LIC's New Bima Bachat (916)
Plan :Bima Bachat (916)
Product Summary :
Bima Bachat (916) Plan is a single premium, non-linked, with profits Money Back type Plan.
Premium Payment Mode:
Single Premium
Term :
9 Year
12 Year
15 Year
Minimum Entry Age :
15 Year Completed
Maximum Age at Maturity:
Term 9yr then 59yr (Nearest Birthday)
Term 12yr then 62yr (Nearest Birthday)
Term 15yr then 65yr (Nearest Birthday)
Maximum Entry Age :
50 Year Completed
Minimum Sum Assured :
Term 9yr then 35,000
Term 12yr then 50,000
Term 15yr then 70,000
Maximum Sum Assured :
NO LIMIT (Depending upon Income)
Policy Benefits :
On Death :
During 1st five years policy years : Sum Assured only.
After completion of five policy years : Sum Assured + Loyalty Addition, if any.
On Survival :
For Policy Term of 9 years : 15% of SA, after 3rd and 6th policy year.
For Policy Term of 12 years : 15% of SA, after 3rd ,6th and 9th policy year.
For Policy Term of 15 years : 15% of SA, after 3rd ,6th,9th and 12th policy year.
At Maturity Time :
Single Premium Paid + Loyalty Additions, if any.
Surrendered Value :
The policy can be surrendered at any time during the policy term subject to realization of the premium cheque.
Guaranteed Surrender Value :
First year: 70% of the Single Premium excluding taxes and extra premium,if any.
Thereafter: 90%of the Single Premium excluding taxes, extra premium, if any and all survival benefits paid earlier.
Loan :
Loan facility is available under this plan at any time after completion of one policy year.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
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