiums have been
paid and also policy has completed 5 years as on date of death, then only notional paid up
value i.e. ( total premiums paid less total extra premium paid ) is payable as death claim.
Loyalty addition is not payable. While calculating notional paid up value, DAB premium
need not to be deducted.
If death occurs within 5 years and policy is in lapsed condition, then nothing is payable.

3) DEATH OF LIFE ASSURED AFTER GRANTING FREE INSURANCE COVER

If death of life assured takes place after granting free insurance cover, but before 10 years
from date of maturity, then sum assured granted as % of death cover may be paid to
nominee/legal heirs.
e.g. date of maturity is 1/1/2010. free insurance cover will start from 1/1/2010 to
31/12/2019. If death occurs within this period, then only free insurance cover is payable.

G) CLAIM CONCESSIONS AND CLAIM RELAXATION RULES



Basic/ extended claim concessions and chairman’s relaxation rules 1987 are NOT applicable
to this plan.
H) ACCIDENT BENEFIT

DAB/EPDB cover is available. However, no additional premium is collected. EPDB premium

is inbuilt in instalment premium. Accident benefit cover is exclusive of the maximum limit
of DAB/EPDB. However, w.e.f.2/5/2005 when the limit of DAB cover has increased from 25
lakh to 50 lakh, DAB cover will include in maximum limit of Rs.50 lakh.
Accident benefit do not include PDB cover.

I) REVIVAL

As per co/act/1583/4 dt 5/9/1996, policies lapsed due to non-payment of premiums within

days of grace can be revived within 6 months from the due date of FUP by paying arrears of
premiums with interest and no evidence of health is required.
After 6 months, our usual rules of revival will be applicable. However, policy can not be
revived without evidence of health even though premiums have been paid for 5 years and
arrears of premiums received within 1 years of FUP.
In case of revival on medical basis, cost of medical report should be borne by life assured
only. No reimbursement of medical fee is allowed.
Extra premium rates for revival of policy after 35 years were given vide wzo/act/111 dt
5/10/2002.

J) ALTERATION


( CO/MKTG/CS/471/23 DT 27/7/2001)

Alteration from plan 111 and 94 to plan 14 is allowed sub to following:

1) Original policy will be cancelled.
2) The alteration will be allowed prospectively from the next policy anniversary by
issuing new policy for outstanding term under original policy. Minimum outstanding
term should be 10 years.
3) No credit for the premiums paid under the original policy will be allowed.
4) Policy preparation charges and stamp fee will be borne by life assured only.
5) The sum assured under new policy will be equal to the sum assured in thousands
which premium under the original policy will purchase.

As per co/crm/592/23 dt. 1/8/2007, alteration from plan 111 to plan 14, 48, 162, 167, 75,
93,106,107,108,168,179 is allowed. Alteration under plan 48,162,167 will be allowed within
premium paying term only.
While alteration, it should be confirmed that new plan should have been introduced on the
DOC of plan 111.
ANNUAL PREMIUM RATES FOR BASIC DEATH SUM ASSURED OF RS.1000/- PAYABLE ON
DEATH ONLY UNDER BIMA KIRAN PLAN -111.

AGE OF TERM OF POLICY

LIFE ASS 15 16 17 18 19 20 21
18 19.55 17.45 15.75 14.40 13.35 12.45 11.70
19 19.60 17.45 15.80 14.45 13.40 12.50 11.75
20 19.65 17.50 15.85 14.55 13.45 12.55 11.85
21 19.70 17.60 15.95 14.60 13.55 12.65 11.95
22 19.80 17.70 16.05 14.70 13.65 12.80 12.05
23 19.90 17.80 16.15 14.85 13.80 12.95 12.25
24 20.05 17.95 16.35 15.00 13.95 13.10 12.40
25 20.25 18.15 16.50 15.25 14.20 13.35 12.65
26 20.45 18.40 16.75 15.45 14.45 13.60 12.90
27 20.70 18.65 17.00 15.75 14.70 13.85 13.20
28 21.00 18.95 17.35 16.05 15.05 14.20 13.50
29 21.35 19.30 17.70 16.40 15.40 14.55 13.90
30 21.75 19.70 18.10 16.85 15.80 15.00 14.35
31 22.20 20.15 18.55 17.30 16.30 15.45 14.80
32 22.75 20.70 19.10 17.80 16.80 16.00 15.35
33 23.30 21.25 19.65 18.40 17.40 16.55 15.90
34 23.95 21.90 20.30 19.05 18.05 17.20 16.55
35 24.65 22.60 21.00 19.75 18.75 17.90 17.25

