Bima Bachat

Bima Bachat (816)

Product Summary :

LIC Bima Bachat (816) Plan is a single premium, non-linked, with profits Money Back type Plan.

Premium Payment Mode:

Single Premium

Term :

9 Year
12 Year
15 Year

Minimum Entry Age :

15 Year Completed

Maximum Entry Age :

Term 9yr then 66yr (Nearest Birthday)
Term 12yr then 63yr (Nearest Birthday)
Term 15yr then 60yr (Nearest Birthday)

Maximum Maturity Age :

75 Year

Minimum Sum Assured :

Term 9yr then 35,000
Term 12yr then 50,000
Term 15yr then 70,000

Maximum Sum Assured :

NO LIMIT (Depending upon Income)

Policy Benefits :

On Death :

During 1st five years policy years : Sum Assured only.
After completion of five policy years : Sum Assured + Loyalty Addition, if any.

On Survival :

For Policy Term of 9 years : 15% of SA, after 3rd & 6th policy year.
For Policy Term of 12 years : 15% of SA, after 3rd ,6th & 9th policy year.
For Policy Term of 15 years : 15% of SA, after 3rd ,6th,9th & 12th policy year.

At Maturity Time :

Single Premium Paid + Loyalty Additions, if any.

Surrendered Value :

The policy can be surrendered at any time during the policy term subject to realization of the premium cheque.

Guaranteed Surrender Value :

First year: 70% of the Single Premium excluding taxes and extra premium,if any.
Thereafter: 90%of the Single Premium excluding taxes, extra premium, if any and all survival benefits paid earlier.

Loan :

Loan facility is available under this plan at any time after completion of one policy year.

Income Tax Benefit :

• Premium paid under this plan is eligible for TAX rebate under section 80c.