About New Bima Bachat (816)
LIC’s New Bima Bachat is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility.
Eligibility Conditions and Restrictions
| Minimum Entry Age | 15 years (completed) |
| Maximum Entry Age | 66 years (nearest birthday) for term 9 years 63 years (nearest birthday) for term 12 Years 60 years (nearest birthday) for term 15 years |
| Maximum Maturity Age | 75 years (nearest birthday) |
| Mode of premium payment | Single Premium only |
| Minimum Sum Assured | Rs.35,000 for term 9 years Rs.50,000 for term 12 years Rs.70,000 for term 15 years |
| Maximum Sum Assured | No Limit ( Sum Assured shall be in multiple of Rs. 5000/ ) |
| Policy Term | 9, 12 or 15 years Age at entry of policyholder is to be taken as age nearest birthday except for minimum age at entry i.e. 15 years (completed) |
Benefits
a) Death Benefit:
On death during the first five policy year: Sum Assured shall be payable.
On death after completion of five policy year: Sum Assured along with Loyalty Addition, if any, shall be payable.
b) Survival Benefit: On the Life Assured surviving to the end of the specified durations, the following benefits shall be payable:
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 34, 6th & 9th policy year.
For policy term 15 years: 15% of the Sum Assured at the end of each of 30, 6th, 9th & 12th policy year.
c) Maturity Benefit: On the life assured surviving to the end of the policy term, Single Premium paid along with Loyalty Addition, if any, less taxes and extra premium, if any, shall be payable.
d) Loyalty Addition: Depending upon the Corporation’s experience the policies shall be participate in the profits and shall be eligible for Loyalty Addition. The Loyalty Addition, if any, shall be payable on death after completion of five policy years and on policyholder surviving to maturity, at such rate and on such terms as may be declared by the Corporation.
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