JEEVAN BIMA BACHAT

Lic New Bima Bachat (Table no: 816) Review

UIN no: 512N284V01

LIC New Bima Bachat Plan is a single premium guaranteed money back plan with returns. LIC New Bima Bachat Policy is a non-linked 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 would be paid to the policyholder. However, if the policyholder dies within the policy tenure, the entire sum assured is paid to the nominee. The Sum assured is irrespective of the amount of money paid. LIC Bima Bachat requires the policy holder to pay only one premium. The amount paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity.

Lic New Bima Bachat Policy Details

  1. LIC released “LIC New Bima Bachat(T816)” on 7th January, 2014 as per new guidelines of IRDA.
  2. In New Bima Bachat Service taxis added which is 09%.
  3. New Bima Bachat is a type of Single payment Endowment Plan where some percentage of Sum assured will be paid back to the policy holder in the form of survival benefit
  4. New Bima Bachat participates in Profits and non linked.
  5. In New Bima Bachat policyholder have an option of setting term of the policy like 9 years, 12 years, 15 years.
  6. Survival benefitswill be given to the policy holder at completion of 3 years of the policy.
  7. At end of the term of the policy Policyholder receives Maturity Benefitwhich is SUM ASSURED – Survival Benefits paid + BONUS +FAB etc…
  8. If he dies within the term of the Policy Death Benefitpaid to Nominee i.e. SUM ASSURED + BONUS acquired till that Year.
  9. We can opt for Accident Benefit Rider and Critical Illness Rider by paying small Amount with the Premium.
  10. In Lic Bima Bachatthere is High Bonus and High liquidity and saving point

Lic New Bima Bachat Policy Parameters

Age ·         Minimum age :  15 years (completed).

·         Maximum 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 ·         Minimum 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.

Maximum SUM ASSURED: No Limit.
Premium Paying Mode ·         Single Premium Payment.

 

 

Lic New Bima Bachat Benefits

·         Survival Benefit:

Policy holder will be paid survival benefits at end of specific durations depend upon the policy term.

  • For Policy Term of 9 years: 15% of the sum assured at the end of each of 3rdand 6thpolicy year.
  • For Policy Term of 12 years: 15% of the sum assured at the end of each of 3rd, 6th, 9thpolicy year.
  • For Policy Term of 15 years: 15% of the sum assured at the end of each of 3rd, 6th, 9thand 12th policy year.

   Maturity Benefit:

  • Single Premium +  Loyalty addition if any.

   Death Benefit:

  • On death during the first five policy year:- Sum assured shall be payable.
  • On death after completion of five policy year:- Sum assured along with Loyalty Addition, if any shall be payable.

Loyalty Addition: – Depend upon the corporation’s experience 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, at such rate and on such terms as may be declared by the corporation.

Lic New Bima Bachat Additional Information

Risk Coverage: – Till end of Term of the Policy.

Date of Commencement of Risk:–  In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or  from achieving 8 years old which is earlier.

Locking period: – 3 years.

Loan Facility: – Available.

Income Tax Reduction:  Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns. For information about Tax on Insurance Policies refer www.taxqueries.in.

Housing Loan Surety:  Available.

Riders available:  Yes.

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

Suicide Clause: if insured commit suicide before 12 months 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.

Service Tax: 3.09% service tax is applicable. For information about Tax on Insurance Policies refer www.taxqueries.in.

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

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

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