LIC BIMA BACHAT (Table No. 175)
LIC Bima Bachat is a money back plan which pays back partial SUM assured during term. This is a non unit-linked - single premium policy. You can choose plan for 9, 12 and 15 years of term. 30%, 45% and 60% of SUM assured will return before maturity for 9, 12 and 15 years of policy term respectively on certain intervals. This money back plan gives rebate on higher SUM assured (Refer table below for rebate details).
BENEFITS & FEATURES
Maturity Benefits : Maturity benefits payable during term will depend upon the term of the policy:
For the term of 9 years money policy holder receives 15% of the SUM assured at the end of every 3rd and 6th policy year.
For the term of 12 years money policy holder receives 15% of the SUM assured at the end of every 3rd, 6th and 9th policy year.
For the term of 15 years money policy holder receives 15% of the SUM assured at the end of every 3rd, 6th, 9th and 12th policy year.
If the policy holder survives till maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any.
Death Benefits : If the Life Assured is dies during the Term of the policy , apart from survival benefits if any, paid earlier, an amount equal to SUM assured will be paid.
Policy Loan : Loan can be taken against this money back plan. Interest rates will may vary time to time.
Tax Benefits : Tax benefits on premium under section 80C and death claim under section 10 (10D) as per IT Act 1961
Surrender Value : In table 175 Guaranteed Surrender Value will be applicable after completion of at least one year. Guaranteed Surrender Value will be 90% of one time premium paid (excluding extra premium).
Rebate for Higher SUM Assured : This plan offers rebates on premium for higher SUM assured. Rebate on SUM assured above Rs. 50,000 is given in percentage. Below are the details of rebate on higher premiums:
|Rs. 50,000 and Less than Rs.1 Lac||Rebate of 5%|
|Rs. 1 Lac and Less than Rs.2 Lacs||Rebate of 7%|
|Above Rs. 2 Lacs||Rebate of 8%|
ELIGIBILITY & PREMIUM PAYMENTS
|Minimum / Maximum Age||15 Years - 66 years|
|Maximum Maturity Age||75 years|
|Policy Term Available||9, 12 and15 Years|
|Minimum / Maximum Sum Assured||Rs.20,000 and more (No upper limit)|
|Premium Payment||Single Premium|
Why Bima Bachat?
Bima Bachat is a single premium plan that gives you financial support by paying partial SUM assured during the term of plan. Rebates on SUM assured above 50,000 is one of the key benefits in this plan. Payback on certain intervals may helps you to pay your debts, buy something, pay child college fee etc. Overall Bima Bachat is a good policy for savings with death cover.