Money Back Plans

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 Apply15 Years (Completed)
Maximum Age to Apply66 Years for 9 Year Term
63 Years for 12 Year Term
60 Years for 15 Year Term
Maximum Maturity Age75 Years
Policy Term (Premium Payment Term)9,12 & 15 Years
Minimum Sum Assured35,000 for 9 Year Term
50,000 for 12 Year Term
70,000 for 15 Year Term
Premium Paying ModeSingle Premium Plan
LoanAfter 1 year
SurrenderAt Any Time