LIC New Bima Bachat Plan Review, Benefits, Eligibility and more: Life Insurance Corporation of India (LIC), a state-owned insurance company, offers a variety of insurance and investment options. LIC’s insurance policies are very popular. The one who has LIC’s policy, his future is considered secure. One such policy of LIC is New Bima Bachat Plan. Let us know in detail about this plan.
LIC New Bima Bachat Palan Review
LIC New Bima Bachat is a participating, non-linked, single premium endowment plan. This policy provides life cover as well as protection. This policy is a traditional money back plan. The plan can be purchased by paying only a single premium and loyalty additions are also added at the end of the policy term based on the performance of the company. This plan provides financial security to the beneficiary in case of death of the insured.
LIC New Bima Bachat Plan Eligibility Criteria
| Name of Insurance: | LIC New Bima Bachat |
| Entry Age: | Minimum:- 15 Years Maximum:- 50 Years |
| Sum Assured (Minimum): | Rs.35,000 for a policy term of 9 years Rs.50,000 for a policy term of 12 years Rs.70,000 for a policy term of 15 years |
| Sum Assured (Maximum): | No Limit (Subject to Board approval) |
| Premium Payment Mode: | single premium |
| Policy Term: | 9, 12, and 15 years |
| Maturity Age (Maximum): | 59 years for a policy term of 9 years 62 years for a policy term of 12 years 65 years for a policy term of 15 years |
| Official website: | www.licindia.in |
LIC New Bima Bachat Plan Features
- LIC New Bima Bachat Plan is a simple money back plan with bonus option.
- The insured has to pay a single premium at the beginning of the policy term.
- If the life assured survives at the end of every three years, 15% of the Basic Sum Assured is paid as Survival Benefit, and the policy continues.
- Loan facility is available in this insurance policy.
- This insurance plan can be taken for 9 years, 12 years or 15 years.
- LIC New Bachat Bima is an endowment life insurance policy.
- Under LIC New Bima Bachat Plan, if the insured dies within the policy term, the entire Sum Assured + Loyalty Additions is paid as death benefit to the beneficiary of the insured.
LIC New Bima Bachat Plan Benefits
Death Benefit
If the life assured dies within the policy term under LIC New Bima Savings, the death benefit paid will be as follows:
- In this plan, only the sum assured is paid in case of death of the life assured within the first five years.
- In this plan, on death of the life assured after completion of five years, Sum Assured and Loyalty Addition (if any) are paid as death benefit.
Maturity Benefit
Under LIC Bima Bachat plan, loyalty addition is paid along with single premium if the insured survives till the end of the policy term.
Loyalty addition
LIC Bima Bachat Plan announces loyalty addition after completion of 5 years of policy term.
Survival Benefit
On survival under LIC New Bima Bachat Plan, 15% of the Sum Assured is paid to the policyholder as survival benefit. Which would be like this:
For policy term of 9 years
- Survival benefit is paid at the end of the third policy year.
- Survival benefit is paid at the end of the 6th policy year.
For policy term of 12 years
- Survival benefit is paid at the end of the third policy year.
- Survival benefit is paid at the end of the 6th policy year.
- Survival benefit is paid at the end of the 9th policy year.
For policy term of 15 years
- Survival benefit is paid at the end of the third policy year.
- Survival benefit is paid at the end of the 6th policy year.
- Survival benefit is paid at the end of the 9th policy year.
- Survival benefit is paid at the end of the 12th policy year.
Tex Benefits
There is tax benefit on premiums paid under LIC New Bima Bachat Plan as per section 80C of Income Tax Act and claims received as per section 10(10D) of Income Tax Act.
Riders of LIC New Bima Bachat Plan
There are two optional riders available under LIC New Bima Bachat Plan:
- LIC Accidental Death and Disability Benefit Rider
- LIC New Term Assurance Rider
Grace Period
Grace period facility is not available in this plan. Since this is a single premium plan, there is no need to pay further premiums.
Surrender Benefit
Surrender value benefits available in LIC New Bima Bachat Plan:
- A surrender benefit of 70% of the single premium paid excluding taxes and extra premium (if any) will be given within the first year of LIC New Bima Bachat Plan.
- Under LIC New Bima Bachat Plan from the second year onwards 90% of the single premium is paid excluding taxes, extra premium (if any) and all survival benefits paid earlier.
Free look period
If you are not happy with the coverage and terms & conditions of the LIC New Bima Bachat Policy, you have the option to cancel the LIC New Bima Bachat Policy within 15 days from the date of receipt of the LIC New Bima Bachat Policy document. That is, a free look period of 15 days is available in it.
The Bottom Line:
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