AGE OF TERM OF POLICY

LA 22 23 24 25 26 27 28 29 30
18 11.10 10.55 10.10 9.75 9.40 9.10 8.90 8.65 8.50
19 11.15 10.65 10.20 9.80 9.50 9.20 9.00 8.80 8.60
20 11.25 10.70 10.30 9.90 9.60 9.35 9.10 8.90 8.75
21 11.35 10.85 10.40 10.05 9.75 9.45 9.25 9.05 8.90
22 11.50 11.00 10.55 10.20 9.90 9.65 9.40 9.25 9.05
23 11.65 11.15 10.75 10.40 10.10 9.85 9.60 9.45 9.30
24 11.85 11.35 10.95 10.60 10.30 10.05 9.85 9.65 9.55
25 12.05 11.60 11.20 10.85 10.55 10.30 10.10 9.95 9.80
26 12.30 11.85 11.45 11.10 10.85 10.60 10.40 10.25 10.10
27 12.60 12.15 11.75 11.45 11.15 10.95 10.75 10.60 10.45
28 12.95 12.50 12.10 11.80 11.50 11.30 11.10 10.95 10.80
29 13.35 12.90 12.50 12.20 11.90 11.70 11.50 11.35 11.25
30 13.75 13.30 12.95 12.65 12.35 12.15 11.95 11.80 11.70
31 14.25 13.80 13.45 13.10 12.85 12.65 12.45 12.35 -
32 14.80 14.35 13.95 13.65 13.40 13.20 13.00
33 15.35 14.90 14.55 14.25 14.00 13.80 -
34 16.00 15.55 15.20 14.90 14.65 -
35 16.70 16.25 15.90 15.60 -
 CLASS I EXTRA PREMIUM RATES UNDER PLAN NO 111- BIMA KIRAN
FOR BASIC 1000 DEATH SUM ASSURED

EXTRA PREMIUM RATES FOR AGE 36 TO 50 YRS ARE FOR REVIVAL PURPOSE ONLY. THESE
RATES ARE GIVEN BY ZONAL OFFICE AS PER CIRCULAR NO ACT/WZO/111 DT 5/10/2002

AGE OF LIFE TERM OF PLAN

ASSURED( nbd) 15 20 25 30
18 0.40 0.45 0.50 0.60
19 0.40 0.45 0.55 0.65
20 0.40 0.50 0.55 0.70
21 0.40 0.50 0.60 0.75
22 0.45 0.55 0.65 0.80
23 0.45 0.55 0.70 0.85
24 0.45 0.60 0.75 0.90
25 0.50 0.65 0.80 0.95
26 0.55 0.70 0.85 1.05
27 0.60 0.75 0.95 1.15
28 0.65 0.80 1.00 1.20
29 0.70 0.90 1.10 1.30
30 0.75 0.95 1.20 1.40
31 0.80 1.05 1.30 1.55
32 0.90 1.15 1.40 1.65
33 1.00 1.25 1.55 1.80
34 1.05 1.40 1.65 1.90
35 1.15 1.50 1.80 2.05
36 1.30 1.65 1.95 2.20
37 1.40 1.80 2.10 2.35
38 1.55 1.95 2.25 2.50
39 1.65 2.10 2.45 2.70
40 1.80 2.25 2.60 2.85
41 2.00 2.45 2.80 3.05
42 2.15 2.65 3.00 3.25
43 2.35 2.85 3.20 3.45
44 2.50 3.05 3.45 3.70
45 2.70 3.25 3.65 3.95
46 2.95 3.50 3.90 -
47 3.15 3.75 4.15
48 3.40 4.00 4.45
49 3.65 4.30 4.75
50 3.90 4.60 5.05
51 4.20 4.90 -
52 4.50 5.25
53 4.80 5.60
54 5.15 6.00
55 5.50 6.45
 NEW BIMA KIRAN
WITH OUT PROFIT - PLAN NO- 150
TERM ASSURANCE PLAN
INTRODUCED ON – 18/02/2002 WITHDRAWN ON- 17/08/2005
CO/ACT/1786/4 DT 7/2/2002

Existing Bima kiran plan -111 and Bima sandesh plan -94 were withdrawn w.ef. 18/02/2002.
To replace these plans, this new plan’ New Bima Kiran’ is introduced. This plan is having
increased % of free insurance cover. But do not have fixed scale of loyalty addition as under
Bima Kiran plan-111.
Maximum sum assured available is increased from Rs.3 lakh to Rs.10 lakh. However, this
maximum sum assured will include the sum assured under earlier plan 111- Bima Kiran.
Maximum age at entry has also increased from 35 yrs to 45 yrs.

