Two new non participating variable insurance type of policy plans namely Bima Account I & Bima Account II has been introduced by the LIC where the premiums are paid on a regular basis.

When the policy is in force and in case of unfortunate death of Life Assured, the insured amount along with the balance in the account will be paid to the nominee. On maturity, the life assured will be entitled to the amount in his account.
Persons in the age group of 8 to 60 years can avail these policies. The premiums can be paid in yearly / half yearly / quarterly / monthly ECS modes.
If a policy holder surrenders his policy, he will be entitled to the full amount in his account after 3 years of premium payment. Loan can also be availed after completion of 1 year from commencement provided at least 1 full year's premiums have been paid. As per IT rules, benefits under Sec 80C and Sec 10 (D) are also available.
Source-Medindia