New LIC Plans Policies: Bima Bachat

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Bima Bachat Plan No 175 Summary

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LIC Bima Bachat (Table No.175) is a single premium money-back policy. Bima Bachat offers financial security and assurance to the policy holder and his family.

Benefits:

Death Benefits:
During the Term of the policy if the Life Assured is dead, apart from survival benefits if any, paid earlier, an amount equal to SA will be paid.

Survival benefits:
Survival benefits (15% of SA) are paid at 3rd, 6th, 9th & 12th policy year respectively depending on the policy term. On maturity the single premium paid alongwith Loyalty addition if any will be paid back.

Maturity Benefit/Survival benefit for 2 lakh SA: (30yrs age)
Policy Term 3rd Year 6th Year 9th Year 12th year
9 years 60,000 60,000 Final Maturity -
12 years 60,000 60,000 60,000 Final Maturity
15 years 60,000 60,000 60,000 60,000

Eligibility Conditions and Restrictions LIC Bima Bachat:
Min. age at entry: 15 years (completed).
Max. age at entry: 66 years (Nearest).
Min. S.A.: Rs. 20,000
Max. SA.: Any Amount.
SA in multiples: Rs. 5000
Max. Maturity age: 75 years (Nearest).
Terms Available: 9, 12 or 15 years.
Modes Allowed: All
Dating Back @ 8%: Allowed
Term Rider Option: Not available
Critical Illness Rider: Not available
Policy Loan: Available

Surrender Values:
The Bima Bachat can be surrendered after 1 year. The Guaranteed Surrender Value is equal to 90% of the single premium paid excluding extra premium paid and the survival Benefits paid earlier.

Bima Bachat Examples:
Let me give you an example to understand this policy. Mr. Dilip aged 30 years takes a Bima Bachat Policy for 15 years term for Rs 2 lakhs SA. He pays single premium of Rs. 1,48,322. He receives Survival Benefit of rs 30,000 each at the end of 3rd, 6th, 9th & 12th year respectively. On Maturity, he will receive Rs 1,48,322 being the single Premium paid by Dilip. Thus total amount received by him will be Rs 2,68,322 (Rs 1,20,000 as Survival Benefits + 1,48,322 as single Premium paid) + LA if any. If Mr. Dilip dies during the 13th policy year, his nominee will get Rs 2 lakh as SA as death benefit (Survival benefit of Rs 30000 each received during 3rd, 6th, 9th & 12th year will not be deducted from the SA). hence the total amount received would be Rs. 3,20,000.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

BIMA BACHAT | Table No.175

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What is Bima Bachat?

LIC’s Bima Bachat is a money-back policy which offers financial security and assurance to the policy holder and his family. Bima Bachat requires the policy holder to pay only one premium. The amount paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity.

What other benefits do I receive during the specified duration of the policy?

For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of every 3rd and 6th policy year.

For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd, 6th and 9th policy year.

For a term 15 years: The policy holder will receive15% of the sum assured at the end of every 3rd, 6th, 9th and 12th policy year.

What additional benefits do I get upon maturity?

If the policy holder outlives the duration of the policy, at the time of maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any.

How much insurance do I get?

The policy holder is insured for an amount equal to the sum assured.

What about the installment received already?

The insurance cover is irrespective of the installments received.

When am I eligible for the guaranteed surrender value?

The guaranteed surrender value is available only after completion of at least one policy year. This value is equal to 90 % of the single premium paid (excluding extra premium).

What other benefits does this insurance cover offer?

Bima Bachat is the only money-back policy that offers a loan facility. The rate of interest for this will be determined from time to time by the corporation. Presently the rate of interest is 9% p.a. payable half-yearly.

It also offers other benefits like the 15 day cooling off period, grace period and revival.

Who is eligible for the policy? Are there other conditions or restrictions?

The following are the requirements that one needs to be aware of before applying for this
policy:
· The person applying for the policy should have completed 15 years and should not be older than 66 years.
· The policy will mature when the person is 75 years old.
· There is a choice of three terms to choose from (9, 12 and 15 years) for the policy depending on the age and requirement of the applicant.
· The minimum sum that needs to be assured is Rs 20,000/- and there is no limit on the amount that can be assured.
· It is important to note that the sum assured should be in multiples of Rs 5000/- only.
· The policy requires the holder to pay a single premium.

	Min Term 9 Yrs	Min Term 12 Yrs	Min Term 15 Yrs	Maximum Term – 9/12/15
Sum Assured	35000	50000	70000	No upper LimitSA shall be in multiple of Rs.5000

	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

New LIC Plans Policies

New Bima Bachat Plan No 816

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

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

LIC Best Plan Details

Bima Bachat Plan No 175 Summary

BIMA BACHAT | Table No.175

Year >Term	3rd	6th	9th	12th	15th
9	15%	15%	Maturity	NA	NA
12	15%	15%	15%	Maturity	NA
15	15%	15%	15%	15%	Maturity