A) SYNOPSIS OF PLAN

1) AGE AT ENTRY  Minimum------18 yrs completed

Maximum----- 45 yrs NBD.

2) MAXIMUM MATURITY AGE  60 YRS nbd

3) POLICY TERM  10 YRS TO 30 YRS.

4) MODE OF PAYMENT  Yearly, Half-yearly,

QUARTERLY and SSS from 11/09/2004

5) Rebate for mode of payment  Yearly- 3% , Half-yearly- 1.5%

6) SUM ASSURED  Minimum – 1 lakh

 Maximum – 10 lakh
( Policy will be issued in multiple of Rs.10000. As per co/act/1799/4 dt 19/3/2002,
maximum sum assured include sum assured taken under earlier bima kiran plan no111.)

7) REBATE FOR HIGH SUM ASSURED IN TABULAR PREMIUM PER 1000 SUM ASSURED

1) UP TO SUM ASSURED RS. 2.90 LAKH --- NIL

2) FROM RS. 3 LAKH TO RS. 4.90 LAKH -- RS. 1.00
3) FROM RS. 5 LAKH TO RS. 10.00 LAKH -- RS.1.20
( As per co/act/1799/4 dt 19/3/2002, an additional rebate of Rs. 1/- in tabular premium
per 1000 death sum assured will be available on sum assured under plan 111 and 150 in
excess of Rs.5.00 lakh.

8) CEIS REBATE  10% OF TABULAR PREMIUM

9) UNDERWRITING RESTRICTIONS

1) All male lives are eligible. Female lives of cat I and II only are eligible.
2) Lives falling in EMR from class I to VI are allowed under this plan. Sub-standard lives
falling in EMR class IV, V,VI will be considered by division as per co/act/1693/4 dt
6/10/1999.
3) Physically handicapped persons falling in group A with loss of one limb attracting an
extra premium of Rs.2/- per 1000 SA are also eligible.
4) Persons following hazardous occupations attracting an occupational extra of Rs.4/-
or more per 1000 SA will not be eligible for this plan.
5) Non-medical Special scheme is allowed. But proposals cannot be considered under
NMG.
6) Cost of medical examination, special reports will be borne by the LIC at proposal
stage only.
B) PAID UP VALUE

Being term assurance plan, policy will not acquire paid up value. However, after paying at
least 3 full years premiums, policy will acquire Notional Paid up value which is equal to
‘Total premiums paid less total extra premiums paid’. No need to deduct DAB premium.

C) GUARANTEED SURRENDER VALUE

After paying at least 3 full years premiums, policy will acquire GSV as 30% of premiums paid
excluding 1st year premium and/or extra premium. As per co/crm/637/4 dt.27/2/2008, DAB
premium @ rs 1/- per thousand need not be deducted from total premiums paid while
calculating GSV.
No loyalty addition is payable.

D) SPECIAL SURRENDER VALUE

After paying at least 3 full years premiums, policy will acquire special surrender value as
follows:-
1) Calculate notional paid up value as equivalent to (total premiums paid – total extra
premiums paid, if any.)
2) DAB premium is not to be deducted from total premiums paid. (co/crm/PS/BIMA
KIRAN dt. 17/5/2008 )
3) Surrenders factors are applicable from table 1A i.e. as applicable to endowment
plan.
4) No loyalty addition is payable.
5) Surrender value = notional paid up value x S.V. factor.

E) LOAN

No loan is available under the policy.

