LIC New Bima Bachat Plan-965494901

LIC New Bima Bachat Plan - Table no 816

LIC 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.

Key Features of LIC New Bima Bachat Plan

• 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
• High Sum Assured Rebate available

Benefits you get from LIC New Bima Bachat Plan

Death Benefit - 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

Survival Benefit - 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.

Income Tax Benefit - Income Tax Benefits available on Paid Life Insurance Premium under Section 80C & Maturity Benefit will also be tax free under section 10(10)D.

Eligibility conditions and other restrictions in LIC New Bima Bachat Plan

• Sum Assured Minimum Rs. 35,000 for 9 Years Tenure, Rs.50,000 for 12 Years Tenure, Rs.70,000 for 15 Years Tenure & Maximum Unlimited
• Policy Term are Minimum 9, 12 Years & Maximum 15 Years
• Premium Payment Term is Single
• Entry Age of Life Insured Minimum 15 Years & Maximum 66 Years for 9 Years Tenure, 63 Years for 12 Years Tenure, 60 Years for 15 Years Tenure
• Age at Maturity is Maximum 75 Years
• Payment modes is Only Single Premium