It is a moneyback plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified. Sample illustration of premium of lic bima bachat plan. Bima bachat is a money back life insurance policy offered by life insurance corporation of india. Age 30 years, 35 years and 40 years, sum assured rs 1,00,000.
At the end of the every third year he receives a 15% of the basic assured. Benefits policy document lics new bima bachat is a participating nonlinked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a moneyback plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. The premium is decided upon the policy term selected. Lic new bima bachat plan is a single premium guaranteed money back plan with returns. Lics accidental death and disability benefit rider attached file is in pdf. Policy document attached file is in pdf document format. Here are the benefits which accrue under lic bima bachat plan. Lics new bima bachat is a participating nonlinked savings cum protection plan, where premium is. Kotak pos bachat bima life insurance planbest savings. Policyholders can select the premium paying term and the policy term. Lic released lic new bima bachat t816 on 7 th january, 2014 as per new guidelines of irda. The loyalty addition, if any, is payable on death after completion of five policy years and on policyholder surviving to maturity, at such rate and on such terms as may be declared by the corporation. Additional features and benefits of lic bima bachat plan.
As mentioned previously, there is a rebate available for high sum assured. There are three choices of policy term offered to the investor depending on their age and requirements 9, 12 and 15 years, among which the applicant must choose at the time of application. It is a moneyback plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during. Lic new bima bachat plan table 816 is a single premium money back plan. Best lic plans to invest in 2020 latest high return plans policyx. The policyholder chooses the sum assured and the term of the plan when buying the policy. 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. Riders there are no additional riders in this plan. Apr 06, 2020 lics new bima bachat is a participating nonlinked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. Lic bima diamond plan has been withdrawn by lic and is not available for sale and purchase. Payable as given below in case of life assured surviving to the end of the specified durations. Have your current address updated in the lic bima bachat policy records so that renewal premium receipts are sent to the correct postal address in case of nonreceipt of lic bima bachat renewal premium receipt, premium paid certificate can be collected from the servicing branch of your lic bima bachat biam there is a short gap between the debit. It is a single premium participating endowment policy, that is, it is. As it is a life insurance policy, the policyholder will also get tax benefits on the premiums paid under section 80c of the income tax act, 1961.
Benefits policy document lic s new bima bachat is a participating nonlinked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. Bima bachat is the only moneyback policy that offers a loan facility. Payment of premiums can be done on a regular basis or in a lump sum. Life insurance corporation of india insurance plan lic. New bima bachat 816 lics new bima bachat is a participating nonlinked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. May 01, 2020 lic micro bachat insurance plan 851 is a first insurance policy launched by lic in 2019. It is a single premium cash back plan, that is, the bchat sum of money is invested in the policy in return for a death hachat. How to buy the lic new bima bachat plan the plan is an offline plan which can be bought only through the company intermediaries like agents or brokers. It is a regular premium, non linked, participating endowment micro insurance plan, which offers a combination of protection and savings.
In new bima bachat service tax is added which is 3. Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. Lic bima bachat plan is a single premium lic money back plan is a traditional insurance plan, where a certain amount of money is paid at periodic intervals. The policy offers financial security and assurance to the policyholder and his entire family. The loyalty additions accumulated would also be paid as the policy has completed 5 years. Lics new bima bachat plan is a single premium participating anticipated endowment plan. Under lic bima bachat plan, on survival, 15% of the sum assured is paid to the policyholder as survival benefit and the. Lic bima bachat policy premium calculator maturity. 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. New bima bachat life insurance corporation of india. Jun 29, 2019 benefits policy document lics new bima bachat is bimaa participating nonlinked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. Apr 01, 2016 lic new bima bachat policy introduction. Lics insurance plans are policies that talk to you individually and give you the most.
It has to do with the fact that lic new bima bachat is a single premium plan. Jan, 2020 life insurance corporation is an indian stateowned insurance group and investment company headquartered in mumbai. Also, the applicant must keep in mind that the amount assured must be a multiple of rs 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 payable as given below in case of life assured surviving to the end of polciy specified durations. The below illustration is for a healthy male nontobacco user opting for a.
It is a single premium participating endowment policy, that. Loan is available on this policy from 2nd year onwards. Lic bima bachat plan is a single premium money back plan and a non unitlinked insurance traditional plan where a certain amount of money is paid as predecided intervals. In this plan, premium is paid in the lump sum at the outset of the policy. Benefits from lic new bima bachat plan are taxable personal. Lics new bima bachat is a participating nonlinked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. Lic new bima bachat plan is a participating money back plan where the premium is paid as lump sum amount at the outset of the policy. Life insurance corporation of india new bima bachat. Lic new bima bachat policy is a nonlinked insurance plan where 15% of the sum assured is paid at the end of every 3 years. Lic new bima bachat is a participating nonlinked savings cum protection plan.
Apr 04, 2020 benefits policy document lics new bima bachat is a participating nonlinked savings cum protection plan, where premium is paid in lump sum at the outset of the plam. The policy holder is insured for an amount equal biima the sum assured. Lic new bima bachat policy is a nonlinked participating protection and savings plan. Lic new bima bachat policy lic money back plan with return. Bima bachat offers financial security and assurance to the policy holder and his family. The loyalty addition, if any, is payable on death after completion of five policy years and on policyholder surviving to maturity, at such rate. The following table will help you to know the eligibility conditions to get the lic bima bachat policy plan no 816. May 02, 2020 bima bachat lic policy pdf the new lic bima bachat plan is for all those people who would prefer security over spending. Lic new bima bachat policy is a participating nonlinked savings and protection plan which provides financial protection against death during the policy term. Apr 23, 2020 bima bachat lic policy pdf the new lic bima bachat plan is for all those people who would prefer security over spending. Lic new bima bachat is a participating traditional life insurance plan. Lic bima bachat plan 816 was introduced by life insurance corporation of india on 07th january 2014 with uin number 512n284v01.
Mar 31, 2019 benefits policy document lics new bima bachat is a participating nonlinked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. You are requested to examine this policy, and if any mistake be found therein, return it immediately for correction. 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. Lic s new bima bachat plan is a single premium participating anticipated endowment plan. It is a single premium participating endowment policy, that is, it is the traditional cash back plan with scheduled payments coupled with the return of the entire premium in addition to loyalty points given at the completion of policy. Heimeier rtl ventil pdf the insurance cover is irrespective of the installments received. Lic policies are the best financial instruments for saving for future. Mar 17, 2019 the premium is decided upon the policy term selected. Lic new bima bachat policy features lic premium and. Lic s new bima bachat is a participating nonlinked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a single premium cash back plan, that is, the lump sum of money is invested in the policy in return for a death benefit. Thus, lic bima bachat is a traditional money back plan with scheduled payments along with return of single premium paid plus loyalty additions at the end of the policy tenure. It provides financial protection against the death of the policyholder during the policy term. Bima bachat lic policy pdf the new lic bima bachat plan is for all those people who would prefer security over spending.