BIMA BACHAT | Table No.175

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.

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USP of the Endowment Plus plan no 802

1. •Endowment ULIP – A Unique Product From the Market Leader.
2. •Flexi Options – Single Premium or Term 10-20 Years.
3. •Flexi Options– Settlement Option for Maturity Proceeds.
4. •Flexi Options - Flexible Risk Cover.
5. •Flexi Options - Four Fund Types.
6. •Flexi Options - Min Entry Age – ‘7’ Years (Children’s Risk Plan); Max Entry Age 60 Years.
7. •Death Benefit – Higher of BSA or Unit Value
8. •Partial Withdrawals & Settlement Options – Money on Demand.
9. •Better Allocation Rates; Best CEIS Benefit.
10. •Liquidity – Loan after 3 Years; Surrender after 5 years; Anytime, Withdrawals after 5 Years.
11. •Flexi Options– Single, Yearly, Half Yearly, Quarterly & Monthly (ECS) Modes of Payment
12. •FREE Fund Switches - Four per year
13. •Low Cost Insurance – Low Term Cover Cost; DAB @Rs.0.50.
14. •Rationalised Charges – Benefit to the Investor.
15. •EASY EXIT - No Bid Offer Spread, No Surrender Charges after 5 Years; No Discontinuation Charges for the Single Premium.
16. •IT Exemption U/S 80 C of IT Act 1961
17. •ULIP where Assignment Permitted.
18. •Cooling Off Cancellation Facility.
19. •Low Cost Term Assurance + DAB @ Rs.0.50 %0.
20. •Mortality Charges on ‘difference’ of the Sum Assured & Fund Value; No charges when Fund Value exceeds BSA.
21. •Higher of the ‘Sum Assured’ or the ‘Fund Value’. Fund Value is very high in long term policies. So, Risk Cover is ‘automatically augmented’.
22. •Partial Withdrawal Amount shall not be reduced, if not availed within 2 years from death.
23. •If the policy is lapsed, the Fund Value of Units is still payable.
24. •Riders to Suit Individual Requirements

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How to check LIC Policy status online

Just go to url http://www.licindia.in/policy_status.htm

Guidelines
For viewing the policy related information, new customers are required to go through a Registration procedure, the details of which are stated in the ensuing paragraph.

Registration
All new users are required to complete the Registration Form online selecting username and password of their choice.

The username can be alpha, numeric, with characters dot and underscore.
The password must be in between 8 to 30 characters.
The information marked with (*) are mandatory fields and cannot be left blank.
The pin-code cannot be more than 6-digits.
The e-mail id entered should be a valid one for further correspondence.
The user-id chosen should be unique.
Password should be unique and be kept confidential.

An auto-responder mail would be sent to the policy holder as confirmation of successful registration.

Enrol Policy
If you have clicked "yes" for the question "Do you have any LIC policies?" you will be presented with an online policy enrolment form after you click the submit button for completion of Registration.
In the said form you are required to enter the policy number, premium and name of Life Assured (If different from that of the Proposer as in case of Childrens' plans) for each of your policies.
You will be able to print the form (displayed in pdf format) immediately after enrolling your policies or at any other convenient time by logging in to your account.

If you would like to key in your policy number at a later time and not immediately after the completion of Registration, then you can do so any time and any number of times by logging on to your account.

Remember, you may enrol policies of which you are either the Proposer or Life Assured.
You are required to print the form, sign it and submit it to the nearest LIC Branch where at least one policy mentioned in the form is being serviced. The Branch will give you an acknowledgement based on your user-id. This can be printed or mailed to the email id you have specified during your Registration.

The Branch will complete the validation of all your policies after carrying out necessary checks with the policy docket.

The process of enrolment is necessary to facilitate authorized access to certain functionalities offered online such as request for change of address.

Add Policy
This page would be accessible only after successful registration. After registration, the policy holder can provide the policy number and the premium amount. A reply mail would be sent to the policy holder. If there are any errors found in the policy details a reminder mail would be sent to change the details. If the policy information mentioned is error free the status information about the policy would be displayed. If the policy number is not corrected, the policy number would be deleted on the 5th day and a reminder mail sent to them.

The policy number should be between 6 to 9 numbers only.

Status
On successful registration, the customer will have access to information regarding status of policy/s, loan, revival, premium due/ policy calendar, maturity calendar etc.

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