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LIC’s New Bima Bachat is a non-linked & participating money-back plan that provides you survival benefits at specified durations throughout the policy term. It also ensures financial protection for the family, in case of an eventuality. Moreover, at maturity, the single premium is returned along with the Loyalty Addition.BUY NOW
Sum Assured is payable, in case of death of the life insured before the date of maturity and during the first five policy years.
Sum Assured plus Loyalty Addition is payable, in case of death of the life insured before the date of maturity and after completion of 5 policy years.
On survival of the life insured till maturity of the policy, Single premium (excluding taxes & extra premium, if any) along with Loyalty Addition (if any).
15% of the basic sum assured is payable at the end of each of 3rd & 6th policy year/3rd, 6th & 9th policy year/3rd, 6th, 9th & 12th policy year for policy term 9, 12 & 15 years respectively.
The Loyalty Addition is payable on death upon completion of five policy years or at maturity. This benefit is payable depending on the corporation’s experience.
No bonus amount is payable under this plan.
The maximum loan amount that can be availed under this policy is up to 60% of the surrender value, provided the policy has run for the first policy year.
This policy acquires a Surrender Value at any time during the policy term. The Guaranteed Surrender Value, during the first policy year is 70% of the single premium and from second policy year onwards, it is 90% of the single premium. The Special Surrender Value is payable, when it is more favorable to the policyholder.
Under this policy, you can avail tax benefits as applicable under the Income Tax Act, subject to change in tax laws.
|Age (as on last birthday)||15 Years||66 Years (policy Term 9 Years), 63 Years (policy Term 12 Years), 60 Years (policy Term 15 Years)|
|Age at Maturity||-||75 Years|
|Policy Tenure||9/12 Years||15 Years|
|Premium Paying Term||Single Premium||-|
|Premium Paying Mode||Single Pay||-|
|Sum Assured||Rs 35,000 (policy Term 9 Years), Rs 50,000 (policy Term 12 Years), Rs 70,000 (policy Term 15 Years)||No Limit (subject To Underwriting)|
|Freelook Period||15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy||-|
|Grace Period||30 Days||-|
No rider(s) can be opted under this plan.
Raman at 30 years, wants to buy LIC’s New Bima Bachat to get regular money backs along with life protection. He opts the plan with the policy term of 9 years, sum assured is Rs 1,00,000 with single premium of Rs 72,540.
Scenario A: Raman Survives the Policy Term
If Mr. Raman survives till the maturity of the policy term, he receives Rs 15,000 is payable at the end of each of 3rd & 6th policy year, as the survival benefit. He also receives Single premium (excluding taxes & extra premium, if any) along with Loyalty Addition as the maturity benefit.
Scenario B: Raman dies during the Term of the Policy
In the event of demise of Mr. Raman during the policy term, Rs 1,00,000 plus Loyalty Addition after completion of 5 policy years is payable to the nominee.
Please Note: The benefits illustrated above are calculated at Projected Non-Guaranteed Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively. It is assumed that the rate of return will be able to earn throughout the term of the policy.