LIC New Bima Bachat Plan is a single premium plan which provides money back to the policyholder at regular intervals. It’s a unique type of plan which can be described as a FD with money back plan as the client have to pay the premium only once and before maturity she / he also gets the money back every 3rd year.
LIC New Bima Bachat Plan – USP’s
Let’s check some unique selling points of New Bima Bachat Plan
Cover wide age group from 15 years to 66 years.
One time premium payment means no future premium burden.
Money back of 15% of sum assured every 3rd year.
Surrender of this policy is allowed at any time during the policy term.
Loan can be availed after completion of 1 year.
Policy Benefits Of Bima Bachat Plan:
Maturity Benefit:
Payment of Single Premium along with Loyalty Addition in case of Life Assured surviving to the end of the policy term.
Survival Benefit:
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.
Death Benefits:
- 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.
Eligibility Criteria Of LIC New Bima Bachat Plan:
| Minimum Age to Apply | 15 Years (Completed) |
| Maximum Age to Apply | 66 Years for 9 Year Term |
| 63 Years for 12 Year Term | |
| 60 Years for 15 Year Term | |
| Maximum Maturity Age | 75 Years |
| Policy Term | 9,12 & 15 Years |
| Premium Paying Mode | Single Pemium Plan |
| Minimum Sum Assured | 35,000 for 9 Year Term |
| 50,000 for 12 Year Term | |
| 70,000 for 15 Year Term | |
| Maximum sum Assured | No Limits |
| Loan | After 1 Year |
