LIC’s New Bima Bachat (Table No. 916)
INTRODUCTION :- LIC’s New Bima Bachat Plan (Table no. 916) is a non-linked, with profit life assurance savings cum protection plan. LIC’s New Bima Bachat Plan is a single premium money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility. The benefits and other basic features of the plan are given below.
Basic Eligibility Conditions and Features of LIC’s New Bima Bachat Plan (Table No. 916): –
a) Minimum Sum Assured:- Rs. 35,000 for term 9 years
Rs. 50,000 for term 12 years
Rs. 70,000 for term 15 years
b) Maximum Sum Assured:- No limit (Sum Assured will be in multiples of Rs. 5,000 /- only.)
c) Policy Term:- 9, 12 , and 15 years
d) Mode of Premium Payment:- Single Premium
e) Minimum Age at entry:- 15 years (completed)
f) Maximum Age at entry:- 50 years (nearer birthday) for term 9, 12 and 15 years
g) Maximum Age at Maturity:- 59 years (nearer birthday) for policy term 9 years
62 years (nearer birthday) for policy term 12 years
65 years (nearer birthday) for policy term 15 years
A) Survival Benefit:- On the life assured surviving to each of the specified durations during the policy term, provided a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as given below :-
For policy term 9 years:- 15% of Basic Sum Assured on each of 3rd and 6th policy anniversary.
For policy term 12 years:- 15% of Basic Sum Assured on each of 3rd, 6th and 9th policy anniversary.
For policy term 15 years:- 15% of Basic Sum Assured on each of 3rd, 6th, 9th and 12th policy anniversary.
B) Maturity Benefit:- On Life Assured surviving to the end of the policy term, “Sum Assured on Maturity” along with Loyalty addition, if any, shall be payable. Where “Sum Assured on Maturity ” is equal to Single Premium paid excluding taxes, Rider premium(s) and extra premium, if any
C) Death Benefit:- Death benefit payable in case of death of the Life Assured during the policy term is as under:-
On death during the first five policy years:- “Sum Assured on Death”.
On death after completion of five policy years:- “Sum Assured on Death” along with Loyalty Addition, if any. Where “Sum Assured on Death” is defined as higher of Sum Assured on Death • 1.25 times the single premium; or • Basic Sum Assured. Single Premium referred above shall not include taxes, extra premium and rider premium(s) if any.
D) Rider Benefits:- The following two optional riders are available under this plan by payment of additional premium. LIC’s Accidental Death and Disability Benefit Rider & LIC’s New Term Assurance Rider
E) Settlement Option for Maturity/Death Claim Benefit:- Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount .This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, for full or part of Maturity proceeds payable under the policy. The amount opted for by the Policyholder/Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.