F) MATURITY CLAIM

1) INFORCE POLICY OR PREMIUMS HAVE BEEN PAID UP FULLY



On surviving the term of the policy by life assured , sum equal to total amount of premiums
paid – any extra premiums paid if any + loyalty addition, if declared , will be paid as
maturity claim.
Kindly, note that there is difference in death cover and maturity claim. Death cover is not
refunded as maturity claim.
Discounted value of maturity claim in last policy year is NOT allowed.
Docket should be preserved for next 10 years or docket should be sent for EDMS.
As per co/crm/726/23 dt 30/1/2009, the procedure to grant free Insurance cover under
above plan is as follows:-
1. As per valuation circulars issued , while making payment of maturity claims under a
policy, if no premiums have been paid during the last policy year, but the policy was in
force for full sum assured on the policy anniversary prior to the maturity date, claim
should be paid for full sum assured on the date of maturity date along with guaranteed
additions, reversionary and interim bonus(if any) subject to the deductions of the
unpaid instalments of premium with interest, if any, for the last policy year of the
policy. Such policies will also be eligible for payment of loyalty additions for full sum
assured if other qualifying conditions are satisfied.

2. This provision will also be applicable to policies issued under Bima Kiran plan no 111
and 150. This means, if premiums have not been paid of last policy year only, then the
same should be deducted with interest up to date of maturity from amount of claim
 payable. Where ever maturity claim is settled as above after deducting the premiums
with interest, free term insurance cover for a period of 10 years will also be available to
the policyholder under the policy.
3. If all premiums have been paid / recovered as above, then on maturity of the policy,
status of policy will be moved to fully paid –up ( code 32). On expiry of free term
insurance cover, status of policy will be moved as ‘expiry of term assurance cover’
(code – 72). Under other cases, where premiums have been paid for at least 5 yrs under
plan-111 and paid for at least for 3 years under plan 150, and further premiums have
been discontinued on the expiry of policy term, the status will be moved to maturity
claim paid (code – 83).
4. After settlement of maturity claim where premiums have been paid/ recovered fully
for the policy term, policy document duly endorsed as per endorsement given below
should be returned to the policyholder with proper covering letter.

LIFE INSURANCE CORPORATION OF INDIA

………………….DIVISIONAL OFFICE
…………………BRANCH OFFICE CODE NO………..

Policy no……………………………

Consequent upon payment of Maturity claim under above policy on……………. Of

Rs……………… In terms of policy condition, a free term insurance cover of
Rs……………………granted for next 10 years which shall be available from……………to
…………...Hence forth, policy will be free from payment of any premiums. Maturity claim/
surrender/ loan/ Accident Benefit cover will not be available during this free term
insurance cover.

DATE: p.SR/CHIEF/ BRANCH MANAGER

Kindly, fill up the amount of sum assured available as ‘free term assurance cover’ and the
period of cover in above endorsement correctly.
For example- date of commencement of policy – 15/7/1994, plan and term-111/15, death
sum assured- 3,00,000, date of Maturity – 15/7/2009. Then free term assurance cover equal
to 30% of death sum assured i.e Rs.90000 will be available from 15/7/2009 to 14/7/2019.

5. Policy dockets where free Term Insurance cover is granted should be scanned. There
is no need for scanning dockets in lapsed/ paid up condition and where no free term
insurance cover have been granted.

LOYALTY ADDITION 
At present, no fixed scales of loyalty addition is declared unlike under plan no 111. this will
depend on the future experience of the corporation with regard to mortality , interest and
experience based on the term and duration of policy.
However, loyalty addition if declared will be available from 5th policy year.
Loyalty addition will be payable in case of in force policies which is payable with maturity
or death claim. But not for policies which are surrendered or paid up policies.

FREE INSURANCE COVER 

On life assured surviving the original term of the policy and provided policy kept in force as
on date of maturity, free term insurance cover as given below shall be available for a
period of 10 years from date of maturity. During these 10 years after date of maturity,
policyholder need not pay any premiums. No DAB & EPDB is available during free insurance
cover period.

ORIGINAL POLICY TERM % OF MINIMUM FREE INSURANCE COVER OF

BASIC DEATH COVER
10 TO 14 YRS 20%
15 TO 19 YRS 30%
20 TO 24 YRS 40%
25 TO 29 YRS 50%
30 YEARS 60%
 2) PAID UP 

If life assured expire after days of grace and if at least 3 full years premiums have been
paid , then only notional paid up value i.e (total premiums paid – any extra premium) is
payable as death claim.
Loyalty addition is not payable. Also free insurance cover as stated above is not
extended.
Within 3 years , if death occurs after days of grace, nothing is payble.
No basic/ extended claim concession or chairman’s relaxation rules are applicable.

