Under the new IRDA regime, the Life Insurance Corporation of India has launched two new non-linked plans Bima Account I and Bima Account II. The plans guarantee minimum returns, transparent charges and provide risk cover.

According to the press release, in these plans, if all due premiums are paid, the amount held in the policyholder's account will earn an annual interest rate of six per cent per annum which will be guaranteed for the whole of the policy term. The corporation may also declare additional interest based on its experience under the plan.

The age bracket for these policies is between 8 years to 60 years. The premiums can be paid in yearly, half-yearly, quarterly and monthly through ECS modes.

Under the ECS mode, the minimum premium is Rs 600 for Bima Account I and Rs 1,250 for Bima Account II.

In case of unfortunate death of Life Assured, when the policy is in force, the insured amount along with the balance in the account will be paid to the nominee.

The policy term for Bima Account I ranges from 5 to 7 years, while it ranges from 10 to 15 years for Bima Account II.