LIC's New Bima Bachat
LIC's New Bima Bachat is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility.
Benefits
Death Benefit
On death during the first five policy years: Sum Assured. On death after completion of five policy years: Sum Assured along with Loyalty Addition, if any.
Survival Benefit
Payable as given below in case of Life Assured surviving to the end of the specified durations:
- For policy term 9 years: 15% of the Sum Assured at the end of each of 3rd & 6th policy year
- For policy term 12 years: 15% of the Sum Assured at the end of each of 3rd, 6th & 9th policy year
- For policy term 15 years: 15% of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year
Maturity Benefit
Payment of Single Premium (excluding taxes and extra premium, if any) along with Loyalty Addition, if any, in case of Life Assured surviving to the end of the policy term.
Loyalty Addition
Depending upon the Corporation's experience the policies shall be participate in the profits and shall be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable on death after completion of five policy years and on policyholder surviving to maturity, at such rate and on such terms as may be declared by the Corporation.
Eligibility conditions and other restrictions in LIC New Bima Bachat Plan
- Sum Assured Minimum Rs. 35,000 for 9 Years Tenure, Rs.50,000 for 12 Years Tenure, Rs.70,000 for 15 Years Tenure & Maximum Unlimited
- Policy Term are Minimum 9, 12 Years & Maximum 15 Years
- Premium Payment Term is Single
- Entry Age of Life Insured Minimum 15 Years & Maximum 66 Years for 9 Years Tenure, 63 Years for 12 Years Tenure, 60 Years for 15 Years Tenure
- Age at Maturity is Maximum 75 Years
- Payment modes is Only Single Premium
