LIC New Bima Bachat Plan
LIC's New Bima Bachat is a plan where you pay a one-time (lump sum) amount at the start. It gives both savings and life insurance protection. If the insured person dies during the policy, the family gets financial support. If the insured person is alive, they get money at fixed times during the policy.
At the end of the policy, you get back your full premium amount, and you may also get an extra bonus (loyalty addition) if given. You can also take a loan from this policy if you need money.
Eligibility Criteria for LIC New Bima Bachat Plan
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age (Last Birthday) | 15 years | 66 years (for 9-year plan)63 years (for 12-year plan)60 years (for 15-year plan) |
| Maturity Age (Last Birthday) | - | 75 years |
| Policy Term (PT) | 9, 12, or 15 years | - |
| Premium Paying Term (PPT) | Single payment (pay once) | - |
| Premium Payment Frequency | Single (one-time payment) | - |
| Sum Assured | Rs. 35,000 (for 9 years)Rs. 50,000 (for 12 years)Rs. 70,000 (for 15 years) | No limit |
Key Features of LIC New Bima Bachat Plan
- This plan gives money back at regular times.
- You pay the premium only once (single payment). It gives both profit (savings) and protection (insurance).
- You can take a loan from the policy if you need money in an emergency.
- If you are alive, you get 15% of the sum assured every 3 years, and the policy continues.
- If you are alive at the end of the plan, you get back your full premium amount plus an extra bonus (loyalty addition).
- If the insured person dies during the policy, the nominee gets the full sum assured plus loyalty addition.
Benefits of LIC Bima Bachat
Death Benefit
If the person insured dies within the first 5 years, the nominee gets the sum assured.If the person dies after 5 years, the nominee gets the sum assured plus any loyalty bonus (if there is any).
Survival Benefit
If the insured person is alive at certain times, they get part of the sum assured as follows:
For a 9-year policy: 15% of the sum assured is paid at the end of the 3rd and 6th years.For a 12-year policy: 15% is paid at the end of the 3rd, 6th, and 9th years.For a 15-year policy: 15% is paid at the end of the 3rd, 6th, 9th, and 12th years.
Maturity Benefits:
If the insured person lives till the end of the policy, they get back the single premium amount they paid (excluding taxes or extra charges) plus any loyalty bonus (if given).
Loyalty Addition:
Depending on how well the company does, the policy may earn a loyalty bonus. This bonus is paid if the insured dies after 5 years or if they survive till the end of the policy. The company decides the rate and terms for this bonus.
Policy Details of LIC New Bima Bachat Plan
Grace Period
There is no grace period in LIC Bima Bachat because you pay the premium only once.
Policy Termination or Surrender Benefit
If you surrender (close) the policy within the first year, you get back 70% of the premium paid (excluding taxes and extra charges).If you surrender after the first year, you get back 90% of the premium paid (excluding taxes, extra charges, and any survival benefits you already got).
Free Look Period
If you don't like the policy or its rules, you can cancel it within 15 days of getting the policy papers, as long as you have not made any claim.
Inclusions
You can take a loan up to 60% of the surrender value of the policy.
Exclusions
If the insured person commits suicide within 12 months of starting the policy, only 90% of the premium paid will be returned to the nominee.
LIC Bima Bachat Premium Chart
The following are example premium rates (without taxes) per Rs. 1000 sum assured:
Age (Nearest Birthday) 9 Years 12 Years 15 Years 15 767.95 771.00 771.55 25 768.95 772.00 772.70 35 771.70 775.35 776.80 45 782.65 787.15 789.25 55 803.80 808.10 810.70 65 836.85 - -
Discounts for High Sum Assured (Rebates):
For 9-Year Term:If the sum assured is less than Rs. 75,000 No discountBetween Rs. 75,000 and Rs. 150,000 6% discountRs. 150,000 and above 8% discountFor 12-Year Term:Less than Rs. 100,000 No discountBetween Rs. 100,000 and Rs. 200,000 4% discountRs. 200,000 and above 6% discountFor 15-Year Term:Less than Rs. 150,000 No discountBetween Rs. 150,000 and Rs. 300,000 3% discountRs. 300,000 and above 5% discount
Disclaimer: Squareinsurance.in does not endorse or recommend any specific insurance company or insurance plan. For more details about this plan, please check the plan brochure or the policy document.
FAQs
If you live till the end of the policy, you get back the full single premium you paid (except any extra premium), plus any loyalty bonus, if given.
You get insurance equal to the “sum assured” mentioned in your policy document.
The insurance amount stays the same, even if you have received any installments.
Note: LIC may ask for some more documents if needed.
You can get it only after completing at least 1 year of the policy. You will get 90% of the single premium you paid (not including taxes and extra premium).
If the insured person dies, the nominee (family member) gets the full sum assured. They may also get a bonus if it is applicable.