LIC Bima Bachat Plan (Table No. 916)
Plan Type: Non-linked, Participating, Single Premium Money Back Plan
Objective: Provides financial security against death during the policy term with the provision of lump sum payment at specified durations in case of survival.
| Plan Type | Non-linked, Participating, Single Premium Money Back Plan |
|---|---|
| Objective | Provides financial security against death during the policy term with lump sum payments at specified intervals in case of survival. |
| Policy Term | 9, 12, or 15 years |
| Premium Payment | Single Premium Payment |
| Minimum Entry Age | 15 years (completed) |
| Maximum Entry Age | 66 years (nearest birthday) |
| Age at Maturity | Maximum 75 years |
Key Features:
- Policy Term: 9, 12, or 15 years.
- Premium Payment: Single Premium Payment.
- Minimum Entry Age: 15 years (completed).
- Maximum Entry Age: 66 years (nearest birthday).
- Age at Maturity: Maximum 75 years.
Benefits:
- Death Benefit:
- In case of death during the policy term, the nominee receives the Sum Assured on Death, which is higher of:
- 10 times the Single Premium paid.
- 112.5% of Single Premium paid.
- Basic Sum Assured.
- In case of death during the policy term, the nominee receives the Sum Assured on Death, which is higher of:
- Maturity Benefit:
- On survival till the end of the policy term, the policyholder receives the Maturity Benefit, which is as follows:
- For a 9-year policy term: 15% of Single Premium at the end of each 3rd policy year.
- For a 12-year policy term: 15% of Single Premium at the end of each 4th policy year.
- For a 15-year policy term: 15% of Single Premium at the end of each 5th policy year.
- On survival till the end of the policy term, the policyholder receives the Maturity Benefit, which is as follows:
- Participation in Profits:
- The policy participates in the corporation’s profit and is eligible to receive Simple Reversionary Bonuses declared as per the experience of the corporation.
- Surrender Value:
- The policy can be surrendered after completion of one policy year. The surrender value will depend on the policy term and the duration for which the premiums have been paid.
- Loan Facility:
- Loan can be availed against the policy provided the policy has acquired a Surrender Value.
Rebate:
- No rebate is available under this plan.
Exclusions:
- In case of suicide within 12 months from the date of commencement of risk, 80% of the Single Premium paid will be returned.
- In case of suicide within 12 months from the date of revival, higher of 80% of the premiums paid or acquired Surrender Value will be returned.
How to Apply:
- Interested individuals can visit the official LIC website or contact (7231814845) a LIC agent to apply for the Bima Bachat Plan.