LIC New Bima Bachat Plan

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LIC New Bima Bachat Plan - Table no 816

 

LIC New Bima Bachat Plan is a single premium guaranteed returns money back plan. This is a non-linked insurance plan where 15% of the Sum Assured is paid at the end of every 3 years. On survival till the end of the policy term, the single premium paid along with loyalty additions would be paid to the policyholder. However, if the policyholder dies within the policy tenure, the entire sum assured is paid irrespective of the amount of money paid to the nominee.

 

 

Key Features of LIC New Bima Bachat Plan

 

§  Single premium Money Back plan

§  Loyalty Addition is payable on Policy Maturity or on earlier death

§  15% of the Sum Assured is paid after every 3 years as Survival Benefit

§  There are choices of 3 policy tenures - 9 years, 12 years and 15 years

§  High Sum Assured Rebate available

 

 

Benefits you get from LIC New Bima Bachat Plan

 

Death Benefit – In case of death of the Life Insured,

Within the first 5 Policy Years, the Nominee would receive the entire Sum Assured, irrespective of the Survival Benefits already paid

After the first 5 Policy Years, the Nominee would receive the entire Sum Assured, irrespective of the Survival Benefits already paid + Loyalty Addition

 

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 – On survival of the Life Insured till the end of the Policy Tenure, the entire Single Premium paid along with Loyalty Additions would be payable to the Policyholder as Maturity Benefit and the policy terminates.

 

Income Tax Benefit – Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions.

 

 

Eligibility conditions and other restrictions in LIC New Bima Bachat Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

35,000 for 9 Years Tenure

50,000 for 12 Years Tenure

70,000 for 15 Years Tenure

No Limit

Policy Term (in years)

9, 12

15

Premium Payment Term (in years)

Single

Entry Age of Life Insured (in years)

15

66 for 9 Years Tenure

63 for 12 Years Tenure

60 for 15 Years Tenure

Age at Maturity (in years)

-

75

Payment modes

Only Single Premium

 

 

Sample illustration of premium of LIC New Bima Bachat Plan

 

The below illustration is for a healthy Male (non-tobacco user) opting for a
Age = 35 years, 45 years and 55 years
Sum Assured = Rs 1,00,000
Policy Term = 12 and 15 years

LIC New Bima Bachat - Sample Premiums
 

Additional Features and Benefits of LIC New 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 in this plan
Guaranteed Surrender Value in Year 1 = 70% of Single Premium Paid – Taxes and Excess Premium

Guaranteed Surrender Value from Year 2 onwards = 90% of Single Premium Paid – Taxes and Excess Premium – All Survival Benefits already paid

 

You want a loan against your policy – Loan facility is available under this policyupto 60% of Surrender Value as on the Date of Loan.

 

 

Some Money Back Plan from other insurance companies

 

AEGON Religare Flexi Money Back Advantage Insurance Plan

Bharti AXA Life Monthly Income Plan+

 

 

Other Money Back Plans from Life Insurance Corporation of India

 

LIC New Money Back Plan - 25 Years

LIC New Money Back Plan - 20 Years

 

Compare MoneyBack Plans

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