LIC's New Bima Bachat Plan is a single premium guaranteed returns money back plan. This is a non-linked insurance plan where 15% of the Sum Assured is paid at the end of every 3 years. On survival till the end of the policy term, the single premium paid along with loyalty additions would be paid to the policyholder. However, if the policyholder dies within the policy tenure, the entire sum assured is paid irrespective of the amount of money paid to the Nominee.

 

Survival Benefit : (provided all due premiums have been paid)
         The Life Insured would receive the following Survival Benefit

• For a Policy Term of 9 years - 15% of Sum is payable at the end of 3 and 6 years, a total of 30% of Sum Assured is payable
• For a Policy Term of 12 years - 15% of Sum is payable at the end of 3, 6 and 9 years, a total of 45% of Sum Assured is payable
• For a Policy Term of 15 years - 15% of Sum is payable at the end of 3, 6, 9 and 12 years, a total of 60% of Sum Assured is payable

Maturity Benefit :

• On survival of the Life Insured till the end of the Policy Tenure, the entire Single Premium paid along with Loyalty Additions would be payable to the Policyholder as Maturity Benefit and the policy terminates.

Death Benefit : (provided the policy is In force)
          In case of death of the Life Insured

• Within the first 5 Policy Years, the Nominee would receive the entire Sum Assured, irrespective of the Survival Benefits already paid
• After the first 5 Policy Years, the Nominee would receive the entire Sum Assured, irrespective of the Survival Benefits already paid + Loyalty Addition

Income Tax Benefit :

• Premium paid under this plan is eligible for TAX rebate under section 80C of Income Tax Act & Maturity under this plan is 100% Tax free under sec 10(10D)

 

• Single premium Money Back plan.
• Loyalty Addition is payable on Policy Maturity or on earlier death.
• 15% of the Sum Assured is paid after every 3 years as Survival Benefit.
• There are choices of 3 policy tenures - 9 years, 12 years and 15 years.
• Rebate on Higher Sum Assured.

 

LIC's New Bima Bachat Plan - Eligibility Criteria
	MIN.	MAX.
Age	15 Years	66 Years
Term	9 Years	15 Years
Sum Assured	35,000	No Upper Limit
Modes	Yearly, Half-Yearly, Quarterly and Monthly (ECS or SSS)