The new LIC Bima Bachat Plan is for all those people who would prefer security overspending. It is a single premium participating endowment policy, that is, it is the traditional cash back plan with scheduled payments coupled with the return of the entire premium in addition to loyalty points given at the completion of policy tenure.
|Eligibility Conditions And Restrictions|
|Minimum age||15 years (Completed)|
|Maximum age||66 years for 9 years term
63 years for 12 years term
60 years for 15 years term
|Maximum maturity age||75 years|
|Premium term||9 years / 12 years / 15 years|
|Minimum Sum Assured||Rs.35,000 for 9 years term
Rs.50,000 for 12 years term
Rs.70,000 for 15 years term
|Maximum Sum Assured||No limit|
|Premium payment||Single premium|
|Loan||Eligible after 1st year
|Surrender||Eligible with immediate effect|
|On Death||Sum Assured (1st five years)
Sum Assured + Loyalty addition (After 5 years)
|Income Tax Benefits||Premium paid is eligible for Tax rebate u/s 80c|
Mentioned earlier under the key details of this policy, this clause under the LIC Bima Bachat Plan ensures that, on survival, 15% of the sum assured is rewarded to the policyholder and the policy resumes.
After the completion of 5 years since the commencement of the policy term, LIC Bima Bachat Plan announces loyalty points’ addition.
If the investor survives the entire policy tenure, the entire premium submitted at the beginning of policy term along with the loyalty addition will be returned.
If the insured person dies before the conclusion of the policy period, the following events can occur under the LIC Bima Bachat Plan: