Lic New Bima Bachat policy
Lic New Bima Bachat policy Introduction
LIC New Bima Bachat Policy is a participating non-linked savings and protection plan which provides financial protection against death during the policy term.LIC Bima Bachat Plan is a single premium Money Back Plan and a non unit-linked insurance traditional plan where a certain amount of money is paid as pre-decided intervals.
In Lic New Bima Bachat 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, on maturity, the single premium shall be returned along with Loyalty Addition, if any. Lic New Bima Bachat plan also takes care of liquidity needs through its loan facility.
Lic New Bima Bachat policy Keyfeatures
- Lic New Bima Bachat 816 is a single premium plan
- Loyalty Additions are payable on Policy Maturity
- Sum Assured Rebate for large Sum Assured.
- Lic New Bima Bachat with profits,Survival Benefit is payable every 3 years of 15% of the Sum Assured
- Lic Bima Bachat consists of 3 policy tenures possible- 9 years, 12 years and 15 years
Lic New Bima Bachat policy Review
- Survival benefits will be given to the policy holder at completion of 3 years of the policy.
- At end of the term of the policy Policyholder receives Maturity Benefit which is SUM ASSURED – Survival Benefits paid + BONUS +FAB etc…
- If he dies within the term of the Policy Death Benefit paid to Nominee i.e. SUM ASSURED + BONUS acquired till that Year.
- We can opt for Accident Benefit Rider and Critical Illness Rider by paying small Amount with the Premium.
- In New Bima Bachat there is High Bonus and High liquidity and saving point.
Lic New Bima Bachat policy Eligibility Conditions
| Eligibility Age | Maximum | Minimum |
| Age | 66 years (nearest birthday) for term of 9 years63 years (nearest birthday) for term of 12 years60 years (nearest birthday) for term of 15 years | 15 years (completed) |
| Sum Assured | No Limit | Rs. 35,000 for term of 9 yearsRs. 50,000 for term of 12 yearsRs. 70,000 for term of 15 years |
Conditions:
- The person applying for the policy should have completed 15 years and should not be older than 66 years.
- Lic new bima bachat policy will mature when the person is 75 years old.
- There is a choice of three terms to choose from (9, 12 and 15 years) for the policy depending on the age and requirement of the applicant.
- The minimum sum that needs to be assured is Rs 20,000/- and there is no limit on the amount that can be assured.
- It is important to note that the sum assured should be in multiples of Rs 5000/- only.
- Lic new bima bachat policy requires the holder to pay a single premium.
Policy Term:
- Policy Term: 9, 12, 15 years
Premium Paying Mode:
- Single Premium Payment
Lic New Bima Bachat 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 Premium Calculator
Now you can also know your premium with Lic Bima Bachat policy premium calculator for that you have to mention your Name,Email id,Number,Age,Term and Sum Assured.
Lic New Bima Bachat policy benefits
1.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.
- If Death occured to the insured person the nominee will receives the entire Sum Assured+Accrued Bonus.
2.Survival Benefits:
Insured Person will be paid survival benefits at end of specific durations depend upon the policy term and 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
3.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.
4.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.
Lic New Bima Bachat plan details
Additional Information:
Risk Cover:
Maximum Sum Assured: Rs.35,000 for term of 9 years
Rs.50,000 for term of 12 years
Rs.70,000 for term of 15 years
Maximum Sum Assured: No limit.
Loan:
Loan facility is available.Loan can be granted to a maximum of 60% of Surrender Value as on the date of sanction of loan.
Riders available: No
Proposal Forms: Proposal Form no. 300 or 340 will be used under Lic Money back policy 25 years.
Locking period: 3 years
Housing Loan Surety: Available
Riders available: Yes
Policy Revival: Policy can be revived before 2 years from date of First Unpaid Premium (FUP).
Service Tax: 3.09% Service tax is applicable. For more information regarding service Tax, visit www.taxqueries.in.
Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.
