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LIC’s New Bima Bachat Plan

What is the Plan all About?

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.


What are the Key Features?

  • Money backs as 15% of sum assured on 3rd/6th/9th/12th policy year, depending on the policy term chosen
  • Maturity benefit
  • Life cover available
  • Get loyalty addition
  • Get high sum assured discount
  • Loan facility available
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    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.

Maturity Benefit

    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).

Survival Benefit

    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.

Loyalty Addition

    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.

Loan Benefit

    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.

Surrender Value

    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.

Tax Benefit

    Under this policy, you can avail tax benefits as applicable under the Income Tax Act, subject to change in tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
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 -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider(s) can be opted under this plan.

How the Plan Works?

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.

Benefit Illustration:

LIC’s New Bima Bachat

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.