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.
- 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
|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
|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
If policy holder suresh survives the policy term 25 years then Maturity will be as under.
193904 (excluding money back)
|Year||Age||Risk Cover Normal||Premium||Amount Received||Risk Yield (%)||Loan Value|
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.
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
Office Address:-25,KG,Marg,Jeevan Prakash Building.
LIC of India,Branch Unit-117.
3rd floor,C.P. New Delhi-110001.
SINGLE PREMIUM PLAN