New Bima Bachat Plan – 916
LIC’S has introducing New Bima Bachat (Table No. -916) a single Premium participating Money Back type plan on dated 07 January 2014. The Silent Feature of the plan are under:
Key Features
- Cover age group from 15 Years to 66 years.
- Single Premium Plan Means No Future Premium Burden.
- Survival Benefits At Regular Interval (Every Three Year) Helps For Time To Time Expenses.
- Easy Liquidity Plan.
- The Policy Can Be Surrendered At Any Time During The Policy Term.
- Loan Facility Is Available Under This Plan After Completion Of One Policy Year.
Maturity Benefit:
Payment of Single Premium along with Loyalty Addition in case of Life Assured surviving to the end of the policy term.
Survival Benefit:
Payable as given below in case of Life Assured surviving to the end of the specified durations:
- For policy term 9 years: 15% of the Sum Assured at the end of each of 3rd & 6th policy year
- For policy term 12 years: 15% of the Sum Assured at the end of each of 3rd, 6th & 9th policy year
- For policy term 15 years: 15% of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year.
Death Claim Benefit:
- On death during the first five policy years: Sum Assured.
- On death after completion of five policy years: Sum Assured along with Loyalty Addition, if any.
Eligibility Criteria:
Minimum Age to Apply |
15 Years (Completed) |
Maximum Age to Apply |
66 Years for 9 Year Term |
63 Years for 12 Year Term |
60 Years for 15 Year Term |
Maximum Maturity Age |
75 Years |
Policy Term (Premium Payment Term) |
9,12 & 15 Years |
Minimum Sum Assured |
35,000 for 9 Year Term |
50,000 for 12 Year Term |
70,000 for 15 Year Term |
Premium Paying Mode |
Single Premium Plan |
Loan |
After 2 year |
Surrender |
At Any Time |