I) ACCIDENT BENEFIT AND DIABILITY BENEFIT

On death due to accident, additional sum equal to Basic sum assured is payable as double
accident benefit, provided policy is in force.
On disability due to accident, a sum equal to basic sum assured in monthly instalemnts
spread over a period of 10 yrs is payable and also waiver of premiums payable in future.
No EPDB cover will be available in free Insurance cover.
However, the maximum Accident benefit available on this plan will be Rs. 5 lakh. This will
be exclusive of the overall maximum limit of Rs.25 lakh in aggregate placed on the other
existing policies.
W.E.F. 2/5/2005, the limit of maximum sum assured for Accident Benefit has been
increased from Rs.25 lakh to Rs.50 lakh. But maximum sum assured of DAB of Rs.5 lakh will
be inclusive in this limit of Rs.50 lakh.
As per co/act/1799/4 dt 19/3/2002, the maximum Accident Benefit of Rs.5 lakh available
under this plan will be inclusive of the Accident Benefit taken under earlier Bima Kiran
plan- 111. This means maximum Accident benefit cover of Rs. 5 lakh will be of table no 111
and 150.

J) CLAIM CONCESSION /CHAIRMAN’S RELAXATION RULES

Basic/ extended claim concessions and chairman’s relaxation rules 1987 are NOT applicable
to this plan

K) REVIVAL OF LAPSED POLICY

As per co/act/1583/4 dt 5/9/1996, policies lapsed due to non-payment of premiums within

days of grace can be revived within 6 months from the due date of FUP by paying arrears of
premiums with interest and no evidence of health is required.
After 6 months, our usual rules of revival will be applicable. However, policy can not be
revived without evidence of health even though premiums have been paid for 5 years and
arrears of premiums received within 1 years of FUP.
In case of revival on medical basis, cost of medical report should be borne by life assured
only. No reimbursement of medical fee is allowed.
Extra premium rates for revival of policy after 45 years were given vide ref: Acturial/PD
dt 11/3/2004.

L) ALTERATION IN POLICY



As per co/act/1915/4 dt 19/11/2003, it has been decided to allow alteration from plan 150
to plan 14 sub to following conditions:-
1) Original policy document will be cancelled and a new policy bond will be issued with
same policy no.
2) The alteration is to be allowed prospectively from the next policy anniversary by
issuing a new policy for the outstanding term under the original policy.
3) No credit will be allowed for premiums paid under the original policy.
4) Policy preparation charge Rs.75/- and stamp duty will have to be borne by the life
assured only.
5) It is to be ensured that premiums to be paid by the policyholder under new plan 14
will remain more or less same. Hence the sum assured under the new policy will be
equal to the sum assured rounded off to the next thousand, which the premium
under the original policy can purchase.
6) If the revised sum assured is not a multiple of thousand, it is to be rounded to the
next thousand and the premium will be calculated accordingly.
7) However, it is to be ensured that in this process, the sum assured does not get
reduced to below the minimum permissible sum assured for the endowment plan i.e
Rs.30000 or Rs.50000 as per DOC. Otherwise alteration may not be allowed.
8) Minimum outstanding term of policy should be 10 years.
9) Accident benefit , if desired by LA may also be allowed.
10) Example----

Plan and term- 150-25, sum assured- 1.50 lakh, age at entry 34 yrs,
Mode- yearly, premium- Rs.2204/-, policy had run for 6 years.

Answer:- proposed alteration to 14-19. ( since maximum term 25-6=19 yrs)

Present age 40 yrs.
Tabulat premium for 14-19 = Rs.57.85
Mode yearly- rebate 3%
Sum assured can be purchased= 2204/ 0.97 x 57.85 = 39.277
i.e sum assured will be reduced to 39.277 rounded to next thousand
Rs.40000
No sum assured rebate for 40000 sum assured .
Actual premium= 57.85 x 0.97 x 40 = Rs.2245

As per co/crm/592/23 dt. 1/8/2007, alteration from plan 111 to plan 14, 48, 162, 167, 75,
93,106,107,108,168,179 is allowed. Alteration under plan 48,162,167 will be allowed within
premium paying term only. While alteration, it should be confirmed that new plan should
have been introduced on the DOC of plan 150.
ANNUAL PREMIUM RATES FOR BASIC DEATH SUM ASSURED OF RS.1000/- PAYABLE ON
DEATH ONLY UNDER NEW BIMA KIRAN PLAN -150.

