LIC New Bima Bachat

About LIC New Bima Bachat plan

• A money-back plan, wherein an individual buys it by paying a single premium (purchase price) to get periodic repayment for various life goals
• Has an option to choose the fixed policy term of 9 or 12 or 15 years
• The money is repaid at the end of every third year of the policy term.
• New Bima Bachat suffices liquidity needs through loan facility

How does this plan work?

Under this LIC New Bima Bachat plan, an individual can choose the policy term (9 or 12 or 15) by paying a single premium for a sum assured. At the end of the every third year (i.e. 3^rd, 6^th, 9^th and 12^th) where the policy term is 15 years, he will receive a 15% of the basic assured. As the term ends, on maturity the insured receives the initial single premium and loyalty additions. The nominee receives the sum assured after the insured’s death during first five years. If in-case the individual dies in between the 6^th year and end of the policy term, then the nominee receives the sum assured and loyalty additions

Example:-

Consider this illustration for a 35 year old person

Person’s age: 35
Sum assured: 5 lakh
Premium to pay: Single lumpsum amount of Rs 364414
Policy term: 12 years

A 35 year old chooses 12 year policy term for a sum assured of Rs 5 lakhs by paying a single lump sum premium of Rs 364414. At the end of the third year as a survival benefit he receives Rs 75000(15% of Sum Assured), which is again paid at the end of 6^th and 9^th year. On maturity, the insured gets the initial single premium (Rs. 364414) alongwith the loyalty additions.  If in-case on death of the insured, the nominee receives death benefit depending upon the year in which the insured has died;

• Insured died in the first five years-  nominee gets Sum Assured only (Rs. 5 lakhs)
• Insured died in-between 6^th- 12^th year – nominee gets Sum assured + Loyalty additions if any

Why should you buy LIC New Bima Bachat plan?

• It’s a good plan that guarantees money returns
• It acts as an extra income
• Offers rebate on premiums for higher sum assured
• Premiums paid are tax exempt under section 80C and maturity amount is tax free under section 10(10D)

Who should buy LIC New Bima Bachat plan?

• Minimum entry age : 15 years (completed)
• Maximum entry age : 66 years for term 9 years, 63 years for term 12 years and 60 years for term 15 years.
• Maximum maturity age: 75 years (nearest birthday)
• Policy Term : 9, 12 or 15 years.
• Minimum Sum Assured : Rs.35,000 for term 9 years, Rs.50,000 for term 12 years and Rs.70,000 for term 15 years
• Maximum Sum assured : No limit
• Premium payment mode : Single Premium only
• New Bima Bachat is good for individuals who are looking out for a low risk investment
• Any individual who is looking to diversify his portfolio
• Individuals who want some liquidity against loans

Claim Process

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Claim Process