LIC New Bima Bachat Plan features
Eligibility Conditions and Restrictions
- Minimum Age at entry : 15 Years.
- Maximum Age at entry : For Term 9 Year is 66 years for Term 12 years 63 years and for Term 15 years 60 years.
- Age at Maturity : 75 Years.
- Plan Term : 9,12,15 Years.
- Premium Mode : Single.
- Basic Minimum Sum Assured :
For Term 9 years 35000
For Term 12 years 50000
For Term 15 years 70000
Basic Maximum Sum Assured For all Terms no upper limit SA shall be in multiple of Rs. 5000.
- Single Premium Paid along with loyalty addition less Taxes and extra premiums ,if any
- First 5 years:
Sum Assured shall be payable.
- After completion of 5 years:
Sum Assured and Loyalty Additions, if any shall be payable.
- 15% of the SA on every third year of completion. Example : For 15 years term 3rd year 15% of SA, 6th year 15% of SA, 9th year 15% of SA 12th year 15% of SA and 15th year MAT
|High Sum Assured Rebate|
|Policy Term||Sum Assured Band||% of Tabular Premium|
|9 years||less than 75000||Nil|
|75000 to 150000||6%|
|150000 and above||8%|
|12 years||less than 100000||Nil|
|100000 to 200000||4%|
|200000 and above||6%|
|15 years||less than 150000||Nil|
|150000 to 300000||3%|
|300000 and above||5%|
LIC’s New Bima Bachat Plan– Loan♦ Loan facility available after completion of 1 policy year.
♦ Loan can be granted upto 60% of Surrender Value.
LIC’s New Bima Bachat Plan– Surrender Value
Available at any time during the policy term subject to realisation of the premium cheque.
- No loyalty addition payable
- Higher of GSV or SSV payable
♦ 1st Year ~ 70% of Single Premium excluding taxes and extra premium,if any. Thereafter ~ 90% of Single Premium excluding all Survival Benefits paid earlier, taxes and extra premium, if any.
♦ Special Surrender Value (SSV).
♦ Discounted value of Single Premium paid excluding taxes and extra premium,if any.
Note : Service Tax shall be applicable at the prevailing rates and borne by the policyholder as per rules.