AGE POLICY TERM

10 11 12 13 14 15 16 17 18 19 20
18 21.95 19.55 17.65 16.15 14.90 14.05 13.15 12.45 11.80 11.25 10.95
19 22.05 19.65 17.75 16.20 15.00 14.15 13.30 12.55 11.90 11.40 11.05
20 22.15 19.70 17.85 16.30 15.10 14.25 13.40 12.65 12.05 11.50 11.20
21 22.25 19.85 17.95 16.45 15.20 14.40 13.55 12.80 12.20 11.65 11.35
22 22.35 19.95 18.05 16.55 15.35 14.55 13.70 12.95 12.35 11.80 11.55
23 22.50 20.10 18.20 16.70 15.45 14.70 13.85 13.15 12.50 12.00 11.75
24 22.70 20.25 18.35 16.85 15.65 14.90 14.05 13.35 12.70 12.20 11.95
25 22.90 20.45 18.60 17.10 15.85 15.15 14.30 13.55 12.95 12.45 12.20
26 23.15 20.70 18.85 17.30 16.10 15.45 14.55 13.85 13.20 12.70 12.50
27 23.45 21.05 19.15 17.60 16.40 15.75 14.85 14.15 13.50 13.00 12.80
28 23.85 21.40 19.50 17.95 16.70 16.10 15.25 14.50 13.85 13.35 13.20
29 24.35 21.85 19.90 18.35 17.10 16.55 15.65 14.90 14.25 13.75 13.60
30 24.85 22.35 20.40 18.80 17.55 17.00 16.10 15.35 14.70 14.20 14.10
31 25.50 22.90 20.95 19.35 18.05 17.55 16.65 15.85 15.20 14.65 14.60
32 26.20 23.55 21.55 19.95 18.65 18.15 17.20 16.45 15.80 15.20 15.15
33 26.95 24.30 22.25 20.60 19.25 18.80 17.85 17.05 16.40 15.85 15.80
34 27.80 25.10 23.00 21.30 19.95 19.50 18.55 17.75 17.05 16.50 16.50
35 28.75 25.95 23.80 22.10 20.70 20.30 19.35 18.50 17.80 17.20 17.20
36 29.80 26.95 24.75 23.00 21.55 21.20 20.20 19.35 18.60 18.00 18.00
37 30.95 28.00 25.75 23.95 22.50 22.15 21.10 20.20 19.45 18.85 18.90
38 32.20 29.20 26.85 25.00 23.50 23.20 22.10 21.15 20.40 19.75 19.85
39 33.55 30.45 28.05 26.15 24.60 24.30 23.15 22.20 21.40 20.70 20.85
40 35.05 31.85 29.35 27.40 25.75 25.50 24.30 23.35 22.50 21.80 21.95
41 36.75 33.40 30.80 28.75 27.05 26.85 25.60 24.55 23.70 22.95 -
42 38.60 35.10 32.40 30.20 28.45 28.25 26.95 25.90 24.95 -
43 40.60 36.95 34.10 31.80 30.00 29.80 28.45 27.30 -
44 42.70 38.90 35.90 33.50 31.60 31.45 30.05 -
45 45.00 40.95 37.85 35.35 33.35 33.20 -

