LIC Bima Bachat Plan is actually a single premium Money Back Plan. This is a non unit-linked insurance traditional plan where a certain amount of money is paid as pre-decided intervals. In this plan the premium is paid only once and 15% of the Sum Assured is paid after every 3 years and the entire Single Premium paid plus Loyalty Additions are paid on Maturity. However, if the Life Insured dies within the policy tenure, the entire Sum Assured is paid irrespective of the amount of money paid as Survival Benefit.
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Key Features of LIC Bima Bachat plan
- This is a single premium plan
- Loyalty Additions are payable on Policy Maturity
- Survival Benefit is payable every 3 years of 15% of the Sum Assured
- There are 3 policy tenures possible- 9 years, 12 years and 15 years
- There is a Sum Assured Rebate for large Sum Assured.
Benefits you get from LIC Bima Bachat plan
Death Benefit – In case of death of the Life Insured, the nominee receives the entire Sum Assured + accrued Bonus
Survival Benefit – The Life Insured would receive the following Survival Benefit
· For a Policy Term of 9 years, 15% of Sum is payable at the end of 3 and 6 years, a total of 30% of Sum Assured is payable
· For a Policy Term of 12 years, 15% of Sum is payable at the end of 3, 6 and 9 years, a total of 45% of Sum Assured is payable
· For a Policy Term of 15 years, 15% of Sum is payable at the end of 3, 6, 9 and 12 years, a total of 60% of Sum Assured is payable
Maturity Benefit – When the policy matures, the entire single premium paid + Loyalty Additions are paid.
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility conditions and other restrictions in LIC Bima Bachat plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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20,000
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No Limit
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Policy Term (in years)
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9, 12
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15
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Premium Payment Term (in years)
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Single
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Entry Age of Life Insured (in years)
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15
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66
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Age at Maturity (in years)
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-
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75
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Premium (in Rs.)
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Nothing Specified
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Payment modes
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Yearly, Half-yearly, Quarterly, Monthly and SSS
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Sample illustration of premium of LIC Bima Bachat plan
The below illustration is for a healthy Male (non-tobacco user) opting for a
Age = 30 years, 35 years and 40 years, Sum Assured = Rs 1,00,000
Policy Term = 15 years.
Additional Features and Benefits of LIC Bima Bachat plan
Riders - There are no additional riders in this plan
You stop paying the premium – This is a single premium plan, so no question of stopping to pay your premiums
You want to surrender the policy – There is a Guaranteed Surrender Value after 1 policy year
Guaranteed Surrender Value = 90% of single premium paid
You want a loan against your policy – Loan facility is available under this policy at the present rate of interest of 9% p.a. payable half yearly.
Money Back Insurance Plans from Other insurance companies
Met Sukh Plan from MetLife
ICICIPru Cashbak
BSLI Money Back Plus Plan
Other Money Back Insurance Plans from LIC
LIC Jeevan Surabhi-15 years
LIC Money Back Policy-25 Years
LIC Jeevan Surabhi-20 Years
LIC Jeevan Surabhi-25 Years
