LIC’s New Bima Bachat is a participating, non-linked life assurance plan that combines savings and protection. It involves a one-time lump-sum premium payment at the policy’s beginning. This money-back plan offers financial protection against death during the policy term and provides survival benefits at specified intervals. Upon maturity, the single premium is returned along with any Loyalty Addition. The plan also offers a loan facility to address liquidity needs.

Benefits

Death Benefit:

In case of the Life Assured’s death during the policy term:

  • In the first five policy years: “Sum Assured on Death.”
  • After five policy years: “Sum Assured on Death” along with any Loyalty Addition, if applicable.

“Sum Assured on Death” is the higher of 1.25 times the single premium or the Basic Sum Assured. The single premium does not include taxes, extra premiums, or rider premiums.

Survival Benets

If the Life Assured survives to the specified durations during the policy term, a fixed percentage of the Basic Sum Assured is paid out. The fixed percentage for different policy terms is as follows:

  • For a policy term of 9 years: 15% of the Basic Sum Assured at the end of the 3rd and 6th policy years.
  • For a policy term of 12 years: 15% of the Basic Sum Assured at the end of the 3rd, 6th, and 9th policy years.
  • For a policy term of 15 years: 15% of the Basic Sum Assured at the end of the 3rd, 6th, 9th, and 12th policy years.

Maturity Benefits

If the Life Assured survives until the end of the policy term, the “Sum Assured on Maturity” is paid, along with any Loyalty Addition, if applicable. The “Sum Assured on Maturity” is equal to the Single Premium paid, excluding taxes, Rider premiums, and any extra premium, if applicable.

Loyalty Addition

The policies may share in the profits of the Corporation based on its experience and become eligible for Loyalty Addition. Loyalty Addition, if applicable, will be paid in the event of the policyholder’s death after completing five policy years or upon surviving until maturity. The rate and terms of Loyalty Addition will be determined by the Corporation and declared accordingly.

Eligibility Conditions

Minimum entry age [15] years (completed)
Maximum entry age [50] years (nearer birthday) for term 9, 12 and 15 years
Maximum maturity age
  • [59] years (nearer birthday) for term 9 years
  • [62] years (nearer birthday) for term 12 years
  • [65] years (nearer birthday) for term 15 years
  • Policy Term 9, 12 and 15 years
    Minimum Sum Assured
  • Rs 35,000 for term 9 years
  • Rs 50,000 for term 12 years
  • Rs 70,000 for term 15 years
  • Maximum Sum assured No limit

    Payment Options Available

    Mode of Instalment payment Minimum instalment amount
    Monthly Rs 5,000/-
    Quarterly Rs 15,000/-
    Half-Yearly Rs 25,000/-
    Yearly Rs 50,000/-

    Exclusion:

    Suicide Clause: If the Life Assured, whether sane or insane, commits suicide within 12 months from the risk commencement date, the policy becomes void. In such cases, the higher of 90% of the Single Premium paid (excluding taxes, extra premium, and rider premiums other than term assurance rider premium, if any), or the Surrender Value as of the date of death will be paid. No other claims will be entertained under the policy.
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