LIC New Bima Bachat Plan details
LIC New Bima Bachat is a participating non-market-linked Moneyback, savings cum protection plan, where premium is paid in lump sum at the outset of the policy. LIC Bima Bachat plan details would help help you to invest your hard earned money under this policy. LIC Bima Bachat 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. Under Bima Bachat plan, on maturity, the single premium shall be returned along with Loyalty Addition, if any.
This plan is suitable for parents who want to invest lumpsum amount or grand parents wants to invest in Grand child’s education.
BENEFITS of Bima Bachat plan:
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.
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
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.
LIC New Bima Bachat is a attractive Money Back plan which gives returns every 3 years.
Three terms are available in LIC Bima Bachat. They are Investment for 9 years, 12 years and 15 years.
Money back is payable for 2 years in 9 years plan and 3 years in 12 years plan. 4 time Money Back is payable in 15 years term.
Minimum age: 15 years (Completed)
66 years for 9 years term,
63 years for 12 years term
60 years for 15 years term,
Maximum maturity age: 75 years
Premium term: 9 years / 12 years / 15 years
Minimum Sum Assured:
Rs.35,000 for 9 years term,
Rs.50,000 for 12 years term,
Rs.70,000 for 15 years term
Maximum Sum Assured: No limit
Premium payment: Single premium
Loan: Eligible after 1st year
Surrender: Eligible with immediate effect
On Death: Sum Assured (1st five years)Sum Assured + Loyalty addition (After 5 years)
Income Tax Benefits:
- Being one time premium plan, 10% tax rebate under 80C is allowed.
- Kindly refer latest tax rules.