LIC New Bima Bachat Plan

LIC New Bima Bachat

LIC New Bima Bachat

LIC New Bima Bachat Plan (816) Details

LIC New Bima Bachat Plan is a single premium guaranteed returns money back plan. This 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

  • Single premium  payment Money Back plan-816
  • 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

Age Min. 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 Term 9, 12, 15 years.
Sum Assured Min. 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 Mode Single Premium Payment only.

LIC New Bima Bachat 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 you receive from LIC New Bima Bachat Plan

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.

LIC New Bima Bachat (816) Benefit Example

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

Sum Assured: Rs.2,00,000
Policy Term: 15 Years
Policy Purchase Year: 2016
Age: 25 Years
Single Premium: Rs. 155338/-

Premium Calculator-LIC New Bima Bachat Policy 816

Please Select Only Plan No-816

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)
Year Age Risk Cover Normal Premium Amount Received Risk Yield (%) Loan Value
2016 25 200000 155338 0 81 0
2017 26 200000 0 0 0 81250
2018 27 200000 0 0 0 85750
2019 28 200000 0 30000 0 75750
2020 29 200000 0 0 0 80250
2021 30 244000 0 0 0 84750
2022 31 244000 0 30000 0 74750
2023 32 244000 0 0 0 79250
2024 33 244000 0 0 0 83750
2025 34 244000 0 30000 0 74000
2026 35 244000 0 0 0 77500
2027 36 244000 0 0 0 81250
2028 37 244000 0 30000 0 73000
2029 38 244000 0 0 0 78250
2030 39 244000 0 0 0 83750
2031 40 0 0 193904 0 0

LIC New Bima Bachat 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: – 3 years.

Loan Facility: – Available.

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

Loan:  Available.

Policy Revival: Policy can be revived before 2 years from date of First Unpaid Premium (FUP).

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.

Back-dating interest: The policies can be  back date within the same financial year.

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

 

Services that I offer

  • New LIC Policy Quotes and Completion
  • Complete guidance
  • Doorstep Premium Collection Service
  • Personalized Policy Recommendations
  • Renewal / Revival of Lapsed Policies
  • Human Life Value Calculation

FOR MORE INFORMATION PLEASE CONTACT -:

BASPA NAND PANCHOLI

CON.9891009400

Emailbasupancholi@gmail.com

 

Office Address:-25,KG,Marg,Jeevan Prakash Building.

LIC of India,Branch Unit-117.

3rd floor,C.P. New Delhi-110001.

SINGLE PREMIUM PLAN

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LIC New Bima Bachat



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