LIC New Bima Bachat policy Review

By | April 17, 2016
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bima-bachat-licLIC New Bima Bachat policy

LIC New Bima Bachat Policy Introduction :

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LIC New Bima Bachat Policy – a participating non – linked savings & protection plan. It offers financial protection against death during the tenure of the policy.

 It is a single premium Money Back Plan & a non unit – linked insurance traditional plan wherein a particular amount of money has to be paid on pre – decided intervals.

In LIC New Bima Bachat plan no 816 Policy, the premium has to be paid only one time & 15 percent of the Sum Assured is paid after every three years. The whole Single Premium paid plus Loyalty Additions are paid on Maturity. Though, if the Life Insured expires within the policy term, then the complete Sum Assured is duly paid irrespective of the amount of money paid as Survival Advantage. In addition to the Maturity advantage, on the maturity of the policy, the single premium shall be returned together with the Loyalty Addition, if any. LIC New Bima Bachat policy also takes care of liquidity requirements through its loan facility.

It is very simple to calculate the premium that has to be duly paid on the maturity of the Policy. You can utilise the LIC New Bima Bachat Premium Calculator. Also, you can calculate the maturity amount that you can get on conclusion of the policy tenure that is after the maturity of your Bima Bachat Policy using LIC New Bima Bachat Maturity Calculator. Also, you can check Bima Bachat Premium chart for other details about the premium.

LIC New Bima Bachat policy Key features :

  • LIC New Bima Bachat 816 – a single premium plan.
  • Loyalty Additions have to be paid on Policy Maturity.
  • Sum Assured Rebate is only for large Sum Assured.
  • In LIC New Bima Bachat policy with income, Survival Advantage is payable every three years of 15 percent of the Sum Assured.
  • LIC Bima Bachat has 3 policy tenures – 9 years, 12 years & 15 years.

LIC New Bima Bachat policy Review :

  • Survival advantages will be given to the policy holder post successful completion of three years of the policy tenure.
  • At the conclusion of the tenure of the policy, the Policy holder will receive a Maturity Advantage which is SUM ASSURED minus the Survival Advantages paid plus the BONUS plus the FAB etc…
  • If he expires within the term of the Policy Death Advantage paid to Nominee i.e. SUM ASSURED plus the BONUS acquired till that Year.
  • We can choose Accident Advantage Rider & Critical Illness Rider by paying small Amounts along with the Premium.
  • In New Bima Bachat policy, there is a High Bonus & a High liquidity & a saving point.

 

LIC New Bima Bachat policy Eligibility Conditions :

Eligibility Age Maximum Age Minimum Age
Age  66 years (nearest birthday) for term of 9 years63 years (nearest birthday) for term of 12 years60 years (nearest birthday) for term of 15 years  15 years (completed)
Sum Assured No Limit Rs. 35,000 for term of 9 yearsRs. 50,000 for term of 12 yearsRs. 70,000 for term of 15 years

Conditions :

  • The individual applying for the LIC New Bima Bachat policy should have completed at least 15 years of age & should not be older than sixty – six years.
  • LIC new bima bachat policy will mature once the person turns 75 years old.
  • There is a preference of 3 terms to choose from (9, 12 & 15 years) for the policy, depending upon the age & obligation of the applicant.
  • The minimum sum that requires to be assured is Rs twenty thousand & there is no limit on the amount that can be assured.
  • It is vital to make a note of that the sum assured should be in multiples of Rs five thousand only.
  • Lic new bima bachat plan 816 requires the holder to pay a single premium.

Policy Tenure :

  • Policy Tenure:  9, 12 or 15 years.

Premium Paying Mode :

  • The premium can be paid in a Single Premium Payment:

Lic New Bima Bachat Rebates :

Term Sum Assured Rebate
9 years Less than Rs. 75,000 NIL
Rs. 75,000/- to Rs. 1,50,000/- 6 percent
Rs. 1,50,000/- & above 8 percent
12 years Less than Rs. 1,00,000 NIL
Rs. 1,00,000/- to Rs. 2,00,000/- 4 percent
Rs. 2,00,000/- & above 6 percent
15 years Less than Rs. 1,50,000 NIL
Rs. 1,50,000/- to Rs. 3,00,000/- 3 percent
Rs. 3,00,000/- & above 5 percent

LIC New Bima Bachat policy Premium Calculator :

Now you can also know your premium with Lic Bima Bachat policy premium calculator for that you have to mention your Name,Email id,Number,Age,Term & Sum Assured.

LIC New Bima Bachat policy advantages :

  1. Demise advantage :
  • On demise during the 1st five policy years the Sum Assured will be provided.
  • On demise after completion of 5 policy years the Sum Assured will be provided together with Loyalty Addition, if any.
  • If demise occurs to the insured person, the nominee will receive the entire Sum Assured plud the Accrued Bonus.
  1. Survival Advantages :

The Insured Person will be duly paid the survival advantages at the end of definite durations, depending upon the policy term. It will be Payable as given below in the case of Life Assured surviving up till the end of the particular duration:

  • For policy tenure up till 9 years:15 percent of the Sum Assured at the end of each of 3rd & 6th policy year.
  • For policy tenure up till 12 years:15 percent of the Sum Assured at the end of each of 3rd, 6th & 9th policy year.
  • For policy tenure up till 15 years:15 percent of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year.
  1. Maturity Advantage :

Payment of Single Premium (exclusive of the taxes & extra premium, if any) together with the Loyalty Addition, if any, in case of Life Assured surviving up till the end of the policy term.

