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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.

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Single Premium Plan
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Loyalty Additions
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Survival Benefit
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Key Features

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Single Premium Plan

This is a single premium plan

Loyalty Additions

Loyalty Additions are payable on Policy Maturity

Survival Benefit

Survival Benefit is payable every 3 years of 15% of the Sum Assured

3 policy tenures

There are 3 policy tenures possible- 9 years, 12 years and 15 years

Sum Assured Rebate

There is a Sum Assured Rebate for large Sum Assured.

Riders

There are no additional riders in this plan

Benefits

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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

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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

FAQs

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angle down iconWhat happens if You want to surrender the policy?

There is a Guaranteed Surrender Value after 1 policy year
Guaranteed Surrender Value = 90% of single premium paid

angle down iconWhat happens if You stop paying the premium?

 This is a single premium plan, so no question of stopping to pay your premiums

angle down iconWhat happens if 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.