Compare old Bima Bachat Plan 175 to New Bima Bachat Plan No 816

LIC Launches New Bima Bachat Plan Table No. 816

As per the rule of IRDA most of the LIC plans are revised. Below are the list of changes done in new Bima Bachat Plan Table No. 816 compared to old Bima Bachat Plan Table No. 175
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	Bima Bachat Plan (Table No. 175)	New Bima Bachat plan (Table No.816)
Maturity Benefit	Single Premium Paid along with loyalty addition less extra premiums ,if any.	Single Premium Paid along with loyalty addition less Taxes and  extra premiums ,if any
Death Benefit	Payment of Sum Assured	First 5 years:  Sum Assured shall be payable. After completion of 5 years:  Sum Assured and Loyalty Additions, if any shall be payable.
Survival Benefit	No Change	No Change
Paid-up value
Age at entry	15 to 66 years irrespective of the policy term	Minimum - 15 years Maximum- 66 Yrs for 9 Yrs 63 Yrs for 12 Yrs 60 Yrs for 15 Yrs
Age at Maturity	Maximum 75 Years	Maximum 75 Years
Policy Term	9 , 12 and 15 years	9 , 12 and 15 years
Premium mode	Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)	Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
Basic Sum Assured	Minimum 20000 and in multiple of Rs 5000 No upper limit	Minimum 9 Yrs - 35K 12 Yrs - 50K 15 Yrs - 70K Maximum- No upper Limit, SA shall be in multiple of Rs.5000
Surrender Value	Available after completion of 1 year.	Available at any time during the policy term subject to realisation of the premium cheque.
Loan	Loan available after payment of first premium. Loan can be granted upto 90% of the Special Surrender Value	Loan facility available after completion of 1 policy year Loan can be granted upto 60% of Surrender Value.
Guaranteed Surrender Value (GSV)	GSV is equal to 90% of the single premium paid excluding extra premium and less amount of Survival benefits paid earlier	1st  Year ~ 70% of Single Premium excluding taxes and extra premium,if any. There after ~ 90% of Single Premium excluding all Survival Benefits paid earlier, taxes and extra premium, if any.
Special Surrender Value (SSV)	Discounted value of Single Premium paid excluding extra premium, if any.	Discounted value of Single Premium paid excluding taxes and extra premium,if any.
Main Changes	Service Tax was borne by the corporation.	Service Tax shall be applicable at the prevailing rates and borne by the policyholder as per rules.
NO Changes in	Back Dating Paid-up Value Assignment/Nomination	Back Dating Paid-up Value Assignment/Nomination

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