New Bima Bachat - 816
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 Benefits:
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 Restrictions:
| Particulars | Description |
|---|---|
| Entry Age | Minimum 15 years, 66 years for 9 years term, 63 years for 12 years term and 60 years for 15 year term |
| Maturity Age | Maximum 75 Years |
| Policy Term | 9, 12 and 15 years |
| Premium mode | Single Premium only |
| Basic Sum Assured | Rs. 35000 for 9 years, Rs. 50000 for 12 years and 70000 for 15 years. Maximum: No limit. Sum Assured will be in multiples of Rs.5,000 /- only. |
LIC Premium Calculator
Contact me 9899551897 or send your detail on satishkumar.licofindia@gmail.com to get your insurance plan.
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