AGE POLICY TERM

21 22 23 24 25 26 27 28 29 30
18 10.50 10.15 9.85 9.55 9.40 9.20 9.00 8.85 8.70 8.65
19 10.65 10.30 9.95 9.70 9.55 9.35 9.15 9.00 8.85 8.80
20 10.80 10.45 10.10 9.85 9.75 9.50 9.30 9.15 9.00 9.00
21 10.95 10.60 10.30 10.00 9.90 9.70 9.50 9.35 9.20 9.20
22 11.15 10.75 10.45 10.20 10.10 9.90 9.70 9.55 9.40 9.40
23 11.35 11.00 10.65 10.40 10.35 10.10 9.95 9.75 9.65 9.65
24 11.55 11.20 10.90 10.65 10.60 10.35 10.20 10.05 9.90 9.90
25 11.80 11.45 11.15 10.90 10.85 10.65 10.45 10.30 10.15 10.20
26 12.10 11.75 11.45 11.15 11.15 10.95 10.80 10.60 10.50 10.55
27 12.40 12.05 11.75 11.50 11.50 11.30 11.10 10.95 10.80 10.90
28 12.80 12.45 12.15 11.85 11.90 11.70 11.50 11.35 11.20 11.30
29 13.20 12.85 12.55 12.30 12.30 12.10 11.95 11.75 11.65 11.75
30 13.65 13.30 13.00 12.75 12.80 12.60 12.40 12.25 12.10 12.25
31 14.20 13.80 13.05 13.25 13.30 13.10 12.90 12.75 12.65 -
32 14.75 14.35 14.05 13.75 13.90 13.65 13.50 13.30 -
33 15.35 15.00 14.65 14.35 14.50 14.30 14.10 -
34 16.05 15.65 15.30 15.00 15.15 14.95 -
35 16.75 16.35 16.00 15.70 15.90 -
36 17.55 17.15 16.80 16.50 -
37 18.40 18.00 17.60 -
38 19.35 18.90 -
39 20.30 -
 CLASS I EXTRA PREMIUM RATES UNDER PLAN NO 150- NEW BIMA KIRAN
FOR BASIC 1000 DEATH SUM ASSURED

EXTRA PREMIUM RATES FOR AGE 45 TO 55 YRS ARE FOR REVIVAL PURPOSE ONLY. THESE
RATES ARE GIVEN BY CENTRAL OFFICE AS PER CIRCULAR NO ACT/PD DT 11/032004

AGE TERM OF POLICY UNDER PLAN 150

5 6 7 8 9 10 11 12 13 14 15 16 17 18
18 5.00 2.90 2.10 1.65 1.40 1.20 1.10 1.00 0.90 0.85 0.85 0.80 0.80 0.75
19 5.10 2.95 2.15 1.70 1.40 1.20 1.10 1.00 0.95 0.90 0.90 0.85 0.80 0.75
20 5.15 3.05 2.15 1.70 1.45 1.25 1.15 1.05 0.95 0.90 0.90 0.85 0.85 0.80
21 5.25 3.10 2.20 1.75 1.45 1.25 1.15 1.05 1.00 0.95 0.95 0.90 0.85 0.85
22 5.35 3.15 2.25 1.80 1.50 1.30 1.20 1.10 1.00 0.95 0.95 0.95 0.90 0.85
23 5.50 3.20 2.30 1.80 1.50 1.35 1.20 1.10 1.05 1.00 1.00 0.95 0.95 0.90
24 5.60 3.25 2.35 1.85 1.55 1.35 1.25 1.15 1.10 1.05 1.05 1.00 0.95 0.95
25 5.75 3.35 2.40 1.90 1.60 1.40 1.30 1.20 1.15 1.10 1.10 1.05 1.00 1.00
26 5.90 3.45 2.45 1.95 1.65 1.45 1.35 1.25 1.20 1.15 1.15 1.10 1.10 1.05
27 6.05 3.55 2.55 2.05 1.75 1.55 1.40 1.30 1.25 1.20 1.20 1.20 1.15 1.10
28 6.30 3.70 2.70 2.15 1.85 1.60 1.50 1.40 1.30 1.25 1.30 1.25 1.20 1.20
29 6.55 3.90 2.85 2.30 1.95 1.70 1.60 1.50 1.40 1.35 1.40 1.35 1.30 1.25
30 6.90 4.15 3.00 2.45 2.05 1.85 1.70 1.60 1.50 1.45 1.50 1.45 1.40 1.35
31 7.30 4.40 3.20 2.60 2.20 1.95 1.80 1.70 1.60 1.55 1.60 1.55 1.50 1.45
32 7.75 4.70 3.45 2.80 2.40 2.10 1.95 1.85 1.75 1.65 1.70 1.65 1.60 1.55
33 8.20 5.00 3.70 3.00 2.55 2.25 2.10 1.95 1.85 1.80 1.85 1.75 1.70 1.65
34 8.75 5.40 3.95 3.20 2.75 2.45 2.25 2.10 2.00 1.90 1.95 1.90 1.85 1.75
35 9.30 5.75 4.25 3.45 2.95 2.65 2.45 2.30 2.15 2.05 2.10 2.05 1.95 1.90
36 9.90 6.20 4.60 3.75 3.20 2.85 2.60 2.45 2.30 2.20 2.25 2.15 2.10 2.05
37 10.50 6.65 4.95 4.00 3.45 3.05 2.80 2.65 2.50 2.35 2.40 2.35 2.25 2.15
38 11.10 7.10 5.30 4.30 3.70 3.25 3.00 2.85 2.65 2.55 2.60 2.50 2.40 2.30
39 11.65 7.55 5.65 4.60 3.95 3.50 3.25 3.05 2.85 2.70 2.75 2.65 2.55 2.45
40 12.25 8.00 6.05 4.95 4.25 3.75 3.50 3.25 3.05 2.90 2.95 2.80 2.70 2.60
41 12.80 8.55 6.45 5.30 4.55 4.05 3.75 3.50 3.30 3.10 3.15 3.00 2.90 2.80
42 13.30 9.05 6.90 5.65 4.90 4.35 4.00 3.75 3.50 3.35 3.35 3.20 3.05 2.95
43 13.85 9.60 7.35 6.05 5.20 4.65 4.30 4.00 3.75 3.55 3.55 3.40 3.25 -
44 14.30 10.15 7.80 6.45 5.60 4.95 4.55 4.25 4.00 3.75 3.75 3.60 -
45 14.75 10.65 8.30 6.85 5.95 5.30 4.85 4.50 4.25 4.00 3.95 -
46 15.10 11.20 8.75 7.25 6.30 5.60 5.15 4.80 4.50 4.25 - -
47 15.45 11.70 9.20 7.70 6.65 5.95 5.45 5.05 4.70 -
48 15.70 12.15 9.65 8.10 7.00 6.25 5.75 5.30 - -
49 15.85 12.60 10.10 8.50 7.35 6.55 6.00 -
50 15.95 13.05 10.50 8.85 7.70 6.85 -
51 16.05 13.45 10.90 9.20 8.00 -
52 16.10 13.75 11.25 9.50 -
53 16.00 13.95 11.50 -
54 15.70 14.05 -
55 15.20 -
 CLASS I EXTRA PREMIUM RATES UNDER PLAN NO 150- NEW BIMA KIRAN
FOR BASIC 1000 DEATH SUM ASSURED

