New Bima Bachat Plan – 816
LIC’S has introducing New Bima Bachat (Table No. -816) 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 1 year |
| Surrender | At Any Time |