Lic Bima Bachat Policy premium table
|
Age/Term |
9.00 | 12.00 | 15.00 |
|
15 |
767.95 | 771.00 | 771.55 |
|
16 |
768.10 | 771.15 | 771.65 |
|
17 |
768.25 | 771.25 | 771.80 |
|
18 |
768.40 | 771.35 | 771.90 |
|
19 |
768.50 | 771.45 | 771.95 |
|
20 |
768.55 | 771.55 | 772.05 |
|
21 |
768.65 | 771.60 | 772.15 |
|
22 |
768.70 | 771.70 | 772.25 |
|
23 |
768.80 | 771.80 | 772.40 |
|
24 |
768.85 | 771.90 | 772.50 |
|
25 |
768.95 | 772.00 | 772.70 |
|
26 |
769.05 | 772.15 | 772.85 |
|
27 |
769.15 | 772.30 | 773.10 |
|
28 |
769.35 | 772.50 | 773.35 |
|
29 |
769.55 | 772.75 | 773.65 |
|
30 |
769.75 | 773.05 | 774.00 |
|
31 |
770.05 | 773.40 | 774.40 |
|
32 |
770.35 | 773.80 | 774.90 |
|
33 |
770.75 | 774.25 | 775.45 |
|
34 |
771.20 | 774.75 | 776.05 |
|
35 |
771.70 | 775.35 | 776.80 |
|
36 |
772.25 | 776.05 | 777.60 |
|
37 |
772.95 | 776.85 | 778.50 |
|
38 |
773.70 | 777.75 | 779.50 |
|
39 |
774.60 | 778.75 | 780.65 |
|
40 |
775.60 | 779.85 | 781.85 |
|
41 |
776.75 | 781.10 | 783.15 |
|
42 |
778.00 | 782.45 | 784.55 |
|
43 |
779.45 | 783.90 | 786.00 |
|
44 |
780.95 | 785.50 | 787.60 |
|
45 |
782.65 | 787.15 | 789.25 |
|
46 |
784.40 | 788.90 | 791.00 |
|
47 |
786.30 | 790.70 | 792.80 |
|
48 |
788.25 | 792.60 | 794.75 |
|
49 |
790.30 | 794.60 | 796.75 |
|
50 |
792.40 | 796.65 | 798.80 |
|
51 |
794.55 | 798.75 | 800.95 |
|
52 |
796.75 | 800.95 | 803.25 |
|
53 |
799.00 | 803.20 | 805.60 |
|
54 |
801.35 | 805.60 | 808.10 |
|
55 |
803.80 | 808.10 | 810.70 |
|
56 |
806.35 | 810.70 | 813.40 |
|
57 |
809.05 | 813.50 | 816.25 |
|
58 |
811.90 | 816.40 | 819.25 |
|
59 |
814.90 | 819.50 | 822.40 |
|
60 |
818.10 | 822.75 | 825.70 |
|
61 |
821.50 | 826.15 | 0.00 |
|
62 |
825.05 | 829.70 | 0.00 |
|
63 |
828.80 | 833.40 | 0.00 |
|
64 |
832.75 | 0.00 | 0.00 |
|
65 |
836.85 | 0.00 | 0.00 |
|
66 |
841.10 | 0.00 | 0.00 |
Mr.Kunal taken lic bima bachat policy who’s age is 35 years old and he takes for the term of 12 years for a Sum of Rs 1,00,000/-
He pays a single premium of Rs 72145/-
On Death durin the year:
End of year: 1 to 12
Total premiums paid till end of year: 72145
Guaranteed: 100000
Total: 1,00,000.
Survival Benefits:
End of 3 years: 15000
End of 6 years: 15000
End of 9 years: 15000
End of 12 years: 112945
If he dies during the first five years of policy term, his nominee will receive the sum assured (Rs 1,00,000/-)
If Mr. Kunal dies after completing first five years of the policy term, his nominee will receive the sum assured (Rs 1,00,000/-) + Loyalty additions.
Lic New Bima Bachat policy FAQs
1.Is Loan is available under Lic bima bachat policy?
A. Loan facility is available under Lic bima bachat policy at the present rate of interest of 9% p.a. payable half yearly.
3.What happens If You want to surrender the policy?
A.There is a Guaranteed Surrender Value after 1 policy year
Guaranteed Surrender Value = 90% of single premium paid
4.What additional benefits do I get upon maturity?
A.If the policy holder outlives the duration of the policy, at the time of maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any.
5.How much insurance do I get?
A.The policy holder is insured for an amount equal to the sum assured.
6.What about the installment received already?
A.The insurance cover is irrespective of the installments received.
7.When am I eligible for the guaranteed surrender value?
A.The guaranteed surrender value is available only after completion of at least one policy year. This value is equal to 90 % of the single premium paid (excluding extra premium).
8.What other benefits does this insurance cover offer?
A.Bima Bachat is the only money-back policy that offers a loan facility. The rate of interest for this will be determined from time to time by the corporation. Presently the rate of interest is 9% p.a. payable half-yearly.
It also offers other benefits like the 15 day cooling off period, grace period and revival.
Lic New Bima Bachat policy Documents
Lic New Bima Bachat policy forms
Lic new bima bachat Maturity Claim Form