LIC New Bima Bachat 916

By | June 15, 2020

LIC New Bima Bachat Plan 916 Details, Example, Features and Benefits with Example


LIC New Bima Bachat Plan 916

LIC New Bima Bachat Plan 916

LIC New Bima Bachat Plan 916 (Table No 916) is a single premium guaranteed returns money back Policy. LIC of India New Bima Bachat Plan 916 is a traditional 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 (if any) would be paid to the policyholder. However, if the policyholder dies within the policy term, the entire sum assured is paid irrespective of the amount of money paid to the nominee.

Key Features of LIC New Bima Bachat Plan 916


  • Single premium  payment Money Back plan – 916
  • Loyalty Addition is payable on Policy Maturity or on earlier death (if any) 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

Plan Parameters of LIC New Bima Bachat Plan 916


AgeMin. Age :  15 years (completed).
Max Age :
66 years (nearest birthday) for term of 9 years.
63 years (nearest birthday) for term of 12 years.
60 years (nearest birthday) for term of 15 years.
Policy Term9, 12, 15 years.
Sum AssuredMin. Sum Assured:
Rs. 35,000 for term of 9 years.
Rs. 50,000 for term of 12 years.
Rs. 70,000 for term of 15 years.

Max. Sum Assured : No Limit
Premium Paying ModeSingle Premium Payment only.

Read ThisLIC’s Best fixed Deposit Plan

Rebates

Term Sum Assured Rebate
9 years Less than Rs. 75,000 NIL
Rs. 75,000/- to Rs. 1,50,000/- 6%
Rs. 1,50,000/- and above 8%
12 years Less than Rs. 1,00,000 NIL
Rs. 1,00,000/- to Rs. 2,00,000/- 4%
Rs. 2,00,000/- and above 6%
15 years Less than Rs. 1,50,000 NIL
Rs. 1,50,000/- to Rs. 3,00,000/- 3%
Rs. 3,00,000/- and above 5%

Benefits from LIC New Bima Bachat Plan 916


Death Benefit – In case of death of the policy holder, Within the first 5 Policy Years, the Nominee will be receive the entire Sum Assured, irrespective of the Survival Benefits already paid After the first 5 Policy Years, the Nominee will be receive the entire Sum Assured, irrespective of the Survival Benefits already paid + Loyalty Addition(if any)

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 to the policy holder.

Maturity Benefit – On survival of the Life Insured till the end of the Policy Tenure, the entire Single Premium paid along with Loyalty Additions will be payable to the Policy holder as Maturity Benefit.

Loyalty Addition: – Experience of the corporation the policies shall be participate in the profits and shall be eligible for Loyalty Addition. The Loyalty Addition(if any), shall be payable on death after completion of five policy years and on policyholder surviving to maturity.

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

Read ThisLIC’s Best Lifetime Plan 

LIC New Bima Bachat Policy 916 Benefit with Example


An example of suresh who is purchasing this Plan with following details.

Sum AssuredRs.2,00,000
Policy Term15 Years
Age25 Years
Single PremiumRs. 155338/

Maturity Details

If policy holder Suresh survives the policy term 25 years then Maturity will be as under.

Maturity Year Maturity Age Maturity Amount (approx)
2031 40 193904 (excluding money back)
AgeRisk Cover
Normal
PremiumAmount
Received
252000001553380
2620000000
2720000000
28200000030000
2920000000
3024400000
31244000030000
3224400000
3324400000
34244000030000
3524400000
3624400000
37244000030000
3824400000
3924400000
4000193904

Read Also thisLIC’s full family protection plan

Additional Information


Risk Coverage: –End of Term of the Policy.

Date of Commencement of Risk:– Commencement of risk starts immediate when you buy the policy (day one).

Locking period: – 1 years.

Loan Facility: – Available, after one year of this policy.

Income Tax Reduction:  Available under Section 80-C for premiums paid and Section 10(10D) for Maturity returns.

Suicide Clause: if insured commit suicide before 1 year he will be returned back 80% of premium what he paid.

Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan..

Cooling-off Period: If a policy holder is not satisfied with the ‘Terms and Conditions” of the policy-holder may return the policy within 15 days from the date of receipt of the policy.

Backdating interest: The policies can be  back date within the same financial year.

Assignments/Nominations: Assignment and nominations is possible under this plan.

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One thought on “LIC New Bima Bachat 916

  1. Hitesh patel

    હાલમાં હું 50000 નું રોકાણ કરું જે પંદર વર્ષ માટે તો પાકતી મુદત કેટલી રકમ પરત મળશે.અને જે ત્રણ વર્ષ રૂપિયા પરત આવે તે સાથે ની રકમ કહેવા મેહરબાની

    Reply

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