New Bima Bachat
New Bima Bachat
New Bima Bachat (Plan No. 816)
LIC’s Bima Bachat is a single premium money-back policy which offers financial security and assurance to the policy holder and his family.
Bima Bachat requires the policy holder to pay only one premium. The amount paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity.
Features
- Single premium money back plan
- Option to choose among 9,12 and 15 year terms
- 15% of sum assured is paid as survival benefit after every 3 years
- Single premium (excluding extra premium) is returned along with loyalty additions (if any) at the time of maturity
- Loan facility available after completing one policy year
Eligibility Conditions
Minimum age at entry
|
15 years
|
|
Maximum age at entry
|
Term
|
Age
|
9
|
66 years
|
|
12
|
63 years
|
|
15
|
60 years
|
|
Available Terms
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9, 12 and 15 years
|
|
Maximum age at maturity
|
75 years
|
|
Minimum sum assured
|
Term
|
Min.
SA
|
9
|
35,000/-
|
|
12
|
50,000/-
|
|
15
|
70,000/-
|
|
Maximum sum assured
|
No higher limit
|
Survival Benefits
For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of 3rd and 6th policy year.
For a term 12 years: The policy holder will receive 15% of the sum assured at the end of 3rd, 6th and 9th policy year.
On Death within first 5 years of policy term
If the policy holder dies after completing first five years of the policy term, his/her nominee will receive the sum assured + loyalty additions. The periodical survival benefits which have already been paid will not be deducted.
For a term 15 years: The policy holder will receive 15% of the sum assured at the end of 3rd, 6th, 9th and 12th policy year.
Tax Benefit :
Tax benefit is available u/s 80 C and u/s 10 D.
Please note that sec 80 C tax benefit is limited up-to maximum of 10 % of the sum assured. Since it is a single premium plan, it is not a good tax saving instrument.
For example if someone opts for this plan for sum assured of Rs 1,00,000/- and he/she pays Rs 66,000 as single premium. He/she will only get maximum tax benefit for Rs 10,000/- only (10 % of Sum Assured).
Possible Events during policy duration
On Death within first 5 years of policy term
If the policy holder dies within first five years of the policy term, his/her nominee will receive the sum assured. The periodical survival benefits which have already been paid will not be deducted.
On Death after 5 years of policy term
If the policy holder dies after completing first five years of the policy term, his/her nominee will receive the sum assured + loyalty additions. The periodical survival benefits which have already been paid will not be deducted.
On Maturity
At the time of maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any.
Understand New Bima Bachat with an example
Mr. Deepanshu Arora plans to buy New Bima Bachat plan for himself for sum assured of Rs 1,00,000/- and 9 years term. He is 30 years old.
Single Premium : Rs 74,592/-
Sum Assured : Rs 1,00,000/-
Tax benefit : He will only get tax exemption of Rs 10,000/- (10% of sum assured) irrespective of the fact that he is paying premium of Rs 74,592/-
Survival Benefits
On completing 3rd year : Rs 15,000/- (15% of Sum Assured)
On completing 6th year : Rs 15,000/- (15% of Sum Assured)
On Death
If Mr. Deepanshu Arora dies during the first five years of policy term, his nominee will receive the sum assured (Rs 1,00,000/-)
If Mr. Deepanshu Arora dies after completing first five years of the policy term, his nominee will receive the sum assured (Rs 1,00,000/-) + Loyalty additions.
If Mr. Deepanshu Arora dies after completing first five years of the policy term, his nominee will receive the sum assured (Rs 1,00,000/-) + Loyalty additions.
On Maturity
If Mr. Deepanshu Arora outlives the duration of the policy, at the time of maturity, the single premium amount is returned (excluding extra premium) along with the loyalty additions, if any.
Other LIC Plans | |||
---|---|---|---|
Term Plans | Endowment Plans | Money-Back Plans | Children Plans |
Anmol Jeevan | New Endowment Assurance | Money-Back 20 years | Jeevan Tarun |
Amulya Jeevan | New Jeevan Anand | Money-Back 25 years | Children's Money Back |
Jeevan Lakshya | |||
Jeevan Rakshak | |||
Limited Premium Endowment |