LIC New Bima Bachat

LIC New Bima Bachat

Overview: LIC’s New Bima Bachat is a participating, non-linked, life assurance savings plan. It is a money-back policy where the premium is paid in a lump sum at the outset. The plan offers financial protection against death during the policy term, along with the payment of survival benefits at specified durations.

Key Features:

• Death Benefit:
  • On death during the first five policy years: Sum Assured on Death.
  • On death after completion of five policy years: Sum Assured on Death along with Loyalty Addition, if any.
  • Sum Assured on Death is higher of 1.25 times the single premium or Basic Sum Assured.
• Survival Benefits: A fixed percentage of Basic Sum Assured payable at the end of specified durations:
  • 15% of Basic Sum Assured at the end of each of the 3rd and 6th policy years for a 9-year term.
  • 15% of Basic Sum Assured at the end of each of the 3rd, 6th, and 9th policy years for a 12-year term.
  • 15% of Basic Sum Assured at the end of each of the 3rd, 6th, 9th, and 12th policy years for a 15-year term.
• Maturity Benefit: Sum Assured on Maturity along with Loyalty Addition, if any, payable at the end of the policy term.
• Loyalty Addition: Payable on death after five policy years or on policyholder surviving to maturity, based on the Corporation’s experience.

Eligibility Conditions:

• Entry Age: Minimum – 15 years, Maximum – 50 years (varies by policy term)
• Policy Term: 9, 12, and 15 years
• Minimum Sum Assured: Rs. 35,000 for a 9-year term, Rs. 50,000 for a 12-year term, Rs. 70,000 for a 15-year term
• Maximum Sum Assured: No limit
• Premium Payment Mode: Single premium only .