New Bima Bachat Plan No 816

LIC Launches new Bima Bachat Plan (Table No 816).

Service Tax shall be applicable at the prevailing rates and borne by the policyholder as per rules.

Maturity Benefit -Single Premium Paid along with loyalty addition less Taxes and  extra premiums ,if any

Death Benefit

First 5 years:  Sum Assured shall be payable.

After completion of 5 years:  Sum Assured and Loyalty Additions, if any shall be payable.

SURVIVAL BENEFIT (as a percentage of Sum Assured )

Year >Term 3rd 6th 9th 12th 15th
9 15% 15% Maturity NA NA
12 15% 15% 15% Maturity NA
15 15% 15% 15% 15% Maturity

Eligibility Conditions and Restrictions

  • Age at entry – 15 years
  • Age at Maturity – Maximum 75 Years
  • Policy Term – 9 , 12 and 15 years
  • Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
  • Basic Sum Assured –
    Min Term 9 Yrs Min Term 12 Yrs Min Term 15 Yrs Maximum Term – 9/12/15
    Sum Assured 35000 50000 70000 No upper LimitSA shall be in multiple of Rs.5000

Loan – Loan facility available after completion of 1 policy year.

Loan can be granted upto 60% of Surrender Value

Surrender Value-

  • Available at any time during the policy term subject to realisation of the premium cheque.
  • No Loyalty Addition payable
  • Higher of GSV or SSV payable

Guaranteed Surrender Value (GSV) –

1st  Year ~ 70% of Single Premium excluding taxes and extra premium,if any.

Thereafter ~ 90% of Single Premium excluding all Survival Benefits paid earlier, taxes and extra premium, if any.

Special Surrender Value (SSV) –Discounted value of Single Premium paid excluding taxes and extra premium, if any.

Compare old Bima Bachat Plan 175 to New Bima Bachat Plan No 816