LIC New Bima Bachat Policy Review, Policy Benefits, Sum Assured, Maturity Period and Other Details


LIC has launched a New Bima Bachat plan is a Single premium payment with profits money back type plan. LIC New Bima Bachat Policy is a participating non-linked savings and protection plan which provides financial protection against death during the policy term. This single premium Money Back Plan of LIC Bima Bachat Policy is a non unit-linked insurance traditional plan where a certain amount of money is paid as pre-decided intervals.

LIC New Bima Bachat Policy

Lic New Bima Bachat plan no 816 Policy 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. In addition to the Maturity benefit, on maturity of the policy, the single premium shall be returned along with Loyalty Addition, if any. Lic New Bima Bachat policy also takes care of liquidity needs through its loan facility.

Lic New Bima Bachat policy Eligibility

Entry Age
Minimum: 15 years.
Maximum:
66 years for 9 years policy term.
63 years for 12 years policy term.
60 years for 15 years policy term.
Sum Assured

Minimum:
35,000/- for 9 years policy term
50,000/- for 12 years policy term.
70,000/- for 15 years policy term.
Maximum: No Limit.

Policy Term : 9,12 or 15 years
Maturity Age : Maximum: 75 Years
Premium payment mode : Single premium only

Rebates :
Term | Sum Assured | Rebate

9 years Less than Rs. 75,000 NIL


Rs. 75,000/- to Rs. 1,50,000/- 6%

Rs. 1,50,000/- and above 8%

12 years Less than Rs. 1,00,000 NIL

Rs. 1,00,000/- to Rs. 2,00,000/- 4%

Rs. 2,00,000/- and above 6%

15 years Less than Rs. 1,50,000 NIL

Rs. 1,50,000/- to Rs. 3,00,000/- 3%

Rs. 3,00,000/- and above 5%

Lic New Bima Bachat Policy Benefits :
ON DEATH: During 1st five years Policy years : Sum Assured Only. After Completion of five policy years : Sum Assured +Loyalty Addition, if Any.

ON SURVIVAL : For policy term of 9 years: 15% of Sum Assured,After 3rd & 6th policy year. For Policy term of 12 years : 15% of sum assured,after 3rd,6th,& 9th policy year.
For Policy Term of 15 years : 15% of sum assured,after 3rd,6th,9th & 12th Policy year.

Maturity Time : Single Premium Paid + Loyalty Additions,if Any. At the end of the policy term i.e. on Maturity, the single premium that you had originally paid, along with the Loyalty Addition (L.A) will be paid to you as Maturity Benefits of the plan. Note here that loyalty benefit is not guaranteed and declared upfront – it depends on profits of LIC

Income tax benefit: Premium paid under this plan is eligible for TAX rebate under section 80c. and Maturity under this plan is free under sec 10(10D).

Loan Available under this New Bima Bachat Policy at any time after completion of one policy year.Loan can be granted to a maximum of 60% of Surrender Value as on the date of sanction of loan.

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