  1. Loyalty Addition :

Relying upon the Corporation’s knowledge the policies shall contribute in the income & shall be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable on death after conclusion of 5 policy years & on policy holder surviving up till the maturity, at such rate & on such terms as may be affirmed by the Corporation.

Lic New Bima Bachat plan 816 details :

Added Information :

Risk Cover :

Maximum Sum Assured: Rs.35, 000 for a tenure of 9 years
Rs.50, 000 for a tenure of 12 years
Rs.70, 000 for a tenure of 15 years

Maximum Sum Assured : No limit.

Loan : Loan facility is obtainable. Loan can be settled to a maximum of 60 percent of Surrender Value, as on the date of sanction of loan.

Riders available : Certainly not

Proposal Forms : Proposal Form no. 300 or 340 will be made use of under LIC Money back policy 25 years.

Locking period :  three years

Housing Loan Surety :  Obtainable.

Riders available :  Yes.

Policy Renewal : Policy can be renewed before two years from date of 1st Unpaid Premium (FUP).

Service Tax : 3.09 percent service tax is pertinent.

Cooling-off Period : If a policy holder is dissatisfied with the ‘ Terms & Conditions ‘ of the policy, the in such a scenario, he / she may return the policy within a period of fifteen days from the date of receiving the policy.

LIC Bima Bachat Policy premium table :

Age/Term 9.00 12.00 15.00
15 767.95 771.00 771.55
16 768.10 771.15 771.65
17 768.25 771.25 771.80
18 768.40 771.35 771.90
19 768.50 771.45 771.95
20 768.55 771.55 772.05
21 768.65 771.60 772.15
22 768.70 771.70 772.25
23 768.80 771.80 772.40
24 768.85 771.90 772.50
25 768.95 772.00 772.70
26 769.05 772.15 772.85
27 769.15 772.30 773.10
28 769.35 772.50 773.35
29 769.55 772.75 773.65
30 769.75 773.05 774.00
31 770.05 773.40 774.40
32 770.35 773.80 774.90
33 770.75 774.25 775.45
34 771.20 774.75 776.05
35 771.70 775.35 776.80
36 772.25 776.05 777.60
37 772.95 776.85 778.50
38 773.70 777.75 779.50
39 774.60 778.75 780.65
40 775.60 779.85 781.85
41 776.75 781.10 783.15
42 778.00 782.45 784.55
43 779.45 783.90 786.00
44 780.95 785.50 787.60
45 782.65 787.15 789.25
46 784.40 788.90 791.00
47 786.30 790.70 792.80
48 788.25 792.60 794.75
49 790.30 794.60 796.75
50 792.40 796.65 798.80
51 794.55 798.75 800.95
52 796.75 800.95 803.25
53 799.00 803.20 805.60
54 801.35 805.60 808.10
55 803.80 808.10 810.70
56 806.35 810.70 813.40
57 809.05 813.50 816.25
58 811.90 816.40 819.25
59 814.90 819.50 822.40
60 818.10 822.75 825.70
61 821.50 826.15 0.00
62 825.05 829.70 0.00
63 828.80 833.40 0.00
64 832.75 0.00 0.00
65 836.85 0.00 0.00
66 841.10 0.00 0.00

LIC New Bima Bachat Plan Example :

Mr. Vijay has taken LIC bima bachat policy. His age is 35 years old. The policy term is 12 years for a Sum of Rs 1, 00 ,000 /-
He pays a single premium of Rs. 72, 145 /-

On demise during the policy period :

End of year: 1 to 12
Total premiums paid till end of year : 72, 145
Guaranteed : 1, 00, 000
Total : 1, 00, 000.

Survival Advantages :

At the completion of 3 years : 15, 000
At the completion of 6 years : 15, 000
At the completion of 9 years : 15, 000
At the completion of 12 years : 1, 12, 945

If he expires during the first 5 years of policy tenure, then in that case his nominee will receive the sum assured ( Rs. 1, 00, 000 /- )

If Mr. Vijay expires after completing first 5 years of the policy term, his nominee will receive the sum assured ( Rs 1, 00, 000/-) plus the Loyalty additions.

LIC New Bima Bachat policy FAQs:

Q1. Is Loan is obtainable under LIC bima bachat policy?

A1. Loan facility is obtainable under LIC bima bachat policy at the present rate of interest of 9 percent per annum, payable on half yearly basis.

Q2. What will happen If You want to surrender the policy?

A2. There is a Guaranteed Surrender Value after 1 policy year.

Guaranteed Surrender Value = 90 percent of the single premium paid

Q3. What extra advantages do I get upon maturity?

A3. If the policy holder outlives the tenure of the policy, at the time of maturity, a single premium payment (excluding additional premium) is made along with loyalty additions, if any.

Q4. How much insurance will I get?

A4. The policy holder is insured for an amount equivalent to the sum assured.

Q5. What about the instalment received already?

A5. The insurance cover is irrespective of the instalments acknowledged.

Q6. When am I eligible for the guaranteed surrender value?

A6. The guaranteed surrender value is obtainable only after completion of at least 1 policy year. This value is equal to 90 percent of the single premium paid (without extra premium).

Q7. What other advantages does this insurance cover offer?
A7. 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 percent per annum payable on half-yearly basis.
It also offers other advantages like the 15 day cooling off period, grace period & renewal.

For further information about LIC New Bima Bachat Policy please click on below mentioned link:

LIC New Bima Bachat Policy.

 

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