LIC Bima Bachat

About LIC Bima Bachat

• It is a simple money back plan, wherein an individual buys this by paying a single lumpsum premium to get periodic repayment for various life goals
• The single premium is based upon the fixed policy term of 9 or 12 or 15 years
•  A periodic repayment after every 3^rd year till maturity
•  Bima Bachat plan provides risk cover and loyalty additions on maturity
• It offers rebates on higher sum assured chosen

How does the plan work?

Under LIC Bima Bachat Plan, an individual chooses a specific policy term (9 or 12 or 15) by paying a single premium for a sum assured. The premium is decided upon the policy term selected. At the end of the every third year he receives a 15% of the basic assured. As the term ends, on maturity the insured receives the initial single premium and loyalty additions. If in-case on death of the insured during policy term, his nominee receives the sum assured.

Let us understand this plan by an illustration

Consider,

Person’s age: 35
Policy term: 12 years
Sum Assured: 1 lakh

Premium paying term: Single premium of approximate Rs. 72145/-

A 35 year old chooses 12 year policy term for a sum assured of Rs 1 lakh by paying a single lump sum premium of Rs 72145. At the end of the third year as a survival benefit he receives Rs 15000 (15% of Sum Assured), which is again paid at the end of 6^th and 9^th year respectively. On maturity, the insured gets approximately Rs. 112945, which includes initial single premium along with the loyalty additions.  If in-case on death of the insured, the nominee receives death benefit of Rs. 1 lakh.

Eligibility Criteria

Claim Process

Know Claim Process of LIC Bima Bachat

Claim Process