EXTRA PREMIUM RATES FOR AGE 45 TO 55 YRS ARE FOR REVIVAL PURPOSE ONLY. THESE
RATES ARE GIVEN BY CENTRAL OFFICE AS PER CIRCULAR NO ACT/PD DT 11/032004

AGE TERM OF POLICY UNDER PLAN 150

19 20 21 22 23 24 25 26 27 28 29 30
18 0.70 0.75 0.70 0.70 0.70 0.65 0.70 0.70 0.70 0.70 0.70 0.70
19 0.75 0.75 0.75 0.75 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70
20 0.80 0.80 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75
21 0.80 0.80 0.80 0.80 0.80 0.75 0.80 0.80 0.80 0.80 0.80 0.80
22 0.85 0.85 0.85 0.85 0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.80
23 0.90 0.90 0.90 0.85 0.85 0.85 0.85 0.85 0.85 0.85 0.85 0.85
24 0.90 0.95 0.95 0.90 0.90 0.90 0.90 0.90 0.90 0.90 0.90 0.90
25 0.95 1.00 1.00 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95
26 1.00 1.05 1.05 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
27 1.10 1.10 1.10 1.10 1.05 1.05 1.10 1.05 1.05 1.05 1.05 1.05
28 1.15 1.20 1.15 1.15 1.15 1.10 1.15 1.10 1.10 1.10 1.10 1.10
29 1.25 1.25 1.25 1.20 1.20 1.20 1.20 1.20 1.20 1.20 1.20 1.20
30 1.30 1.35 1.35 1.30 1.30 1.25 1.30 1.25 1.25 1.25 1.25 1.25
31 1.40 1.45 1.40 1.40 1.35 1.35 1.35
32 1.50 1.55 1.50 1.50 1.45 1.45 1.45
33 1.60 1.65 1.60 1.60 1.55 1.55 1.55
34 1.75 1.75 1.70 1.70 1.65 1.60 1.65
35 1.85 1.90 1.85 1.80 1.75 1.70 1.75
36 1.95 2.00 1.95 1.90 1.85 1.85
37 2.10 2.15 2.10 2.05 2.00 -
38 2.25 2.25 2.20 2.15 -
39 2.40 2.40 2.35 -
40 2.55 2.55 -
41 2.70 -
42 -
43
44
45
46
47
48
49
50
51
52
53
54
55