LIC New Bima Bachat Policy Review
LIC New Bima Bachat is a Participating non-linked savings cum Protection plan. LIC Bima Bachat Plan No. 816 has introduced by the Life Insurance Corporation of India on 07th January 2014 with a Unique Identification Number of 512N284V01. In this Plan, Premium is Paid in the lump sum at the outset of the Policy.
LIC New Bima Bachat is a Single Premium Money Back Insurance Plan that Provides Financial Protection against Death during the Policy Term and offers survival benefits at specified durations during the policy term. Alon with this, On Maturity of the Policy the single premium paid, will be returned along with Loyalty Addition. This plan also takes care of liquidity needs through its loan facility.
LIC Bima Bachat Plan Benefits & Features
Benefits of LIC New Bima Bachat Money Back Plan
- On Death During First Five Years of Policy: The Basic Sum Assured will be payable to the Nominee.
- On Death During the Policy Term (after Completion of Five Policy years): The Basic Sum Assured along with the Loyalty Addition will be payable to the Nominee.
Survival Benefit: On the Survival of the Life Assured until the End of the Policy Period, the Corporation will pay the following Survival Benefits to the Policyholder.
- For the Policy Term of 9 years: 15% of the Sum Assured at the end of each of 3rd & 6th policy year.
- For the Policy Term of 12 years: 15% of the Sum Assured at the end of each of 3rd, 6th & 9th policy year.
- For the Policy Term of 15 years: 15% of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year.
Maturity Benefit: On the Survival of the Life Assured until the End of the Policy Period, the Corporation will pay the total Single Premium Paid along with the Loyalty Addition if any.
Loyalty Addition: The Participation in the Profits of the Corporation is called as Loyalty Addition. The policies under this Plan are eligible to get the share in surplus (profits) in the form of Loyalty Addition, depending upon the experience of the Corporation.
Key Features of LIC New Bima Bachat One Time Policy
- LIC New Bima Bachat Policy is a Single Premium Participating Protection Plan.
- It offers Financial Protection against Death during the Policy Term.
- It also offers survival benefits at specified durations during the policy term.
- The Policyholder will get the Extra Loyalty Addition along with the Single Premium Paid at the end of the policy period.
- The Policy can be Surrendered at any time during the policy period subject to realization of the Premium Cheque.
- You can get the Guaranteed Surrender Value and Special Surrender Value on Surrendering of the Policy.
- You can return your LIC New Bima Bachat Policy to the Corporation if you are not satisfied with the “Terms and Conditions” of the Policy before completion of the Cooling-off Period.
LIC New Bima Bachat Plan No. 816 Eligibility Criteria
|Entry Age||Minimum: 15 years.
|Policy Term||9, 12 or 15 years.|
|Maximum Maturity Age||75 years.|
|Sum Assured (The Basic Sum Assured shall be in Multiples of Rs. 5000/-)||Minimum:
Maximum: No Limit.
|Premium Payment Mode||Single Premium|
LIC New Bima Bachat Premium Calculator
You can calculate the Minimum Premium that has to be Paid to take the Policy By Using the LIC Bima Bachat Premium Calculator. The Amount of Single Premium Paid will depend on the Sum Assured , Policy Term and Age of the Life Assured. You need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the Premium Value.
LIC Bima Bachat Money Back Plan Rebates
LIC provides Rebates for the Policyholders under this Policy. Rebate means getting a discount on tabular premium as per the payment mode of the policy. The Rate of Rebates for LIC New Bima Bachat Policy is given below.
