LIC’s NEW BIMA BACHAT | PLAN 916

This is a single premium, non-linked, with profits Money Back type Plan

Features & Conditions of NEW BIMA BACHAT PLAN

Minimum age at entry : 15 years Ibd Maximum age at entry : 50 years nbd

Policy Term – 9, 12 and 15 Years

Term Max Age at Maturity nbd Min Sum Assured
9 years 59 years Rs.35,000
12 years 62 years Rs.50,000
15 years 65 years Rs.70,000

Maximum S.A. : No limit

SA in multiples of Rs. 5,000 only.

Available Riders: ADDB and Term Rider for full Policy Term.

Mode of Payment: Single Premium

High S.A. Rebate (As % of Tabular Premium)

Term 9 years:

  • Up to Rs. 70,000 : Nil
  • Rs. 75,000 to Rs. 1,45,000 : 6%
  • Rs. 1,50,000 & above : 8%

Term 12 years:

  • Up to Rs. 95,000 : Nil
  • Rs. 1,00,000 to Rs. 1,95,000 : 4%
  • Rs. 2,00,000 & above  : 6%

Term 15 years:

  • Up to Rs.  45,000  :  Nil
  • Rs. 1,50,000 to Rs. 2,95,000 : 3%
  • Rs. 3,00,000 & above   : 5%

DEATH BENEFIT:

  • During 1st five years policy years : SA on Death
  • From 6th year onwards : SA on Death + Loyalty Addition, if any.

SURVIVAL BENEFIT:

  • For Policy Term of 9 years : 15% of SA, after 3rd & 6th policy year.
  • For Policy Term of 12 years: 15% of SA, after 3rd,6th & 9th policy year.
  • For Policy Term of 15 years: 15% of SA, after 3rd ,6th,9th & 12th policy year.

MATURITY BENEFIT: Single Premium Paid + Loyalty Additions, if any.

Policy Loan: Only after one policy year.

Surrender: First Year: 75% of SP. 2nd Year Onwards: 90% of SP less SB Paid.

Back Dating: Allowed without lean months benefit. Interest will be charged for exact no. of days from DOC to date of payment.

Proposal Form: 300, 340 or 360

Tax Benefits :

  • On Basic Premium : u/s 80C up to 10% of SA Maturity : Taxable
  • Death Claim : u/s 10(10D)

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