LIC Bima Bachat Plan

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LIC Bima Bachat Plan

 

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.

 

Compare Money Back Plans

 

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

 

 

Minimum

Maximum

Sum Assured (in Rs.)

20,000

No Limit

Policy Term (in years)

9, 12

15

Premium Payment Term (in years)

Single

Entry Age of Life Insured (in years)

15

66

Age at Maturity (in years)

-

75

Premium (in Rs.)

Nothing Specified

Payment modes

Yearly, Half-yearly, Quarterly, Monthly and SSS

 

 

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.

LIC Bima Bachat Plan Sample Premium Values

 

Additional Features and Benefits of LIC Bima Bachat plan

 

Riders - There are no additional riders in this plan

 

 

What happens if?

 

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

  

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC Bima Bachat Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Bima Bachat Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

I am 60 years of age. Have BP. What would be the single premium payment for a policy under this scheme for a period of 9 years / 12 years & 15 years and for what Policy amounts ?

By Shashikumar Naik on Dec 18, 2013 Reply

Dear Shahshikumar, the amount of cover would depend on the amount of premium you pay. To give you an example, for a 1 lakh cover, a 60 year old person would need to pay a Single Premium of Rs. 72,986 + Tax for the 9 year term and a premium of Rs. 77,311 + Tax for a 12 year term. The premium may increase because of your medical condition but this extra charge will only be shared by the insurer after evaluating your condition.

Hope this is helpful and gives you a fair idea.

Replied By Deepak Yohannan (MIC Staff) on Dec 19, 2013 Reply

Should I deposit Rs. 72,986/- for 9 years in a Bank, I will get Rs.63,060/- as interest for this period
and at the end of the 9 year period I will get Rs.1,36,946/- So why buy this insurance for 1 lac ??

Replied By Shashikumar Naik on Dec 19, 2013 Reply

Dear Shashikumar, if you are looking only for returns, what your are suggesting might be a better option. This provides insurace cover also.

So yes, you should ask these questions and know very clearly the benefits which accrue and decide if it suits your requirements.

Replied By Deepak Yohannan (MIC Staff) on Dec 20, 2013

I have opened this policy with 68895/- and is completing 3years to this December 28th and would like to close the policy. Please let me know whether I get my 68895/- back from lic?
Do they interest or component that they pay towards keeping them for 3 years?

By Madhavi Inukurthi on Dec 12, 2013 Reply

Hi Madhavi, you will get back 90% of the Single Premium you have paid.

In this policy you get 15% of the Sum Assured in 3 years. So if you have a term if 9 years, after the 3rd year and 6th year you get 15% of Sum Assured each time. And at the end of the policy term, the Single Premium paid by you is returned along with any bonus if applicable. There is no interest payable for the 3 years.

So best to collect the 15% before surrendering as you have completed the 3 years.

Replied By Deepak Yohannan (MIC Staff) on Dec 12, 2013 Reply

Hi, i invested 200000 before 2 years and bought loan for an amount of 150000 last year.. i am unable to pay the loan amount , should i surrender the policy now or shall i wait? If i surrender now i wont get any benefit of interest... Tell me the best way to get more returns..

By Bharath Bejugam on Oct 04, 2013 Reply

Dear Bharath, surrendering the plan will result in a loss. But it might be a good idea to actually close the policy and cleat off the loan, especially since you are finding it difficult to pay off your loan amount.

You can get 90% of the 2,00,000 you have invested. Surrender the plan and become debt free - that should be the biggest priority.

Replied By Deepak Yohannan (MIC Staff) on Oct 16, 2013 Reply

Hi this is madhu please give me the details if i can deposit Rs.75604 (1,00,00) for 9years in maturity time how much amount i can get

By Ryothubhoomi Ryothubhoomi on Sep 21, 2013 Reply

Hi Madhu, you will be eligible for 15% of the sum assured at the end of the 6th and 9th year. That is you get Rs. 15,000 at the of both these years.

At the end of 9 years, you get back the single premium payment made by you + loyalty additons if any. The loyalty addition may vary.

Replied By Deepak Yohannan (MIC Staff) on Sep 23, 2013 Reply

L I C KA KHATA KOL DE

By Sonu Kumar on Feb 26, 2013 Reply

In Bhima Bachat LIC policy,premium is paid once. Clarification is required as to whether the full amount paid as premium is eligible for Income Tax rebate under 80C or 20% of the sum assured?

By Ketan on Feb 22, 2013 Reply

In Bhima Bachat LIC policy,premium is paid once. Clarification is required as to whether the full amount paid as premium is eligible for Income Tax rebate under 80c or 20% of the sum assured?

By Ketan on Feb 22, 2013 Reply

good investment best return fd ke saath riskcover no tenction

By Kalyan Kulkarni on Feb 16, 2013 Reply

According to financial revised act, ( APr 2012 )
this kind of policies are not eligible for IT reduction.So dont invest this incase u r opting this only for IT.

Sudharsan
08867793473

By Sudharsan on Jan 17, 2013 Reply

I want to know about bima deep

By Shankar Kumar Jha on Oct 18, 2012 Reply

Hi, Is Bima Bachat policy will cover under section 80C???

By Ajay on Aug 08, 2012 Reply

Yes but 20% of premium paid by you will be considered under 80 c

Replied By Eswar Borsu on Oct 19, 2013 Reply

There is LOYALTY ADDITIONS in this plan and NOT accrued bonus in this plan.
Pl do not misguide poeple in the name LIC.

By Sid on Aug 06, 2012 Reply

i would like to buy a bhima bachat policy. pla advice

regards
somu..
9591915561

By Somu on Mar 19, 2012 Reply

Hi My name is Babu,I'm LIC agent in Tirupathi,Chennai and Bangulure.
Any bady wants any LIC policyes or any Explanations Please feel free to call me 9884334818..

Thanks
Babu

By Babu on Feb 16, 2012 Reply

Can you clarify that how much actual return every year coming if policy is taken for 15 years?? Is there any hidden cost after maturity means taxation???
Tell me clear no left and right means thumb rule of annual return

By Mishra on Feb 14, 2012 Reply

I want to know about bima deep

By Bima Deep on Jan 19, 2012 Reply

Hello,

Can you please let me know what is last date of this policy...?

By Ratan on Jan 10, 2012 Reply

I am intrested kindly contact me for this Policy details
Contact No.9754714652

By Naveen Kaigaonkar on Jan 10, 2012 Reply

Beema Bachath is a good policy i had never heard such type of policy with a veriety of money back. very good policy

By Tyamagondlu Lakshmikanth on Dec 19, 2011 Reply

good investment sours

By Shyam K on Dec 12, 2011 Reply

this a good plan for u b'coz u r age and condition are must crtical.

By Milind Kadam on Dec 12, 2011 Reply

Since it is a single premium mode of payment, how will it be shown while tax filing? whether entire premium amount will be available in the same financial year under section 80(C) or it will be a proportionate amount?

By Ronak on Nov 19, 2011 Reply

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