LIC’s New Bima Bachat

Description

 

Features and Benefits of LIC New Bima Bachat:

Survival Benefits:

• The policyholder receives a specified proportion of the base sum insured at different points during the policy period, depending on the policy term.
  • 15% of the Basic Sum Assured is paid at the conclusion of the third and sixth policy years for a nine-year policy term.
  • 15% of the Basic Sum Assured is paid at the conclusion of the third, sixth, and ninth policy years for a 12-year policy term.
  • 15% of the Basic Sum Assured is paid at the conclusion of the third, sixth, ninth, and twelfth policy years during a fifteen-year policy term.

Death Benefit:

• In the sad event that the policyholder passes away while the insurance is in effect:
  • Should the demise transpire inside the initial five years of the policy, the nominee shall be awarded the “Sum Assured on Death.”
  • The candidate gets the loyalty addition and the money assured on death if the death happens after five policy years.
  • Excluding taxes, additional premiums, and rider premiums, the “Sum Assured on Death” is defined as the greater of 1.25 times the single premium or the minimum sum promised.

Loyalty Addition:

• Policyholders may be able to get a portion of the corporation’s earnings through Loyalty Addition. If the policyholder lives through the maturity term or dies during the five policy years, the payout is made.

Maturity Benefit:

• The “Sum Assured on Maturity” and the loyalty amount are paid if the policyholder lives to the conclusion of the insurance term. Except for rider premiums, taxes, and additional premiums, the “Sum Assured on Maturity” is the whole amount of the single premium paid.

Loan Facility:

• After a policy year has passed, policyholders are eligible to apply for a loan. Interest is levied on the loan amount, which can be up to 90% of the surrender value.

Free Look Period:

• Within 15 days of obtaining the insurance bond, the policyholder may return the policy if they are unhappy with the terms and conditions. The money paid will be reimbursed once a few deductions are made.

Surrender Benefit:

• The policyholder receives the Surrender Value, which is more than the Guaranteed Surrender Value and Special Surrender Value, when they surrender the policy at any point during the policy period. IRDAI’s approval is required before changing the Special Surrender Value.

Guaranteed Surrender Value:

• During the policy term, the Guaranteed Surrender Value is calculated as follows:
  • 75% of the single premium in the first year.
  • 90% of the single premium minus any survival benefits already paid in subsequent years.

 

Eligibility Conditions:

Minimum Entry Age	15 years (completed)
Maximum Entry Age	50 years (nearer birthday) for term 9,12 and 15 years
Maximum Maturity Age	59 years (nearer birthday) for term 9 years 62 years (nearer birthday) for term 12 years 65 years (nearer birthday) for term 15 years
Policy Term	9, 12 and 15 years
Minimum Sum Assured	35,000 for term 9 years 50,000 for term 12 years 70,000 for term 15 years
Maximum Sum Assured	No Limit
Premium Payment Mode	Single Premium Only

 

Sum Assured will be in multiples of – 5,000 /- only.