The LIC’s New Bima Bachat is a unique plan that provides insurance cover, investment, and liquidity through money backs.
1. It is a Single premium endowment and savings plan.
2. It is a money back plan with bonus feature in the form of Loyalty additions. These regular pay-outs help to plan your course of life.
3. This policy can be taken for 9, 12 or 15 years.
4. Large Sum Assured is available in this plan.
5. Anyone between 15 to 66 years of age can take this policy depending upon the policy tenure.
6. Loan facility is available in this policy up to 60% of the surrender value.
7. The policy can be surrendered after 3 years of full premium payment.
8. There is no maximum limit for the Basic sum assured in this policy. The minimum is Rs.35000, Rs. 50000 and Rs. 75000 for policy term 9, 12 and 15 years respectively.
9. The Death Benefit will be the Sum Assured during the first five policy years and Sum Assured + Loyalty Addition after completion of five policy years.
10. The Maturity Benefit will be Single Premium (excluding taxes and extra premium, if any) along with Loyalty Addition.
11. The Survival Benefit will be 15% of the Sum Assured at the end of each of 3rd & 6th policy year for policy term 9 years, 15% of the Sum Assured at the end of each of 3rd, 6th & 9th policy year for policy term 12 years and 15% of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year for policy term 15 years.
12. The insured can avail tax benefits under section 80C for the premium paid.
13. The maturity amount is also tax-free under section 10(10)D.