High Maturity Sum Assured Rebate (As Percentage of Tabular Premium):
|Policy Term||Sum Assured||Rebate|
|9 years||Less than Rs. 75,000/-||NIL|
|9 years||Rs. 75,000 and Less than Rs. 1,50,000/-||6%|
|9 years||Rs. 1,50,000 and above||8%|
|12 years||Less than Rs. 1,00,000/-||NIL|
|12 years||Rs. 100,000/- and Less than Rs. 2,00,000/-||4%|
|12 years||Rs. 2,00,000/- and above||6%|
|15 years||Less than Rs. 1,50,000/-||NIL|
|15 years||Rs. 1,50,000 and Lessthan Rs. 3,00,000/-||3%|
|15 years||Rs. 3,00,000/- and above||5%|
CEIS Rebate: An Employee of the Corporation is eligible for the Rebate on the tabular Premium under Corporate Employees Insurance Scheme (CEIS). The Employee will get CEIS Rebate of 2% on the Tabular Premium.
LIC Bima Bachat Policy Buying Procedure
You can Buy the LIC New Bima Bachat Plan from the Nearest LIC Branch Office or from the LIC Agent. You can also get Proposal form required to buy the Policy at the LIC Official website. The Documents required for buying LIC New Bima Bachat Money Back Plan are listed below.
- Application form / Proposal form along with the photo.
- Address Proof.
- Age Proof.
- Medical Reports (if required).
LIC New Bima Bachat Claim Process
The Policy Holder / Nominee can lodge the Claim in the case of Death or Disability Occurred due to the Sudden Accident of the Policy Holder within the Policy Term or if your Policy Maturity Period is completed. You can get the Claim Form from the LIC Regional Offices or from the Official Website of LIC. The Documents required in LIC Claim Process are
- NEFT form.
- Discharge form.
- Cancel check or Bank Passbook xerox.
- Policy bond.
- Death Certificate.
- Medical Reports.
Additional Information of LIC New Bima Bachat Money Back Plan
Loan Facility: Loan facility is available under this plan at any time after completion of one Policy year. The Amount of Loan given to the Policyholder is equal to the 60% of the Surrender Value as on Date of Sanction of Loan.
Taxes: Taxes including Service Tax and any Other Taxes on Single premium including extra premium shall be Payable by the Policy Holder as per the Tax Laws and the rate of Tax shall be as applicable from time to time.
Cooling-off Period: If the Policy Holder is not satisfied with the Terms and Conditions of the Policy, Policyholder can return the Policy within 15 Days from the date of receipt of the Policy Bond.
Back-dating Interest: The Policies can be Dated back within the Sam Financial year. The Rate of Back-dating Interest will be charged by the corporation from time to time of completion of policy.
Suicidal Exclusion: If the Life Assured commits suicide at any time within one year / 12 months from the date of commencement of risk, the Corporation will not entertain any Claim, but the Corporation will give you 90% of the Single premium paid excluding any taxes and Extra Premium paid.
The LIC New Bima Bachat policy can be Surrendered at any time during the policy period subject to realization of the Premium Cheque. The Guaranteed Surrender Value and Special Surrender Value is payable on surrendering the policy to the Policyholder.
- Guaranteed Surrender Value: The allowable Guaranteed Surrendered Value is as follows
- For First Year: 70% of the Single Premium Paid excluding Extra Premiums Paid and Taxes.
- Thereafter: 90% of the Single Premium Paid excluding Extra Premiums Paid, Survival Benefits.
- Special Surrender Value: The Corporation will pay Special Surrender Value as applicable on the date of surrender provided the same is higher than Guaranteed Surrender Value.
Proposal Forms: Proposal Form no. 300 or 340 will be useful for this Plan.
FAQ’s on LIC New Bima Bachat Plan No. 816
- Is any Riders available Under this Policy?
Ans: No Riders are available under LIC New Bima Bachat Policy.
2. Is Reinsurance Facility available under this Plan?
Ans: Yes, You can Reinsure the LIC New Bima Bachat Policy by using the Normal Procedure.
3. Is Loan Facility available under this Policy?
Ans: Yes, Loan Facility is available under this Plan at any time after completion of one Policy year.
4. What is Cooling-off Period for the LIC Bima Bachat Policy?
Ans: You have the Cooling-off Period of 15 Days to return the Bima Bachat Policy if you are not satisfied with the Terms and Conditions.