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
Loyalty Addition
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 |
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| Policy Term | 9, 12 and 15 years | |
| Minimum Sum Assured |
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| 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/- | |
